$7.7B valuation reflects 35.1% gain since relocation to Las Vegas, positioning the Raiders above franchise median but below marquee NFL assets. Allegiant Stadium's operational maturity and Las Vegas market economics—tourism spend, no state income tax, gaming ecosystem partnerships—have unlocked revenue streams unavailable in Oakland. Mark Davis's capital allocation strategy focused on stadium infrastructure debt service rather than payroll constraints suggests equity value extraction independent of on-field performance, a structural advantage in franchise valuation.