$398M BUDGET INCLUDES MONEY TO BOOST TOURISM & FOR HALL RENOVATION
The Las Vegas Convention and Visitors Authority (LVCVA) approved a forward looking budget. The budget included $398M to boost tourism and fund hall renovation. The budget reflects the LVCVA determination to maintain Las Vegas' position as a "World Leader as a Tourist Destination." A complete recovery from the COVID crisis is expected by 2023-2024.
The LVCVA is expected to get a taste of what high-revenue room taxes looks like next week when LVCVA researchers report April visitation figures. Room-tax revenue is expected to be around $31 million from April, surpassing the previous high of $29.3 million collected in October 2021.
In April, South Korean band BTS performed four sold-out concerts at Allegiant Stadium; more than 50,000 people attended the five-day National Association of Broadcasters trade show; and the NFL Draft brought three days of high visitation to Las Vegas.
As we roll into May weekend high volume traffic continued this past weekend as Las Vegas welcomed 400,000 attendees for the Electric Daisy Carnival.
The Convention Authority is projecting it will receive $306.2 million in room tax revenue in the fiscal year as tourist visitation is expected to return to normal and conventions and meeting traffic will get closer to normal with full recovery expected in 2023-24.
The LVCVA has scheduled construction around major conventions so that they won’t have to go elsewhere during the building process. A major part of the renovation will be construction of a climate-controlled corridor linking the North, Central and South halls.
The board expects to spend around $2 million to maintain the Las Vegas Monorail and the Convention Center Loop underground transit system. Monorail expenditures will be paid for exclusively with farebox receipts and not room tax revenue.