Democratic optimism, non-Nevada donors and more: Takeaways from campaign finance reports

Nevada campaign finance reports released last week provide the most substantive information to date on finances ahead of the general election. 

Last week, we looked at some of the highlights for major federal and state-level candidates, including those running for governor, attorney general and other offices. You can read that story here. 

Read below for a look at some more of the numbers. You can click the links below to scroll to a particular section.

Shadow PACs

Federal

Lombardo

Legislature

Reno mayor

Clark County Commission

'Shadow PAC' donors revealed — kind of 

Some groups behind primary campaign ads did not raise any money until after April 1, which meant the public was in the dark about the groups' donors until after the primaries.

But even after the release of campaign finance reports, it's still somewhat murky.

Two of the most prominent so-called "shadow PACs" were Save Nevada NOW and Nevada Frontline Victory Fund, both of which bankrolled ads in support of Republican attorney general candidate Adriana Guzmán Fralick.

But some of the groups' donors are still unknown. Save Nevada NOW — run by Assm. Lisa Cole (R-Las Vegas) — raised more than $1.2 million from April through June. But $1 million of that haul came from a single donor called the Conservative Americans PAC. This is a federal super PAC, so it has to disclose its supporters, but the only supporter listed in federal data is a so-called "dark money" group called American Prosperity Alliance that does not have to reveal its contributors.

Meanwhile, the only donor to the Nevada Frontline Victory Fund was the group's parent organization, which works to elect GOP attorneys general nationwide. About half of its donations came from dark money groups, federal data shows.

Another shadow PAC — the Biggest Little City PAC, which posted digital ads supporting Devon Reese before his defeat in the Reno mayoral race — received all of its money from another new group that was bankrolled by some mainstream Democratic groups, including ones tied to Assms. Elaine Marzola (D-Las Vegas) and Reuben D'Silva (D-North Las Vegas).

Notably, this PAC posted ads attacking Democrat Kate Marshall, the state's former lieutenant governor and treasurer who cruised to first place in the Reno mayoral primary.

Because Nevada, unlike federal law, does not require the release of campaign finance reports before the primary, the public doesn't know donor information for the final two months of primary season until July. This year, $15 million went to candidates from April until the primary, while $18 million went to PACs, largely on par with prior election cycles.

Why congressional Democrats are feeling good

After congressional fundraising reports came in last week, Republicans had a lot to celebrate. The wins included state Sen. Carrie Buck (R-Henderson) outraising a sitting congresswoman in the 1st Congressional District and 2nd District GOP nominee David Flippo touting the $586,000 he raised since he decided to run for Congress last year — months before Democratic nominee Teresa Benitez-Thompson launched her bid.

But a deeper dive into the numbers reveals the same headwinds Republicans are facing around the country in this year's midterms. 

For one, they used plenty of money to get through their primaries. Per a Nevada Independent analysis, all of Nevada's Republican congressional candidates spent between three times and 10 times as much before primary day as they did afterward, putting a damper on strong fundraising numbers. For another, they relied heavily on out-of-state donations, meaning their money will not necessarily translate to electoral enthusiasm in Nevada.

All three of the state's Democratic incumbents also got most of their money from out of state — but that's somewhat expected, given their status as members of Congress attracts national attention and corporate giving. In fact, the only Democrat or Republican who got the bulk of their donations from within the Silver State was Benitez-Thompson, who has a long record as a lawmaker in Carson City and whose base is much more likely to be made of hopeful in-state liberals than out-of-state interests. 

Most corporations and national entities are not looking to bet against the Republican in a seat a Democrat has never won.  

Nonetheless, Nevada Democrats quickly coalesced behind Benitez-Thompson. She reported donations from former primary opponents Morgan Wadsworth (D) and Greg Kidd (D) in the weeks after she won the nomination, as well as from Sen. Catherine Cortez Masto's (D-NV), Sen. Jacky Rosen's (D-NV) and Rep. Susie Lee's (D-NV) leadership PACs.

Flippo's campaign has brought in far more money thanks to his prodigious self-funding, totaling $1.6 million since last year, but the latest reports show the Democrat with more cash on hand. It remains to be seen how much more the Republican will pump into his bid — or whether he'll need to. 

It's unclear how deep Flippo's pockets are. He spent decades in the military and years working for BP in Alaska, but has not filed required financial disclosures for his last congressional bid or for this one. In 2022, in addition to his two businesses, he reported owning mutual funds and a vacation RV lot in Utah, as well as receiving retirement and disability pay. His campaign reported $1.6 million in debt.

Big dollar donations to Lombardo

Gov. Joe Lombardo (R) was the most prolific fundraiser in Nevada this election cycle, and he and his PACs received massive donations from a range of businesses and interests.

