The National Football League Raiders will commence their 2020 season as Las Vegas’ home team with a 30-year moratorium on any direct taxation by the state of Nevada.
Notwithstanding the fact that most of the funding for the team’s new 65,000-seat home is coming from a planned $750 million public bond issue, the Raiders have secured a tentative agreement from the state that permits the team to break its stadium lease and move away if Nevada attempts to impose any “targeted tax” aimed at generating revenue from the team, its $1.9 billion domed stadium, its fans or players and visiting teams and fans.
The agreement would not immunize the team or its fans from new taxes applied statewide on businesses or individuals generally and is separate from a broad stadium development agreement expected to be finalized next month and a master lease that still needs the approval of NFL owners and the Las Vegas Stadium Authority, the public agency that will own the venue.
Pending those approvals the authority plans to go to the public bond markets in April to raise the $750 million. The bonds will be backed by an increase in the Clark County hotel room tax.
Construction is under way on the stadium, located on 62 acres west of Interstate 15 at the southern end of the Las Vegas Strip.
As part of the state legislation authorizing the public financing the Raiders will share the venue with the University of Nevada, Las Vegas. The university’s board of regents was slated to vote last Friday on their joint-use deal with team.
