Tuesday, June 1, 2021 | 1:45 p.m.
With tourism slowed because of the pandemic, Clark County has again dipped into stadium authority bond reserve fund to make its semi-annual payment on bonds used to finance Allegiant Stadium.
The bonds, which have a maturity date of 2048, are being paid off with revenue from room tax along the resort corridor — a small increase of 0.88% for stays on the Strip, or about $1.50 per night.
The $11.7 million reserve draw went toward a $18.6 million payment due today, according to a regulatory filing. It is the second draw on reserves in six months to meet the county’s $645 million debt obligation toward the partially publicly funded stadium, which is home to the Las Vegas Raiders and UNLV football.
“This action does not constitute a default and was expected in light of the decline in tourism to Las Vegas,” county spokesman Erik Pappa wrote in an email. “Fortunately, the financing for the Stadium Authority bonds included the funding of a debt service reserve fund to weather economic declines like the one Las Vegas is currently experiencing due to the pandemic.”
About $54.4 million is estimated to remain in the reserve fund after this draw.
The $1.8 billion, 65,000-seat stadium opened in August.