Alongside $2.5 million from billionaire Robert Bigelow, who owns the Budget Suites of America weekly motel chain, the Better Nevada PAC also received $5 million from the Republican Governors Association and $1 million from venture capitalist Ben Horowitz and his wife. 

Lombardo faced backlash from Democrats for his veto of housing bills opposed by landlords. including one that would have capped rent increases for seniors.

Jessica Roy, the wife of Switch founder Rob Roy, also donated $1 million to the PAC. Switch has been designing, building and operating high-density data centers since 2020. Lombardo and Democratic nominee Aaron Ford have largely supported data centers as long as they do not increase Nevadans' utility costs.

Nevada's gaming industry also backed the governor with donations to the Lombardo-affiliated Nevada Way PAC, including $1 million from Station Casinos — whose leaders are Republican megadonors, $100,000 each from Boyd Gaming and the Fontainebleau Las Vegas and $50,000 from Caesars.

Liberty Dental Plan Corporation and the Nevada Dental Association donated $5,000 each to Lombardo-affiliated PACs, and the PAC for a major U.S. dental benefits administrator, DentaQuest PAC, gave $15,000 to the Nevada Way PAC. 

The donations from the dental group follow the proposal brought by the governor's office during the 2025 legislative session to establish an alternative licensing path for dental hygienists, a hotly contested move that the dental association supported. 

Top donors to Ford and his affiliated PACs in the last quarter included the American Federation of State, County and Municipal Employees union (AFSCME), which gave $500,000 to the Ford-affiliated Forward Nevada PAC, and a $400,000 contribution to the same PAC from Aaron Sosnick, a philanthropist and hedge fund manager.

The Democratic Governors Association contributed $8,000 to Ford's direct campaign, and DentaQuest PAC contributed $5,000 to the campaign as well.

Legislative Democrats in good position

The fundraising period was good news for legislative Democrats.

They raised more money, on average, than the GOP general election candidates, particularly in races that The Indy designated as competitive based on voter registration data.

Assm. Elaine Marzola (D-Las Vegas), who is widely expected to be the next speaker of the Assembly, raised the most money of all statehouse candidates, bringing in more than $232,500 in direct contributions during the second quarter. 

In the state Senate, Sen. Marilyn Dondero Loop (D-Las Vegas) raised the most of any Senate candidate, bringing more than $132,500 in direct contributions. Dondero Loop and the second- and third-highest fundraisers in the state Senate, Sens. Julie Pazina (D-Las Vegas) and Melanie Scheible (D-Las Vegas), respectively, are likely in the three most competitive Senate districts this cycle.

Pazina raised more than double that of her Republican challenger, Rafael Arroyo-Montalvo, and has more than four times as much cash on hand heading into the general election.

In the primary, just one lawmaker lost re-election. Campaign finance records show that the lawmaker, Assm. Howard Watts (D-Las Vegas), spent more than $270,450 ahead of the primary — third-most of any legislative candidate this cycle — and he still had a war chest of more than $298,000 that remained untouched.

Top Republican fundraisers in the statehouse included Assm. Jason Patchett (R-Henderson), who raised more than $137,800 in direct donations, Assm. Blayne Osborn (R-Gardnerville), who raised more than $131,400, and Senate hopeful Maria Thompson, with about $86,800 in direct donations.

Development, out-of-city money goes into Reno mayoral race

In the closely watched race for Reno mayor, City Councilmember Kathleen Taylor, a registered Republican, raised about $190,000 more money than Marshall, who brought in about $130,000.

However, Marshall, the state's former Democratic lieutenant governor and treasurer, has more money left in her campaign account. 

Taylor received a substantial amount of money from various development groups and pro-development unions, such as the International Brotherhood of Electrical Workers, which also gave money to Marshall. Taylor also received $1,000 from Washoe County Sheriff Darin Balaam.

Meanwhile, Marshall also received money from several Democrat-affiliated groups not based in Reno, such as PACs tied to Sen. Jacky Rosen (D-NV) and Treasurer Zach Conine (D).

About 63 percent of Marshall's donations of at least $100 came from Reno, while about 85 percent of Taylor's were Reno-based.

A family business in Southern Nevada

Two relatives of Albert Mack, the Republican businessman who lost in the primary against Assm. Heidi Kasama (R-Las Vegas), spent $300,000 on Mack through a PAC called Nevadans for Responsible Government. The PAC was created by Mack's mother and aunt, both of whom were the daughters of Jerome Mack, one of the founding fathers of the Las Vegas Strip. 

The group put out an ad denigrating Kasama for her history in the Assembly, including her votes on the gas and property taxes. Politics and public life seem to run in the family — Karen Mack Goldsmith is a CBS news anchor, and her son Brian Goldsmith, Mack's cousin, is advancing on to a state Senate election in California.