Tax revenue for Allegiant Stadium bonds recovering post-pandemic

The room tax that pays off the bonds used to build Allegiant Stadium is “back on track,” according to Mick Akers of the LAS VEGAS REVIEW-JOURNAL. The 0.88% room tax on hotel rooms in Clark County generated $4.55M in March, the "second-highest total since the pandemic began impacting visitation to Las Vegas." The money is used to repay the bonds sold to fund the $750M public contribution to the $2B stadium. For FY ‘22, the stadium authority expected the tax would “generate about $36M, an amount “already reached with a few months left.” Officials now "expect the fiscal year to end" with $47.2M "accumulated by the room tax.” FY ‘23 is expected to raise $51M, which would be the “highest mark since the room tax went into effect” in March ‘17. The room tax revenue dipped to $21M in FY ‘21, when tourism was the “most impacted by the pandemic.” Through March of this year, the room tax has generated $209.3M dollars "since its inception." Las Vegas Stadium Authority Chair Steve Hill said, “We projected 450,000 people would come (to Las Vegas each year) because of the events at the stadium and it’s going to be more than double that.” Hill: “It’s going to be up around 1 million people in the last 12 months. I think that is going to continue to grow. It’s been a great investment for the community.” Stadium authority staff now expect the account to be “fully funded sometime" in FY ’24 (LAS VEGAS REVIEW-JOURNAL, 5/20).

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