WWE lands millions in tax breaks for WrestleMania in Las Vegas
When the WWE kicks off WrestleMania 41 in Las Vegas this week, the spectacle will feature body slams, story lines and legions of fans.
The wrestling entertainment giant expects to spend more than $30 million producing its multiday spectacle in America’s casino capital, records show — and it landed some state-approved tax breaks to help.
The Nevada Governor’s Office of Economic Development recently approved WWE’s application for upwards of $4.24 million in tax credits, GOED spokeswoman Carli Smith confirmed to the Las Vegas Review-Journal.
She said the applicant can use the credits toward specific types of taxes or sell them to another company with a tax liability in Nevada.
Smith also noted that an independent audit is required and that tax credits are awarded after the audit is verified by GOED.
Nevada spending
Brendan Nugent, senior tax manager at WWE parent TKO Group Holdings, told state officials at a hearing this month that choosing the location for WrestleMania is a highly competitive process, and that Nevada’s film tax credit program is one factor that makes the state an attractive destination.
WWE’s events in Las Vegas are slated to air on Peacock, Netflix, USA Network and the CW Network, according to the company’s tax-incentive application.
It also stated that WrestleMania weekend delivers more than $200 million in economic impact for host cities on an annual basis.
Nugent said the production will hire 450 Nevada residents on a temporary basis, with payroll exceeding $2.6 million, and buy goods and services from Nevada vendors, totaling around $5.3 million.
WWE declined to comment for this report.
Talent costs redacted
As part of its application, WWE included a $33.7 million budget for WrestleMania and its associated events including Raw, SmackDown and NXT.
All told, the budget offers a window into the many different components needed to produce the extravaganza.
It provided spending totals for dozens of categories, including stagehands ($2.4 million); set design and construction (nearly $1.2 million); catering (roughly $353,000); pyrotechnics (around $276,340); and props, stunts and gags (roughly $200,700).
Still, it redacted spending totals for three line-items in the budget: building rent, other building costs, and talent.
As seen in the application package, GOED Executive Director Tom Burns previously approved WWE’s request for confidentiality of this information.
The Nevada Film Office, which is part of GOED, discussed WWE’s tax-incentive application at a meeting on April 3. It was approved the next day, according to Smith.
WWE is scheduled to hold wrestling events at T-Mobile Arena on Friday, Saturday and next Monday, and at Allegiant Stadium this Saturday and Sunday.
It also is slated to put on a five-day fan experience at the Las Vegas Convention Center that runs from Thursday through next Monday.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.
