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 and signed off and approved by the Governor’s Office for Economic Development. WWE is eligible for tax credits because the events are broadcast on television and streaming.
The tax credits offset the overall budget of $33.7 million that WWE allocated toward its budget for the events at Allegiant Stadium and T-Mobile Arena over the past week.
WWE estimated it would pay $2.6 million in wages to Nevada residents and $17 million to out-of-state talent. Both amounts, as well as $5.3 million in in-state spending on things like hotels and catering, were considered qualified expenses for determining the amount of film tax credits the company is eligible to receive.
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” talent,
- $5.3 million in Nevada expenditures,
- $8.6 million in non-Nevada expenditures, and
- $260,000 for Nevada security workers.
The tax credits are in addition to the $5 million grant that WWE was provided as part of its incentives by the Las Vegas Convention and Visitors Authority, along with rent-free usage of the West Hall of the Las Vegas Convention Center, where The World “superstore” was housed.
It is unknown what additional funds were generated through the partnership with the Fontainebleu Hotel, which was promoted as “The Official Host Hotel of WrestleMania” and hosted the Hall of Fame, The Undertaker’s 1 deadMAN Show, The Roast of WrestleMania, and a live edition of NXT. Only the Hall of Fame and NXT were broadcast, and it’s 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 host cities on an annual basis.”
The company announced that it set its all-time gate record for Saturday’s first night of WrestleMania and broke that record for Sunday’s show, although the figures were not revealed. The previous record gate for the company occurred for Night 2 of WrestleMania 40 last at Lincoln Financial Field in Philadelphia with $18,433,325.
