Las Vegas Sun

August 19, 2018

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8 months in: Raiders stadium project has cost $285 million so far

Image

Steve Marcus

The Raiders logo is shown on a concrete plant at the Las Vegas Raiders stadium construction site Friday, May 11, 2018.

In the eight months following the groundbreaking ceremony for the Raiders stadium in Las Vegas, $285 million worth of work has occurred on the $1.8 billion project.

The money spent to date represents 16 percent of the project’s budget, according to a stadium project status report to be reviewed at Thursday’s Las Vegas Stadium Authority meeting.

Thus far, $116.8 million has been spent on design, engineering and soft costs; $80.56 million on construction; $77.8 million on the land acquisition; $8.9 million on premium seating and marketing program; $1.3 million on utility and infrastructure costs; and $51,402 on furniture fixtures and equipment.

The under-construction 65,000-seat stadium, located on 62.5 acres of land off Russell Road, west of Interstate 15, where the Raiders and UNLV football will play their home games, is on schedule to be completed by July 31, 2020.

The Raiders have contributed $237.4 million (83 percent) of total money expended, while the stadium authority contributed $47.9 million as of June 30.

May’s room tax revenue for the stadium project generated $4.35 million, a 5.4 percent increase over May 2017’s total.

To date, the room tax, generated via a 0.88 percent tax on hotel rooms in Clark County, has accrued $61.85 million.