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The $1.9 billion, 65,000-seat domed facility will be known as Allegiant Stadium and host home games for both the Raiders and the University of Nevada-Las Vegas’ football team. The arena will also host college football’s Las Vegas Bowl starting in 2020.
"We're thrilled that our future home will be known as Allegiant Stadium," said Raiders President Marc Badain. "As the hometown airline, Allegiant is the perfect partner to showcase the incredible support we continue to receive from the Southern Nevada community. We are grateful to all involved who worked diligently to make Allegiant Stadium a reality."
The Raiders will begin play at Allegiant Stadium starting with the 2020 NFL season. Taxpayers are contributing $750 million toward construction costs. Allegiant is best known as operator of its eponymous low-cost airline, which flies 55 nonstop routes across the country.
The deal’s financial terms were not disclosed. However, experts told the Las Vegas Review-Journal that Allegiant will likely pay between $20 and $25 million on an annual basis.
The Raiders paid a relocation fee of roughly $350 million to move from Oakland to Las Vegas, according to multiple reports.