WWE approved for $4.2 million in tax credits for WrestleMania 41 week
Image: WWE
The financial success of WWE WrestleMania 41 continues to increase with the reveal that WWE has been approved for $4.2 million in tax credits for holding the week in Las Vegas, Nevada.
The story was first reported by the Nevada Current on Thursday.
The transferable film tax credits were approved by the Nevada Film Office and the Governor’s Office for Economic Development for last weekend’s WrestleMania in addition to related events like Raw, SmackDown, and NXT shows.
The credits are on top of the $5 million WWE received from the Las Vegas Convention and Visitors Authority for bringing their annual mega-event to their city.
From the Currant report who noted the tax credit:
“The $4.2 million in transferable film tax credits represents roughly 12% of the $33.7 million total production budget WWE estimated for two nights of WrestleMania 41 at Allegiant Stadium in Las Vegas and three nights of wrestling events at nearby T-Mobile Arena. But $4.2 million is more than half of what the company estimated it would spend on local labor and at local businesses.
“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.”
The breakdown of the $33.7 million production budget from the public record:
- $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 (wrestlers, executives, etc.)
- $5.3 million in Nevada expenditures
- $8.6 million in non-Nevada expenditures
- $260,000 for Nevada security workers
While not disclosing how much revenue they brought in, WWE stated this week that it was the most financially successful in company history.