Clark County Taps Stadium Reserve Fund To Make Stadium Bond Payment

Sat, Dec 5, 2020

Drastic measures taken to ensure Clark County’s latest $16 million payment on the Las Vegas Raiders’ stadium bonds can be made on the $2 billion structure, even in the face of lower taxes on occupied hotel rooms.

Clark County Taps Stadium Reserve Fund To Make Stadium Bond Payment

In order to make a $16 million payment on stadium bonds, Clark County planners were forced to tap into a reserve fund in the amount of $11.5 million so that the county could make a $16 million payment on the stadium bonds Dec. 1.

Clark County spokesman Erik Pappa delivered the news in this statement, which read in part: “Fiscal Year ‘21 room tax collections are insufficient to pay the debt service payment due on December 1 for the Stadium Authority bonds. The total payment due is $16,057,500 of which $11,553,389 was needed from the reserve fund.”

Southern Nevada is contributing $750 million to the Raiders’ $2 billion stadium project, which lured the NFL team from Oakland to Las Vegas for its inaugural season in 2020. To help finance that $750 million contribution to stadium construction, there was $645.1 million in bonds floated by the county for the Las Vegas Stadium Authority. The Raiders officially run the stadium and pay consultant companies to manage the venue.

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