WWE was approved for several million dollars worth of tax credits for its staging of WrestleMania 41 in Nevada.
The Nevada Current reports that WWE was approved for $4.2 million in transferable tax credits by the Nevada Film Office. It was signed off and approved by the Governor’s Office for Economic Development. WWE is eligible for tax credits because the events are broadcast on TV and streamed.
WWE Budget Breakdown of Estimated Cost
The tax credits offset the overall budget of $33.7 million that WWE allocated toward its budget for the events at Las Vegas’ Allegiant Stadium and T-Mobile Arena for the week of April 17th through April 21st.
WWE’s proposed budget in March listed a breakdown of estimated costs from its overall budget:
- $2.4 million for Nevada stagehands
- $2.7 million for non-resident “below-the-line” labor
- $17 million for non-resident “above-the-line” labor
- $5.3 million in Nevada expenditures
- $8.6 million in non-Nevada expenditures
- $260,000 for Nevada security workers
The tax credits are in addition to the $5 million grant that was provided as part of its incentives by the Las Vegas Convention and Visitors Authority. They also granted rent-free usage of the Las Vegas Convention Center West Hall, where WWE The World Superstore was housed.
Additional Funds
It’s unknown what additional funds were generated through the partnership with the Fountainbleu Hotel. It was promoted as “The Official Host Hotel of WrestleMania.” It hosted the Hall of Fame and The Undertaker’s 1deadMAN Show. It also hosted The Roast of WrestleMania, and the WWE live edition of NXT. Only the Hall of Fame ceremonies and WWE NXT were broadcast. It is unknown if they were part of the tax credits.
WWE stated publicly and in its application to the Governor’s Office of Economic Development that WrestleMania and its related events would bring “more than $200 million in economic impact for the host cities on an annual basis.”
The company announced that it set a all-time gate record for WrestleMania 41 Saturday’s first night. Then it broke that record for WrestleMania 41 Sunday’s second night. Although these figures were not revealed. The previous record gate for the company occurred for WrestleMania 40 Night 2 at Lincoln Financial Field in Philadelphia with $18,433,325.
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