Nevada Governor's Campaign Heavily Reliant on Donor Loopholes

Lombardo's 2025 fundraising haul of $4.3 million drew heavily from 'bundling' arrangements that allow donors to skirt contribution limits.

Published on Feb. 9, 2026

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Nevada Gov. Joe Lombardo's 2025 campaign fundraising reached $4.3 million, with about $1.9 million of that total coming from 'bundling' arrangements that allow donors to easily skirt contribution limits by sending donations through different names. This made up around 44% of his campaign's total haul. In contrast, Lombardo's Democratic opponents received a much smaller percentage of their funds from bundling. The governor's campaign said there was 'nothing unusual or improper' about the makeup of his donor base, which included significant contributions from the gaming and real estate industries.

Why it matters

This case highlights concerns about the influence of large corporate and wealthy donors in Nevada politics, as well as the role of legal loopholes that allow donors to effectively bypass contribution limits. It raises questions about the potential impact of such donations on policy decisions made by elected officials.

The details

About $1.9 million of Lombardo's $4.3 million fundraising total came from 'bundling' arrangements, where donors are able to send donations through different names to skirt contribution limits. This made up around 44% of his campaign's haul. In comparison, Democratic candidates Aaron Ford and Alexis Hill received a much smaller percentage of their funds from bundling. Lombardo's campaign said the makeup of his donor base was 'nothing unusual or improper,' noting that Nevada governors from both parties have long received donations through bundling. The governor's top donors included gaming companies like the Fertittas and Station Casinos, as well as real estate developers like Robert Bigelow and Billy Walters.

  • Lombardo's campaign donations were allowed to resume on December 10, 2025 after a donating blackout period during a special legislative session.
  • The final day before the special session blackout period began was November 12, 2025, when a major real estate group donated $300,000 to Lombardo's PAC.

The players

Joe Lombardo

The Republican governor of Nevada, whose 2025 campaign fundraising heavily relied on 'bundling' arrangements that allowed donors to skirt contribution limits.

Aaron Ford

The Democratic Attorney General of Nevada, who ran against Lombardo for governor in 2025.

Alexis Hill

A Democratic Washoe County Commissioner who also ran for governor in 2025, and whose campaign was not as reliant on bundling as Lombardo's.

Robert Bigelow

The owner of the Budget Suites of America hotel chain, who was Lombardo's top donor for his 2022 gubernatorial bid and gave $220,000 to his 2025 campaign through 22 companies.

Billy Walters

A Nevada gambler and developer who was a major bundler for former Gov. Steve Sisolak and donated $200,000 to Lombardo through 20 entities.

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What they’re saying

“Campaign finance systems like these render individual contribution limits moot.”

— Ken Miller, UNLV political science professor

“It's always going to raise that question for regular folks — what is this person buying? What is that interest? Why are they spending so much on elections?”

— Aaron McKean, Senior legal counsel, Campaign Legal Center

The takeaway

This case highlights the growing influence of large corporate and wealthy donors in Nevada politics, as well as the need for campaign finance reform to address legal loopholes that allow donors to effectively bypass contribution limits. It raises concerns about the potential impact of such donations on policy decisions made by elected officials.