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Hotels Will Cost More Beginning March 1st In Nevada

It seems the expense of going to Las Vegas continues to rise on a fairly constant basis. In recent years there has been the implementation of resort fees and parking fees. Now staying at any of Nevada’s hotels will cost you more beginning in just a few weeks. On March 1st, hotels will begin charging a recently approved hotel tax increase.

This time the cost increase is directly related to the relocation of the Oakland Raiders to Las Vegas. The Nevada legislature approved a new hotel tax increase of .88%. The state projects that this tax will bring in $750 million dollars, a little less than half what is needed to build a new stadium with a price tag of 1.9 billion.

On October 21st, KTVN.com reported on the new tax increase:

On Wednesday, we reported that the Nevada Senate had passed a bill that would allow an increase in the Clark County hotel room tax to fund an NFL stadium. The Southern Nevada Tourism Improvements Act calls for $750 million of the $1.9 billion stadium to be paid with public funding.  The room tax would increase by 0.88% in the resort corridor and 0.5% for the rest of the stadium district. Senate Bill 1 also calls for $1.4 billion in renovations and a 1.4 million square-foot expansion to the Las Vegas Convention Center, which would also increase the hotel room tax by 0.5%.  Las Vegas has the 14th highest room tax in the country at 12%.  The new plan would bump the rate up to nearly 13.4%. That moves Las Vegas’ rate up to 10th place, slightly higher than New Orleans and Miami.  Read more here.

As we have reported over the last year the process of bringing the Oakland Raiders to Las Vegas has been a difficult task. There have been ups and downs, ons and offs. Just this week billionaire Sheldon Adelson, backed out of the financing plan. Yet, another bump in the road.

USA Today reported on Adelson’s withdrawal:

Casino mogul Sheldon Adelson has pulled out as an investor from a proposed project tagged at nearly $2 billion, apparently blindsided by the franchise’s negotiating tactics.

Adelson, chairman and CEO of Las Vegas Sands Corp., issued a statement Monday saying his family “will no longer be involved in any facet of the stadium discussion.” Read the full article here.

 

 

 

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