The Raiders play in a $2 billion stadium they don’t own, on land they don’t own. That sounds like a weakness. In Las Vegas, it’s a business model. The Las Vegas Stadium Authority, a public body, holds title to Allegiant Stadium and the ground beneath it. The team bought the site for $77.5 million in 2017, and the state financing deal called for the authority to own both. The Raiders kept the part that makes money. Their 30-year lease, which…
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The Raiders Don’t Own Their Stadium. That’s the Point.
The Raiders’ rent-free Allegiant Stadium lease shows how control of income can matter more than property ownership, with lessons from Las Vegas casino leasebacks.
