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Key Considerations
1
Funding Recommendation
Key Considerations
1
Funding Recommendation
Proposal Summary
NFL Stadium
Increase room tax in Clark County by 0.88 percent in resort corridor and
0.5 percent for rest of stadium district
Fund $750 million public contribution for NFL stadium construction
Create stadium authority to own and oversee public stadium
UNLV Collegiate Stadium
If no NFL relocation agreement, reduce room tax in Clark County to 0.375
percent in resort corridor and 0.25 percent for rest of stadium district
Fund up to $300 million contribution for collegiate stadium construction,
if UNLV raises $200 million in private funds for the project
Create campus improvement authority to own and oversee public stadium
Las Vegas Convention Center Bond Repayment
If UNLV does not raise required private funds within 24 months, unused
room tax revenue used to repay bonds for Las Vegas Convention Center
expansion and renovation project
Room tax increase expires
5
Collegiate Stadium
24-month UNLV private fund
raising period
6-month
extension
Oct. 17, 2017
Developer must secure approval from NFL and contract with Oakland Raiders to
relocate team to Las Vegas within 12 months of Governor signing into law
A one-time six-month extension may be approved by Stadium Authority Board
Operating Lease
Agreement Between the
Stadium Authority and the
Stadium Events Company
Development Agreement
Between Stadium
Authority and Developer
Partners
Developer Partners
*Note: A non-relocation agreement will also be required by the National Football League.
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Stadium Authority
(Receives Excess Room Tax
Revenues, or Coverage)
$750M
Bond Proceeds and PayGo Contributions to the
Las Vegas Stadium
$1.15B
Private Contribution
Toward the Stadium
Construction
Developer Partners
(Constructs the Stadium)
$500M
Raiders Contribution to
Stadium Construction
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Key Considerations
1
Funding Recommendation
13
Nevada
Governor
Clark County
Commission
University of
Nevada, Las Vegas
Public At-Large
Members Appointed by
First Seven Members
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Nevada
Governor
Nevada
Board of Regents
Clark County
Commission
Las Vegas
Convention and
Visitors Authority
Public At-Large
Members Appointed by
First Seven Members
Key Considerations
1
Funding Recommendation
17
Stadium Authority
$650 million
Oakland Raiders
$750 million
$500 million
Amount
$1.325 billion
$375 million
$100 million
$100 million
$1.9 billion
18
Low Scenario
Base Case
High Scenario
30
1,380,310
46
1,971,140
62
2,610,294
$9.7
$4.4
$3.3
$0.6
$0.9
$18.9
$14.8
$7.4
$6.8
$1.1
$1.9
$32.0
$20.6
$11.1
$11.1
$1.7
$3.0
$47.5
$1.7
$0.3
$5.9
$1.7
$9.6
$1.9
$0.3
$6.5
$1.8
$10.5
$2.1
$0.4
$7.2
$2.0
$11.7
Total Revenues
$28.5
$42.5
$59.2
$19.2
$22.1
$25.3
$9.3
$20.4
$33.9
$650.0
1.4%
$650.0
3.1%
$650.0
5.2%
Stadium Programming
Event Summary
Number of Events
Total Attendance
Stadium Operating
Pro Forma: 30, 46 and
62 Event Scenarios
Stadium Revenues
Event Revenue
Facility Use Revenues
Suite Revenues
Concession Revenue
Merchandise Revenue
Parking Revenue
Total Event Revenue
Non-Event Revenue
Naming Rights
Catered Events
Advertising and Sponsorship
Stadium Tours
Total Non-Event Revenue
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Publicly-Owned Stadium
Nevada Gets an NFL Team
UNLV Football Gets a New Home Field and a Key Component for
Future Move to Power Five Conference
New and Expanded Events, Such as the Super Bowl, Concerts and
International Soccer Matches
Filled Hotel Rooms
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Event Type
Events
NFL
10
UNLV
Soccer
Concerts
Rugby
Bowl Games
Corporate/Public Shows
10
Signature Events
Motorsports
Combative Events
Major Non-Recurring
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21
$620 million
450,000
708,000
18,700
6,000
$38,500
Construction Jobs
Permanent Jobs
$12.5 million
$22.5 million
$35.0 million
$13.4 million
22
1,971,000
818,000
451,000
incremental visitors
Incremental visitors are those who would not have traveled to Las Vegas if not for a special event.
The estimated 65 percent of incremental stadium visitors aligns with results from recently surveyed
events, including special events such as rodeo, motorsports, mixed-martial arts, football games and
music events.
23
$263,605,289
Stadium Economic Activity
Visitors Only
$131,781,166
Stadium Economic Activity
Incremental Visitors Only
$72,733,563
Total Attendance
Economic Output
Jobs
Wages & Salary
Total Taxes
1,971,000
$1.18 Billion
11,737
$431 Million
$58.8 Million
Total Visitors
Economic Output
Jobs
Wages & Salary
Total Taxes
818,000
$966 Million
9,514
$358 Million
$52.4 Million
Incremental Visitors
Economic Output
Jobs
Wages & Salary
Total Taxes
451,000
$620 Million
5,982
$231 Million
$35.0 Million
24
Annual Revenue
$11.2 million
$13.7 million
$3.8 million
$4.3 million
$2.0 million
$35.0 million
Note: Transportation taxes include levies on rental cars, taxicab trips and transportation network company rides.
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Key Considerations
1
Funding Recommendation
26
28
29
Lodging Tax
17.39%
17.00%
17.00%
16.50%
16.25%
16.00%
15.50%
14.76%
14.50%
13.00%
13.00%
12.50%
12.50%
12.00%
Key Considerations
1
Funding Recommendation
31
Transportation Infrastructure
An estimated 42 percent of stadium event
attendees will be visitors who will be able to take
advantage of transportation options along the
resort corridor, including:
Taxis
Ride Hailing Services (Uber, Lyft, etc.)
Las Vegas Monorail
Property Trams
Walking
Desert Inn Rd
Flamingo Rd
Property
Trams
Las Vegas
Monorail
UNLV
Tropicana Ave
Potential
Stadium Site
Potential
Monorail
Extension
Russell Rd
Pedestrian Bridge
Over I-15
Sunset Rd
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Key Considerations
1
Funding Recommendation
35
The Oakland Raiders and the Adelson family will contribute up to $1.15 billion toward the
construction of a public stadium
Any operating losses are responsibility of the private stadium operating company
The Stadium Authority a public body subject to the open meeting law is required to approve
the stadiums location, development plan and operating agreement
The NFL team will execute a non-relocation agreement and enter into a 30-year lease (same
terms as the stadium bonds)
Developer is required to fund first $100 million of project costs (exclusive of land contributed to
the project)
County bonds require 1.5x coverage and include a reserve fund with as much as two years of
annual debt payments
A community benefits plan must be developed, and 15 percent of the stadium project must be
subcontracted to small local businesses
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What Happens if
Room Tax Revenues
Do Not Meet
Expectations?
37
Millions
BASELINE: Stadium project projection model indicates that room tax revenues
will well exceed required debt service and surpass the 1.5x coverage
requirement.
$120
$100
Room Tax
Revenue
$80
$60
Annual Debt
Service
$40
Stress Test
Coverage is Sufficient
to Weather a Great
Recession Event
$20
$Year 1
Year 6
Year 11
Year 16
Year 21
Year 26
Year 31
Millions
$100
$80
Room Tax
Revenue
$60
Annual Debt
Service
$40
$20
$Year 1
Year 6
Year 11
Year 16
Year 21
Year 26
Year 31
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