NFL team gets creative in raising $180m for stadium improvements six years after Super Bowl arena completion
Allegiant Stadium, home of the Las Vegas Raiders, has cemented itself as one of the top sports venues across the continent.
Opening in 2020 and costing $1.9billion to build, the venue has already hosted a Super Bowl, and will again in 2029.
Just six years after cutting the ribbon, the franchise are looking for money to upgrade it.
“The Las Vegas Raiders are eyeing improvements to Allegiant Stadium, home of Super Bowl 63,” Schefter posted on X.
“On the agenda later today for the Las Vegas Stadium Authority [LVSA]: a $158million improvement to the stadium’s North Entry.
“It will create a new ‘front door’ for the stadium, including a pedestrian deck, public plaza, event deck and other transportation improvements.
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“The Raiders are seeking $75million from LVSA, which would come from an existing taxpayer fund allocated to Allegiant Stadium-related improvements and will privately fund the remainder.”
It will be almost an even split between the taxpayers and Raiders ownership.
To cover their half of the $180m bill without taking out a new private loan, Las Vegas are planning to be creative with existing public tax streams.
The $75m in requested public money would be drawn directly from the county’s ‘Waterfall Residual Fund’, a reserve pot filled by excess hotel room taxes collected across Clark County, according to Alan Snel of LVSportsBiz.
Pending approval by the authority, the NFL franchise are hoping to have construction completed by the time they host Super Bowl 63.
Fans are very upset that a six-year-old stadium is asking for public contribution for further upgrades.
“Didn’t this stadium open less than ten years ago? They must have known they would be placing Super Bowl bids when they designed it,” one fan replied to Schefters post.
“Brand new stadium needs an $180m upgrade? Yeah the owner should front that, particularly with how trash the Raiders are,” a second added.
“Billionaires asking taxpayers to fund new stadiums and now less than a decade later renovations paid for by taxpayers, wtf are we doing man,” a third commented.
The LSVA are meeting on Thursday, 20 August, where they will also discuss development on the $2bn Athletics stadium.
The centrepiece of the $160m development will be the plaza, which will improve access to the venue, which didn’t host a World Cup game.
“It’s a platform that creates a second story off of Hacienda,” LVSA chairman Steve Hill told the Las Vegas Review-Journal.
“Right now, you have to walk all the way down to Hacienda, into the road, into the stadium.
“This will allow you access to a good portion of Hacienda, so you don’t have to walk all the way down (to Allegiant Stadium Way).
“It’ll be a gathering point; it’ll be pretty significant size.“
The public already fronted a $750m bond for the initial construction, so it’s no surprise the request for an additional $75m for upgrades is facing immense public pushback.
All eyes will be on the result of the meeting on Thursday, and ultimately, who will front the bill for the development if appproved.
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