On May 9, the board of directors for the Las Vegas Convention and Visitors Authority held a groundbreaking ceremony at the Las Vegas Convention Center to celebrate the beginning of a multi-year renovation project that is expected to cost some $600 million.
Preliminary work has already been underway since early April—the first order of business will be to build out new offices and a new boardroom for LVCVA executives.
The project will also include upgrades to the convention center’s South, North and Central halls, to bring them more in line with the $1 billion West Hall that was completed in 2021. This includes an expansion of the West Hall’s ribbon design across the facades of the other halls.
A new climate-controlled pedestrian walkway between the South and North halls is also part of the renovations.
Before the groundbreaking festivities began, the board also met to get its first look at the agency’s general fund budget for next fiscal year, which begins July 1.
Next year’s budget totals $463.4 million, which is a 5.8 percent increase year-over-year. A $352.4 million fund directed towards the convention center makeover is not included in that budget.
Ed Finger, chief financial officer for the LVCVA, told the Las Vegas Review-Journal that the agency is projecting revenues of $448 million next year, which would be a new record. The majority of that would come from hotel room taxes, which have been increasing alongside room rates.
The agency also generates revenue from convention services and facilities as well as monorail fare.
The higher revenue will complement increased spending, as the LVCVA has a busy events schedule upcoming with the Formula 1 Las Vegas Grand Prix, the 2024 Super Bowl and numerous other sporting and entertainment events.
The LVCVA will consider the budget for final approval in a meeting scheduled for May 31.
