Tax increase yields $4.6M for Vegas stadium in first month
LAS VEGAS (AP) — Taxpayers contributed more than $4.6 million for an NFL stadium in Las Vegas in the first month that a new increase on area hotel taxes went into effect— ahead of projections for the state's share of the project.
The preliminary tax collection figures from March for the stadium that the Oakland Raiders want to call home were released Tuesday. The bulk of the money came from resorts and other lodging facilities in and around the Las Vegas Strip, where tourists are paying about $1.50 more per night on their hotel bill for an average-priced room.
"I think it validates the model in terms of what's necessary to service the debt for the stadium," said Steve Sisolak, commission chairman in Clark County, where the stadium is to be located. "It's nice to see money actually collected and start to put some money in the bank for the stadium."
The Nevada Legislature approved the tax hike last year to cover $750 million of the $1.9 billion project.
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