The Las Vegas Stadium Authority Board met on February 23, 2026, at the Las Vegas Convention Center South Hall Board Room. All members were present except Bias, White, and Co nine, establishing a quorum. The board approved the agenda and minutes from the December 4, 2025 meeting. Key topics included the 2025 financial audit, room tax performance, Allegiant Stadium community impact, a budget amendment, a personal seat license (PSL) agreement for the new baseball stadium, and construction updates on the ballpark.
Financial Reports (Agenda Items 1–3)
Allegiant Stadium Performance (Agenda Item 4)
UNLV Football Schedule (Agenda Item 5)
Football Stadium Community Oversight Committee Report (Agenda Item 6)
Budget Amendment (Agenda Item 7)
Personal Seat License (PSL) Marketing and Sales Agreement (Agenda Item 8)
Baseball Stadium Revenue Report (Agenda Item 9)
Baseball Stadium Construction Update (Agenda Item 10)
Baseball Stadium Community Oversight Committee Report (Agenda Item 11)
Good afternoon, everybody. Uh welcome uh to the convinced center and the um Thursday, February 19th, 2026, uh Las Vegas Stadium Authority Board uh meeting. We'll call the meeting to order and I will ask Ms. Bateman to call the roll. Good afternoon, Mr. Chair, members of the board. All members are present either in person or virtually, other than members uh uh bias, white, and co nine. You have a quorum and the meeting may proceed. Great, thank you. Um this is the time for the first uh public comment period. So anyone wishing to address the board, um please uh identify yourself, limit your comments to um those which are uh relate to agenda items, and please limit them to three minutes. Anybody wishing to address the board? Great. Seeing none, um I'll ask if the board has had the uh opportunity to um review the agenda and the minutes from our December 4th, 2025 uh meeting. Uh and if there are uh no adjustments to either, I'd entertain a motion to approve both. Move approval. Great. Please cast your vote. Bob, you side us aye. That passes, thank you. Um we will turn to agenda item one. And I'll stall here for a minute while we wait on Mr. Finger. It's all yours. That went faster than I expected. Mr. Chair, agenda item one is to receive a report on the 2025 financial statements and the auditors report. I'll briefly walk through the financial outcomes from fiscal year 2025, then I'll turn it over to our I daily audit manager, CY, who I was just talking to on the side here to discuss her findings and her opinion. Um the financial figures you're about to see are all within the football funds because there was no baseball revenue activity last year. So starting at the top, we budgeted $62 million in room tax. We received $63.5 million. Quick look at room tax collections from 2019 through 2025. We start with the original SNTIC forecast, overlay actual performance in each of those years, starting with the once-in-a-lifetime pandemic we went through, and then seeing recent revenues exceed the forecast at that time. million dollars in room tax we received 63 and a half million dollars quick look at room tax collections from 2019 through 2025 we start with the original snt ic forecast overlay actual performance in each of those years starting with the once in a lifetime pandemic we went through and then seeing recent revenues exceed the forecast at that time interest was and is always budgeted conservatively most of it is attached to the debt service reserve which isn't operationally usable otherwise um and I'll speak to that later so total revenues exceeded budget we budget admin expenses at three point at the full statutorily allowed amount every year and we meaningfully underspend them every year the slide includes LBCBA and county staff who provide contract staff services it also is our third party attorneys and other professional services debt service payments on bond principal and interest were 37 and a half million dollars capital expenditures on allegiance stadium improvements totaled 9.7 million below the budget basically just due to the timing of projects UNOV's payments and those represent the difference between the current football program net income and the amount that they were receiving when they operated Sam Boyd were 3.6 million dollars last year and I'll remind you that we made two UNLV payments last year as they had been being paid in a rear since the pandemic and that's foreshadowing a future agenda item in total expenditures were about 4.7 million below budget between the revenue and expenditure betterments we were nearly 20 million dollars better in what's called fund balance or which is the governmental description of an equity balance in a in this unit so then looking at reserves at your end by the way you guys know from budget presentations that we have these things called funds in the governmental accounting system that was a consolidated view of all of the football fund activity now looking at each of the funds in the reserves the football stadium which is generally akin to what is called a general fund in governments went from having 37.8 to 7.8 million dollars in the year there's no need to keep money in that fund aside from cash flow management um room tax lag basically and that money really belonged in the waterfall fund you might remember we went through a meaningful budget amendment last year to change the flow of funds and simplify the transfers and the reserve management last year from how it been previously managed the football stadium capital fund has 2.9 million in it at year end again that gets funded statutorily every year that's the fund that you guys approve in January capital projects submitted by the Raiders when they complete those document their completion and the cost of it we reimburse them up to the project cost or the amount um whichever is lower of the project football stadium debt service fund most of this money is that two year it's actually a two plus year reserve now that was uh required under the law and funded the UNLV fund is a pass-through fund so we move money in it out of the football general fund and pay the UNLV bills it doesn't keep residual equity and then the football stadium waterfall residual fund this is where everything that makes it through the waterfall accumulates we ended the year at 56.3 million dollars um that money is available in the future for capital inside or around the stadium it is also available in the future for debt service retirement in the not too distant future it's possible that we'll be in front of this board and talk about um traffic improvement pedestrian improvement outside of Legion Stadium we're having some early conversations with the county and with the Raiders about some potential for projects to that end um mr chair I'm gonna ask Ms Chang to come up here in a second and speak on the audit report but I want to talk about a noncompliance note that is in there regarding Nevada revised statute 354. Nevada revised statute 354 is the local government finance law and generally this note and she'll speak her own observation of it relates to concerns about the baseball formative expenditures being funded out of football funds originally and whether or not that was consistent with the football funds intend use intended usage and I appreciate and won't argue with the technical reason for the note I discussed it with the auditors in year one of this operation and then in year two again where they made the note I will note though that the legislator passed a law that allowed these baseball revenues required these baseball revenues before bonds to be used for said formative expenses they did not clearly solve for the temporal gap between when the bills are due and when the revenue comes in and in this case the bills were due meaningful today we'll give the first baseball revenue report and we've been working on the baseball deal for two years together there was a single practical solution to do this it was to use the money available that problem will be solved because we are collecting baseball money now the first order of operational will be to pay the football fund back for that expenditure so one and two I thought just order of operation be easier to speak to at first and now I'll ask CY to come up and give her audit report good afternoon. Good afternoon. Good afternoon. Uh, chairs and members of the board. My name is C.Y. Chang from IBailey. I'm an audit manager. Um thank you for giving us the opportunity to present the results of audit for Clark County Stadium Authority, DBAS Las Vegas Stadium Authority for the year ended June 30, 2025. Our responsibility as an auditor is to express an opinion on whether the financial statements are presented fairly in all material respect in accordance with US general accepted accounting's principle and government auditing standard. We plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement. As part of this process, we consider internal control to help us design our audit procedure. However, our audit does not include an opinion on the effectiveness of the internal control. We issued our auditors' report dated December 15, 2025. In that report, we have concluded that the financial statements are fairly presented in all matter respect in accordance with U.S. GAAP and government auditing standard. We did not note any findings except for a matter related to the noncompliance with law and regulations that at mentioned previously.