More for advertising, marketing, development
With room-tax revenues at a peak in Sin City, the Las Vegas Convention and Visitors Authority, which is funded by the tax, is enjoying a windfall, reports the Las Vegas Review-Journal.
As a result, the LCCVA board has recommend adding $27 million to the agency’s $285.4 million budget.
According to Rana Lacer, senior vice president of finance for the authority, room tax receipts reached $222.7 million in the 2014 fiscal year, $2 million more than the previous high in 2008. Lacer credited a surge in visitation to the city, a record amount of room inventory and higher average daily room rates.
Of the additional $27 million earmarked for the LCCVA, $20.5 million would go to the capital-funds budget for the proposed Las Vegas Global Business District project, a redevelopment of the Las Vegas Convention Center campus that could cost $2.3 billion.Lacer also will add $3.1 million for advertising and $1.6 million for additional marketing.
