Feasibility Study Shows Jobs, Economic Impact Projected For Project
LAS VEGAS - The No. 1 trade show destination in the country introduced a study showing its plans to stay on top and boost the economy of Southern Nevada.
The Las Vegas Convention and Visitors Authority (LVCVA) Board of Directors was presented with the results of a feasibility study by Cordell Corporation regarding the agency's proposed Las Vegas Global Business District at their September 9 meeting. The study discussed the need and scope of an expansion and renovation of the Las Vegas Convention Center and the resulting economic boost to the city.
"This is the single most important economic development project in the state," said Rossi Ralenkotter, president/CEO of the LVCVA. "This project is a defining moment for our organization, our industry, and our city. It will take us 25 years into the future and ensure we stay ahead of our competition and remain the envy of the convention industry."
The project is the largest development project for the center since it was originally built in the late 1950s and will be done in two phases. Phase one includes 750,000 square feet of new exhibit space and 187,500 square feet of supporting meeting space as part of the total 1.8-million-square-foot expansion. Phase two focuses on renovating the existing facility and includes a 100,000-square-foot general session space and another 100,000 square feet of meeting space.
Including public areas and service areas, the expansion and renovation expand the facility from its current total footprint of 3.2 million square feet to nearly 5.7 million square feet. Once construction begins, the entire project is expected to take 5 - 8 years to complete.
The $2.3 billion project is projected to bring 6,000 construction period jobs to Southern Nevada and the construction portion alone is projected to generate $3.6 billion in economic activity. When the project is complete, the resulting increase in economic activity could sustain up to 6,000 permanent jobs and generate an estimated incremental economic impact of nearly $700 million and $221 million in wages and salaries.
"The Global Business District is a watershed moment for Southern Nevada and it's a moment that we must seize for the benefit of our entire community," Ralenkotter said. "The construction job creation, the sustained permanent job creation, the direct and induced economic impact are all things any other city or state would envy. I believe it helps to secure a strong future for our city."
The Las Vegas Convention Center currently hosts approximately 1.2 million convention delegates each year. Those visitors and the conventions they attend support 14,000 local jobs, sustain $530 million in wages, and generate an annual economic impact of $1.7 billion. The expansion project could lead to an additional 480,000 new attendees as current conventions grow and up to 20 new conventions may relocate here.
In addition to the $2.3 billion convention center expansion and renovation, the Las Vegas Global Business District is a visionary project that includes developing a district concept in the neighborhoods surrounding the center. The district would provide a distinct look and feel to the area and provide the opportunity for economic development related to the industry, including the development of a global business center that utilizes the facility's World Trade Center designation to attract corporations wanting to interact with the tens of thousands of businesses who visit the convention center each year.
The Global Business District also includes plans for a centralized transportation hub that would be the centerpiece to a new transportation plan for the entire city. The LVCVA is working closely with the Regional Transportation Commission and transportation authorities and companies to develop a more efficient and expanded transportation system in the Valley.