Las Vegas authority approves $1.4B convention center expansion

Dive Brief:

The Las Vegas Convention and Visitors Authority (LVCVA) on Tuesday approved a $1.4 billion renovation and expansion of the Las Vegas Convention Center, according to KTNV 13.
The overhaul's first phase will include the construction of a 1.4-million-square-foot addition next to the existing venue that includes 600,000 square feet of meeting and exhibition space. The second phase will see a complete makeover of the convention center's existing 3.2 million square feet.
The project is expected to generate 14,000 construction jobs and 7,800 permanent positions by the time it's complete in 2023. City officials have projected a $1.4 billion economic boon for the city during construction and $810 million each year thereafter.

Dive Insight:

State lawmakers passed a bill for the Las Vegas Convention Center District last year, and a 0.5% county hotel room tax will help finance the project. The convention center addition will be built on the site of the former Riviera hotel and casino, which officials are currently using as an outdoor exhibition space.

Despite already being a convention hub, Las Vegas is feeling the heat from other cities that are renovating their own meeting and event facilities in order to compete for the biggest trade shows and conferences.

This month, Kansas City, MO, joined that pack when city officials announced they would build a $310 convention center hotel — a must-have in order to compete for the most lucrative events. Like Las Vegas, the Kansas City City Council created a special district around the hotel site and authorized particular zoning and redevelopment within its confines. The city is donating the land and has implemented a new hotel and guest tax scheme to help finance the project.

One thing Las Vegas can offer in the way of entertainment — aside from gambling — that many other cities can't is an NFL team and a brand new $2 billion stadium to go with it. The former Oakland Raiders are set to hit the field in their new Las Vegas home in time for the start of the 2020 NFL season. Meeting the 30-month construction timeline would be a significant achievement, as no modern, domed NFL stadium in the last decade has been built that quickly.

The Raiders announced that they intend to award the stadium construction contract to Mortenson Construction and McCarthy Building Companies. The team is currently working with Clark County officials to complete the environmental review process to assess financing for the project.