The Las Vegas Convention Centre has received final approval for the billion dollar expansion and renovation of the facility.
The $1.4 billion project will add 600,000 square feet of new meeting space. The project will be funded with the help of a 0.5 per cent increase in Vegas room tax to help fund the Las Vegas Convention Centre District.
The Las Vegas Convention and Visitors Authority (LVCVA) said the project will generate an additional $1.4 billion into the economy during construction and have an annual incremental economic impact of $810 million, while attracting one million additional visitors each year.
The expansion and renovation will be completed in a phased approach with a projected completion date of 2023. Phase 1 will be the construction of the new 1.4 million-square-foot expansion with 600,000 square feet of exhibit space and the accompanying meeting rooms and support space. This phase is projected to be complete by 2021. The second phase will be the complete renovation of the existing 3.2 million-square-foot facility.
The LVCVA said the phased approach will ensure that no business will be displaced during the construction and renovation.
The organisation said it has identified 70 additional, new events, that could potentially be brought to the destination in the next decade. It’s estimated that these 70 shows would grow the economic impact of Southern Nevada’s $12.4 billion meetings and conventions industry by nearly 50 per cent.
“Las Vegas has maintained its reputation as a leading destination for business travel because our destination has a long tradition of working together to make great strides that benefit both our visitors and those who call Southern Nevada home,” said Lawrence Weekly, chairman of the Las Vegas Convention and Visitors Authority and Clark County Commissioner. “The LVCCD project is among the most thoroughly vetted, most approved projects in this region and it represents a tremendous opportunity to create jobs, support local families, stimulate our economy and continue to move Las Vegas forward.”