As a result, Clark County had to withdraw $11.55 million from a debt reserve account in order to make December’s scheduled bond payment for Allegiant Stadium.
The total payment due is $16,057,500 of which $11,553,389 was needed from the reserve fund”, said Erik Pappa, county spokesman.
The Las Vegas Stadium Authority was tasked with overseeing the construction of the stadium however, many of the board members such as JA Tiberti, Bill Hornbuckle, & Tommy White (to name a few), had a conflict of interest. While the Las Vegas Stadium Authority was supposed to be the oversight committee, each board member had a vested interest in the stadium meeting the deadlines. Kind of the fox watching the hen house, so to speak.
A 0.88 percent room tax was imposed on hotel rooms in Clark County to fund the $750 million public contribution of the $2 billion stadium.
After the withdrawal, there is only $57 million left in the debt reserves.
JediRich is the unofficial Las Vegas Raiders street photographer.