The 30-Year Debt: How Vegas Will Pay for the Raiders Stadium Until 2048
Clark County still owes $1.18 billion on Allegiant Stadium. The final payment isn't due until 2048. And if tourism keeps declining, taxpayers may be forced to make up the difference.
The Las Vegas Raiders have been playing in Allegiant Stadium since 2020. Clark County residents will be paying for it until 2048—a 30-year debt that currently stands at $1.18 billion.
The Repayment Schedule
The stadium bonds are structured to be repaid through hotel room taxes over three decades:
- FY 2024: $36 million debt service
- FY 2025: $63.5 million in room tax revenue collected
- 2048: Final payment of $59 million
That's 28 more years of payments for a stadium that's already four years old.
The Tourism Problem
The stadium financing assumed continued growth in Las Vegas tourism. That assumption is now being tested:
- Visitation has been down for 10 straight months as of late 2024
- Room tax revenues fell nearly 6% behind budget in the first quarter of FY 2025
- The post-pandemic tourism boom has faded
If hotel taxes can't cover the bond payments, the "general obligation" nature of the bonds means Clark County—and its residents—must make up the difference.
Pandemic Stress Test
During COVID-19, we got a preview of what happens when tourism collapses:
- The stadium bonds required two emergency draws from the reserve fund
- Hotel room tax revenue plummeted alongside visitation
- The bonds came dangerously close to requiring direct taxpayer support
The reserve fund was replenished as tourism recovered, but the vulnerability was exposed.
Long-Term Pressure
Nevada Independent reporting notes that while there are "no short-term problems with Las Vegas stadium funding," long-term pressure could mount as:
- Tourism patterns shift away from traditional Las Vegas visits
- Competition from other destinations increases
- Economic downturns reduce travel spending
- Climate change makes Las Vegas summers increasingly brutal
The Next Stadium
As if $1.18 billion in outstanding stadium debt weren't enough, discussions continue about public funding for a potential Oakland A's stadium in Las Vegas. The A's have sought public assistance, though negotiations remain ongoing.
Sports economics expert Mark Rosentraub warns that multiple stadium subsidies stretch public resources thin and reduce the return on investment for each facility.
What $1.18 Billion Could Buy
The outstanding stadium debt represents opportunity cost. That money could fund:
- Thousands of affordable housing units
- Significant water infrastructure improvements
- Expanded public transportation
- School construction and teacher salaries
Instead, it's going to pay for a stadium where the cheapest Raiders tickets often cost more than a day's minimum wage.