ONN - Bad Raiders Las Vegas Stadium news, Super Bowl Not On NFL Spring Meeting Agenda
For the second year in a row, the Oakland Raiders Las Vegas Stadium failed to land a Super Bowl Bid. That's because, for the second year in a row, the subject's not on the agenda for the NFL Spring League Meeting, this time in 2019.
That means no Las Vegas Super Bowl for the year 2025. And it means we turn our attention to the upcoming Las Vegas Stadium Authority Meeting to be held May 23rd, and for which the agenda has been posted in the organization's website. The agenda has an item calling for the Stadium Authority Fund to be "augmented".
To "augment" is to "make (something) greater by adding to it; increase." That means the fund needs to be increased for some reason. So, I looked over at the Las Vegas Convention and Visitors Bureau's Las Vegas Visitor numbers for 2019, and they show a drop in visitors from the previous year in the month of March 2019. That's a drop of 1.4 percent, and that's on top of a 2018 drop of .09 percent from the previous year 2017. The difference is the month's of January and February showed a rebound for the first time in two years - but the March convention numbers showed a 29.3 percent decrease in March visitors for the last two years.
All of that impacts the revenue from the Clark County Stadium Hotel Tax that's used to pay off the $645 million bond issue floated in April of 2018. As this space has shown, the 88/100th of 1 percent tax is too low to capture enough revenue to afford the monthly bond debt times the debt coverage ratio of 1.5.
When the poor sponsorship numbers are considered with this news, all of this points to the continuation of a problem where the Raiders and the Las Vegas Stadium Authority have less money than they effectively need to build the stadium and not be concerned about affording cost overruns. The bond issue draws from the Clark County General Fund (the taxpayer) but the Stadium's sponsorship revenue has no such fallback if it falls short.
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