County won’t need to tap reserve fund for upcoming stadium bond payment

With tourism measurement successful Las Vegas nearing pre-pandemic levels, Clark County doesn’t expect to again dip into a indebtedness reserve account to marque the adjacent scheduled enslaved outgo for Allegiant Stadium.

“The region has informed the Stadium Authority that revenues were capable to screen the Dec. 1 indebtedness work outgo with nary further funds required from the indebtedness reserve,” Stadium Authority unit pb Brian Haynes said successful an email.

The enslaved payments are intended to screen the $750 cardinal nationalist publication to the $2 cardinal operation of Allegiant Stadium. The payments are to beryllium made doubly annually done 2048, typically connected Dec. 1 and again June 1, with the magnitude varying each time. Next month’s outgo is $16 million.

Clark County pulled $11.7 cardinal from the money to marque the $18.6 cardinal outgo owed June 1 and utilized $11.6 cardinal to marque the $16.1 cardinal enslaved outgo owed Dec.1, 2020.

The indebtedness reserve relationship is generated via a 0.88 percent country taxation connected Clark County edifice rooms. The relationship stood astatine $54.5 cardinal arsenic of Oct. 31, according to Haynes.

Through the archetypal 3 months of fiscal twelvemonth 2022 (July 2021-June 2022), the country taxation has generated $11.7 cardinal successful revenue. The taxation generated $4.3 cardinal successful July and $3.7 cardinal successful some August and September.

October’s full is not yet available.

This year’s taxation gross is simply a crisp summation implicit the archetypal 3 months of fiscal twelvemonth 2021, which saw conscionable $4 cardinal successful country taxation generated arsenic tourism was conscionable opening to retrieve pursuing coronavirus-related restrictions.

In total, fiscal twelvemonth 2021 saw $21 cardinal successful country taxation generated, with numbers steadily expanding toward the extremity of that period.

Data from the Las Vegas Convention and Visitors Authority reveals determination person been 22.7 cardinal visitors to Las Vegas done September. That is up 72.2 percent implicit the archetypal 9 months of 2020. However, this year’s visitant numbers inactive lag down the archetypal 9 months of 2019 erstwhile Las Vegas recorded 31.9 cardinal visitors.

Contact Mick Akers astatine makers@reviewjournal.com oregon 702-387-2920. Follow @mickakers connected Twitter