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Oakland Raiders Las Vegas NFLStadium Proposal Spreadsheet – Zennie Abraham
With Bank Of America Loan / Offsite Transit Infrastructure Cost At $450 million
No Additional Debt Other than SNTIC Projection
March 19th 2017

Total Project Costs (Note2)
Construction Costs $1,325,000,000.00
Land, Infrastructure, On-Site Costs $375,000,000.00
Offsite Transportation Infrastructure Costs Per SB1 / NDOT (Note 3) $450,000,000.00
Offsite Non-Transportation Infrastructure Costs Per Clark County $195,000,000.00
NFL Relocation Fee $370,000,000.00
Practice Facility $100,000,000.00
Contingency $100,000,000.00
Total Project Cost $2,915,000,000.00

Funding Sources (Note 2)
Team Investment $500,000,000.00
Public Investment (LVSA / Clark County Bond Issue) $750,000,000.00
Private Investment (B of A Commercial Loan – 30 yr) $850,000,000.00
Total Funding Sources $2,100,000,000.00

Total Net NFL Stadium Project Revenue -$815,000,000.00

SNTIC Model 30 Year Est
Est. Stadium Revenues (From SNTIC Docs – Note 4)
Total Annual Event Revenue $934,323,450.00
Total Annual Non-Event Revenue $309,632,820.00
Total Stadium Revenue $1,243,956,270.00

Est.Stadium Operating Expenses (From SNTIC Docs – Note 4) $646,119,390.00

Stadium Net Operating Income (From SNTIC Docs – Note 4) $597,836,880.00

Debt Service And Capital
Debt Service (From SNTIC Model times 30 yrs) $0.00
Bank Of America Dev Loan Debt (Loan + LIBOR) $885,190,000.00
Capital Expenditure $75,000,000.00
Total Debt Service And Capital $960,190,000.00

Free Stadium Operating Cash Flow -$362,353,120.00

Total Project Operating Cash Flow (TPOCF) -$1,177,353,120.00

Return on Investment -40.39%

Note 1: Two Problems: 1) NDOT / RTC Transportation Infrastructure Off-Site Not Accounted For, 2) New Bank Of America De
$650 million plus LIBOR of .414 basis points (not including fees) added to SNTIC MODEL annual debt service of $12 million t

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Note 2: From SNTIC Stadium Model Presentation FINAL doc page 4 of 32 and taking annual estmates and multipliying by 30
Note 3: Offsite Transportation Cost of $450 million based on Southern Nevada Tourism Infrastructure Act (http://www.lvstadium
Note 4: SNTIC Stadium Model Presentation FINAL doc page 18 of 32 and taking annual estmates and multipliying by 30 year
Note 5: NDOT Las Vegas NFL Stadium Sites Transportation Assessment Report is here: https://www.nevadadot.com/uploade
Note 6: Overalll, this spreadsheet shows the impact of Las Vegas Sands / Sheldon Adelson's depature from the Raiders NFL

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SNTIC Model Annual Est

$31,144,115.00
$10,321,094.00
$41,465,209.00

$21,537,313.00

$19,927,896.00

$12,000,000.00
$32,500,000.00
$2,500,000.00
$47,000,000.00

-$27,072,104.00

or, 2) New Bank Of America Debt Service of
nual debt service of $12 million times 30 year lease term creates two negative results: -$450 million for project and -$514 million for stadium

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estmates and multipliying by 30 year lease term: http://sntic.org/meeting/10/stadium%20/aguero/SNTIC%20Stadium%20Model%20Present

ates and multipliying by 30 year lease term: http://sntic.org/meeting/10/stadium%20/aguero/SNTIC%20Stadium%20Model%20Presentation
://www.nevadadot.com/uploadedFiles/NDOT/Projects_and_Programs/Programs_and_Studies/Las%20Vegas%20Stadium%20Traffic%20A
depature from the Raiders NFL Stadium Project. Mr. Adelson took away what was a $650 million angel investment, and Las Vegas Sands p

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project and -$514 million for stadium operations, following SNTIC format.

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C%20Stadium%20Model%20Presentation%20FINAL.pdf

0Stadium%20Model%20Presentation%20FINAL.pdf
Vegas%20Stadium%20Traffic%20Assessment.pdf
l investment, and Las Vegas Sands pledged to pay for any off-site costs and cost overruns, which would have taken care of the NDOT cost

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uld have taken care of the NDOT cost – now Adelson and his company are gone. Additionally, the provision that ties the developer to paym

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ovision that ties the developer to payment of some level of offsite transportation infrastructure and binding that cost to whatever NDOT estim

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ding that cost to whatever NDOT estimates was left in the Southern Nevada Tourism Infrastructure Act. This, even as the provision for a tax

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. This, even as the provision for a tax increment revenue district was removed, and Las Vegas Sands, which planned to pay for that cost, le

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, which planned to pay for that cost, left the project.

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