While it upset some of their diehard fans, the Las Vegas Raiders’ move to Nevada has created the type of cash flow the franchise never had before under owner Mark Davis.
Since the death of the Raiders’ Hall of Fame owner Al Davis, the narrative surrounding his son — and heir apparent leading the franchise — Mark Davis usually includes complaints about how poor the team is. Whether it was cash to pay players, or revenue to keep up a crumbling Oakland Coliseum, the younger Davis has always been reported to have cash flow problems.
That does not seem to be the case anymore.
The latest Forbes valuation of the Las Vegas Raiders puts the team’s value at $6.2 billion — up from just $2.1 billion in 2016. According to Forbes, the value of the Raiders has doubled in the time they’ve called Nevada home.
Mick Akers, of the Las Vegas Review-Journal, noted this week that the Raiders also were No. 1 in the NFL last year, hauling in more than $90 million in home gate revenue.
Las Vegas Raiders stadium also pulling in big numbers
Yes, the Raiders are making a killing at the gate regarding their home games, but that’s not where the revenue ends. Due to the deal they struck with the State of Nevada and Clark County, they also make revenue off non-football events held at their arena, Allegiant Stadium.
Events like the massive Taylor Swift tour, international soccer, and even UNLV Football games, all create revenue that lands in the silver and black coffers.
According to the report, the Raiders made $70 million in non-NFL events held at the domed stadium located just off the famed Las Vegas Strip. In fact, several concerts, including Garth Brooks and the aforementioned Swift shows, set records for attendance and revenue for events in the Silver State.
While the Las Vegas Raiders product on the football field has a way to go to be successful, the franchise and its financial health are already blooming in its new home of Las Vegas.