The stadium is situated in Paradise, a city located 14 kilometres south of Las Vegas and west of Mandalay Bay and the Interstate (I-15), which is near Russell Road. The area with the stadium covers 25 hectares.

Allegiant Stadium design was commissioned by Raiders when the NFL club's move to Las Vegas was considered (the final decision was made in 2017). On this occasion, Manica Architecture prepared a variation of an earlier vision developed for the same team.

A similar stadium was to be built in Carson, California, but the Raiders decided to move to Las Vegas, so a new venue design was developed for this city. The main difference in the new incarnation of the same idea was the option of creating a permanent roof over the stands and the pitch, which was to increase the commercial possibilities of the arena.

For a while, the creation of the stadium was at risk when Sheldon Adelson, one of Nevada's richest residents, gave up financing. Adelson intended to invest $ 650 million in construction. Fortunately, his place was taken by Bank of America, which undertook to pay that amount.

The total cost of building Allegiant Stadium was $ 2.03 billion. It is the second most expensive stadium in the world after SoFi Stadium in Los Angeles, which cost $ 3.4 billion. Initially, it was planned to close the investment in $ 1.9 billion. Given the scale of the project, the technical advancement and the difficulties that arose during the construction period (the US-China trade war and the coronavirus pandemic), the cost increase of more than $ 100 million does not seem excessive.

Of this total, construction amounted to just over $ 1.4 billion, design and soft costs approximately $ 240 million, finishing and fittings for another $ 157.3 million, and purchase of land for the facility $ 77.8 million. Of this pool, at least $ 750 million is contributed by taxpayers (mainly tourists) through room tax. A tourist visiting Las Vegas for the next decades is expected to pay an average of $ 1.50 each night to pay off the Las Vegas football stadium.

The construction of Allegiant Stadium began on November 13, 2017 and took just over 2.5 years, which is an excellent result for an investment of this scale. It ended as scheduled on July 31, 2020. The stadium's commissioning date has not been breached despite the high number of coronavirus cases among workers at the construction site. On August 31, 2020, the contractor received an unconditional occupancy permit.

The 65,000-seat stadium has a futuristic, streamlined shape - like a luxury gadget or sports car. The entire building, including the stadium's facilities, has 10 floors. The exterior colours of the venue are dominated by metallic black and silver, reminiscent of the exterior of a luxury car.

The heavy steel roof structure is only around the perimeter, and inside is a steel and cable structure with a transparent ETFE dome. The roof itself rests on 26 main trusses. Unfortunately, the roofing does not create good conditions for the growth of natural turf. Therefore, the grass field goes on a special tray to the southern foreground of the stadium.

On a daily basis, the turf is kept outside the facility. During matches, it gets to the stadium on rails thanks to 76 independent electric motors. A huge tray with a football field weighs as much as 9,500 tons, and it takes 90 minutes to change the position of the pitch.

The venue also has a synthetic pitch, placed inside the stadium. The artificial pitch is used by the University of Nevada Las Vegas (UNLV) team, while the grass pitch is used by the Raiders. UNLV has 6 games contracted during the season at the new facility.

Allegiant Stadium logo adorns the exterior of the building. On its eastern side is one of the largest outdoor screens ever installed in the stadium. Its height is 24.3 metres and its length is over 105 metres. Its total area is as much as 2,564 square metres. The screen is made of a multimedia mesh, which means that fans inside the stadium will be able to look outside the venue during its operation.

The multimedia eastern facade has the function of broadcasting the image towards the highway and the casino lane. Its area is as much as 12,500 square metres covered with a grid with LED lights. The stadium also has three large screens above the stands.

To the north of Allegiant Stadium there are huge movable walls (the great gate), the total area of which is approx. 2,600 square metres. Once opened, fans inside the stadium gain access to a view of casinos and hotels in the nearby city centre. The gate is over 24 metres high and almost 66 metres wide.

As the gates open, passersby are exposed to the enormous Davis Memorial Torch on the north side of the facility. It was named after Al Davis, the first owner of the Raiders. This is not a real torch, but a simulator 26 metres high, which is supposed to give lighting effects during games. It was made thanks to 3D printing technology.

The spectacular illumination of the facility is associated by many with the "Death Star" from the film "Star Wars" and this is also the nickname of the stadium. As for VIP seats, the facility has 128 private lounges of various sizes. So many upscale seats are designed to make the venue more attractive for the Super Bowl.

Matches at Allegiant Stadium are played by the American football team Las Vegas Raiders, which in 2020 moved to Nevada from Oakland. The NFL team has signed a deal with the city of Las Vegas to play in that city for the next 30 years. Due to the outbreak of the pandemic and the inability to play with spectators in 2020, an annex to the contract was drawn up, extending it for another year.

The first fixture at the new stadium took place on September 21, 2020. Las Vegas Raiders defeated New Orleans Saints 34-24 in the NFL. The match was played without the audience. In addition to the Raiders games, the facility will host UNLV Rebels - an American university football team. Additionally, boxing and UFC galas are planned, as well as wrestling competitions. From non-sport events, music concerts and corporate shows will be organized.