Public Stadium Financing (1 Viewer)

[Eephus]

If I understand it correctly, the funding for the stadium will be coming from a 'hotel tax' on visitors to the city, not the residents.

The underlying assumption of the tax is that the Raiders will attract tens of thousands of out of town fans who wouldn't have visited otherwise.  But if there are any shortfalls in the projected tax revenues, the costs will fall back on the local residents. 

The current Las Vegas hotel tax (12% on Strip rooms) funds other municipal services.  The stadium surcharge goes on top of that.

 

[RUSF18]

If I understand it correctly, the funding for the stadium will be coming from a 'hotel tax' on visitors to the city, not the residents.

As that money comes in, it will be managed by Clark County. The tax funds will back bonds issued to cover the $750 million committed to the stadium by state legislators.

This won't be the first time a dedicated tax like this doesn't end up covering a set commitment by a city for a stadium. Even in a place like Vegas, you need some really strong occupancy to aggregate enough $1.50/night taxes to cover $750MM plus interest. When the next recession hits and Vegas sees another dip, those bond payments don't drop with them 

 

[PIK95]

Who cares what Jamele Hill thinks. She's just another blowhard at ESPN that knows NOTHING about sports (see lebaturd, stugotz). That station has really scraped the bottom of the barrel to fill airtime.

Jamele?

 

[Quez]

We went to Lenny's in Clearwater on Sunday and sat through a 45-minute wait. 90% of the restaurant had phillies garb on. They're all on spring break and traveling down. One family next to us said they do it annually. Seems pretty cool actually. 

Dunedin with the Jays seems the same. 

I work right around there.  Lenny's is awesome.  A bowl of pastries as an appetizer before breakfast?  Great idea!

 

[Mr. Ected]

If I understand it correctly, the funding for the stadium will be coming from a 'hotel tax' on visitors to the city, not the residents.

The underlying assumption of the tax is that the Raiders will attract tens of thousands of out of town fans who wouldn't have visited otherwise.  But if there are any shortfalls in the projected tax revenues, the costs will fall back on the local residents. 

The current Las Vegas hotel tax (12% on Strip rooms) funds other municipal services.  The stadium surcharge goes on top of that.

I was just listening to something where they were talking about whether the LVR would have a less than perfect home field advantage due to opposing team supporters that come into town for the game. Think about how many Cowboys or Packers fans would invade Vegas for a weekend game!

 

[rustycolts]

Orlando's new soccer stadium was initially supposed to be publicly financed but that hit some snags.So the owner privately financed it along with investors.It is a beautiful stadium and the owner and his investors will probably come out smelling like a rose.So private financing can be done.Tax payers don't always have to get bent over.

http://www.orlandosentinel.com/sports/orlando-city-lions/on-the-pitch/os-sp-orlando-city-stadium-0305-story.html

 

[Long Ball Larry]

risk for an NFL franchise.  lol.

What risk has Mark Davis ever had to take?  Besides walking around in public with that haircut.

 

[James Daulton]

Did the OP really say there was a $1B franchise "at risk?"  Risk implies the potential for negative outcomes.  If Vegas doesn't workout, there would b 5 other cities falling all over themselves giving the owner a sweetheart deal to "risk" moving his team.

Stupid. 

 

[NCCommish]

Not one public dime should go to billionaires in a multi-billion dollar industry so they can build a stadium for their team. I mean the alleged impacts don't stand up to rigorous review. It is very unlikely Vegas will truly recoup that money in added revenues. Not to mention with all the tax subsidies there is a year over year loss. This is ridiculous. We don't have the money for people. We act like people who depend on the social safety net are looters. And then we give rich people tax money we say we don't have so they can get richer.

Want a football team? Great have at it. Want me to pay for it with my taxes? Yeah no.

Just to add I am a huge Panthers fan. Root for the team. Live and die with them on Sundays. But I don't think we should have given them a dime. Richardson has cleaned up on his investment which is great. But when he came to us and asked for money he said" I just got out of debt on this team and why should I go in debt to improve the stadium?". For the same reason any businessman in Charlotte goes into debt to upgrade his factory, renovate his store, etc. because you are the one who is going to be pocketing the profit from those renovations not the taxpayers. I wouldn't give them or the Hornets one thin dime. Move the team if you can snooker some other rubes.