Courtesy An artist’s making of the stadium being integrated in Las Vegas where the Raiders and UNLV will play football.
Wednesday, April 11, 2018|3:02 p.m.
Clark County today offered bonds to finance the general public’s $750 million contribution toward building of a 65,000-seat arena where the Raiders and UNLV will play football.
The bonds were sold in 90 minutes to 43 different institutional and retail financiers, Clark County Supervisor Yolanda King said. The funds will not be offered till May 1, when the sale is finalized.
The 30-year bonds have a maturity date of 2048. They are being paid off with revenue from the Clark County hotel space tax.
Members of the county Financing Department, including Chief Financial Officer Jessica Colvin, remained in New York for the sale with agents of RBC Bank and JP Morgan.
The $1.8 billion arena is being moneyed by $750 million in room tax revenue, $850 million from the Raiders and a $200 million loan from the NFL.
If the Raiders were to leave Las Vegas prior to their 30-year lease is up, the team would be accountable for any outstanding debt associated with the stadium, Colvin said.
The Clark County Commission approved the bond sale previously this month on a 6-1 vote, with Commissioner Chris Giunchigliani casting the only vote in opposition.