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Wednesday, June 15, 2016

Oakland Raiders Las Vegas NFL Stadium Plan Hides Revenue From SNTIC

The Oakland Raiders, Las Vegas Sands, and Majestic Realty are trying to pull the wool over the eyes of the Southern Nevada Tourism and Infrastructure Committee. And in their collective effort to get the group started by Governor Brian Sandoval to recommend to the Nevada Legislature to give them a $750 million bond issue based on future hotel tax revenue from a one percent increase, so far they’re doing a good job. According to documents on the website of the SNTIC, and from a presentation to the group by Las Vegas-based economic consultant Jeremy Aguero and specifically page 4 of the document called “Stadium Proposal: Review of Proposal, Update on Modeling Progress”, the sources side of “sources and uses” looks like this: Public Contribution: $750 million Net NFL PSLs (Face Value of $200 Million) $110 million NFL G4 Loan $200 million Raiders Contribution $100 million Sands Majestic Equity / Debt $240 million Total 1.4 billion Let’s compare that to the financing breakdown for Levi Stadium where the San Francisco 49ers play: Stadium Authority collects: $930 million Naming rights revenue percentage PSL revenue Luxury suite sales percentage Sponsorship revenue percentage 49ers Lease Ticket surcharge Event revenues percentage Parking revenues percentage NFL G4 Loan: $200 million City, County of Santa Clara combination of public fund sources $114 million Total $1.244 billion More:http://ift.tt/1YqJcRh



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