Las Vegas Raiders' valuation surged $2B in one year, outpacing NFL median growth of 8-12% and reflecting Allegiant Stadium's $1.8B capex driving ancillary revenue streams. Per Matchex data, the franchise generates $180M+ in non-football revenue annually—parking, hospitality, entertainment events—versus $120M pre-relocation, a 50% uplift tied directly to venue control and year-round booking capacity. Owner Mark Davis retains 100% equity; the franchise now ranks top-12 in league valuation despite mid-tier on-field performance, signaling that stadium economics and real estate optionality now drive NFL asset valuations more than wins.