UNLV Athletics Budget Approved Despite $27M Deficit

After a $27 million shortfall in 2024, UNLV Athletics' 2025 budget was approved with optimism for a financial turnaround driven by coaching hires, increased revenue, and Mountain West stability.

The UNLV Rebels logo at midfield during the Mountain West Championship at Allegiant Stadium. | Kirby Lee-Imagn Images

Earlier in 2025 it was widely reported that the UNLV Rebels athletic department was in serious debt. Following the 2024 athletic season they were left in about $27 million of debt. While already $5.8 million in debt entering the 2024 season the athletic department generated $46.8 million in revenue, but spent $67.7 million in expenses which ends up being $20.9 million loss. That puts them $26.7 million in the hole. 

Despite the deficit they face, the UNLV athletic department saw their budget for the upcoming season approved on Friday. It took a second attempt, but on Friday the budget was unanimously approved by the Board of Regents. 2025 is projected to be a much better year for the athletic department financially as they are projected to break even with $67 million in revenue and $67 million in expenses. 

The athletic department has plenty of reasons to be optimistic. The hiring of head football coach Dan Mullen along with head basketball coach Josh Pastner has already led to increased ticket sales combined with other factors. They will also get $24.1 million this year for staying in the Mountain West Conference and not leaving for the Pac-12. 

Dan Mullen's contract with UNLV will pay him $3.5 million per year for five seasons.

Buyout for power-conference jobs starts at $7 million this year and declines by $1 million per year.

Buyout for non-power jobs starts at $5 million and declines $1 million per year.

— Mike Grimala (@MikeGrimala) December 16, 2024

UNLV Interim President Chris Heavey Discusses Confidence In Athletic Department To Fix Budget Issues:

“We have been working very hard to put in place a plan about how to make sure that we can have a sustainable level of institutional support in our athletics program,” interim president Chris Heavey said. “We think we’re on a sustainable trajectory, but it’s something that we’re evaluating on a continuous basis.”

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One of the regents on the board, Joseph Arrascada, also spoke about the athletic department turning their budget issues around:

“Although the UNLV athletic (department) continues to be, to talk about the white elephant in the room, $30 million in debt, there are plans and efforts … to get it back into the black and out of the red.”