Las Vegas Stadium Authority Has $20 Million Deficit Ahead Of Saints Vs Raiders MNF – A Way To Fix

Las Vegas Stadium Authority Has $20 Million Deficit Ahead Of Saints Vs Raiders Mnf – A Way To Fix
(Last Updated On: September 17, 2020)

Las Vegas Stadium Authority Has $20 Million Deficit Ahead Of Saints Vs Raiders MNF – A Way To Fix
From Channel: September 16, 2020 at 11:56PM
ONN – Las Vegas Stadium Authority Has $20 Million Deficit Ahead Of Saints Vs Raiders MNF – A Way To Fix

The Pandemic has caused giant losses of revenue in the tourism industry, and no large American city has suffered more than Las Vegas and surrounding Clark County. The hotel industry dive in occupancy rates has clearly hurt the Las Vegas Stadium Authority. It has had to dip into bond reserves already, million, and is facing an overall total budget deficit of north of $20 Million. (The reason for this number and not the $13 million one in the report, is that the number reflects July and not September. A conservative estimated loss of $3 million per month in hotel tax revenue is forecast to have already happened to this date.)

What’s the way out of this? A redevelopment program that creates a tax increment financing zone around the Stadium. The area would be of sufficient size to include $2 billion in total property value. The tax increment revenue from the area would form because the land sales in the area would cause an annual increase in total assessed value, and that has already happened because of Allegiant Stadium.

The problem is there’s no way to capture and harness that revenue growth. In this way, the revenue can be used to help cover shortfalls. If the rate of growth was just 4 percent annually, by the 40th year, that would yield $1.4 billion in revenue assuming a one percent tax on the tax increment itself. That money can be applied against a special bond issue that would help futher protect Clark County’s General Fund from bond default.

Stay tuned.

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By Zennie Abraham

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