Nevada state legislators approved a bill Friday that will help fund the $1.4 billion Las Vegas Convention Center District project and jump-start development on a $1.9 billion domed stadium. Gov. Brian Sandoval signed the bill, titled SB1, following a special legislative session.
"Tourism is Nevada's number-one economic driver, employing nearly half of the people who call Southern Nevada home," said Rossi Ralenkotter, president and CEO of the Las Vegas Convention and Visitors Authority. "This decision represents a once-in-a-lifetime opportunity for Southern Nevada."
The Convention Center District work will add 600,000 square feet of meeting space to the venue. It also will include renovations to current halls and the development of a campus surrounding the convention center.
The other project, a 65,000-seat domed stadium, would likely be home to the University of Nevada, Las Vegas' football team, as well as a venue for large special events. The stadium is meant to lure a National Football League franchise to Vegas as well; the Oakland Raiders are, at this point, a likely candidate.
The projects are expected to create an estimated 14,000 jobs and pump $4 billion into the local economy, with an annual impact of $1.43 billion. To help fund the convention center project, the bill calls for an 0.5 percent increase in Clark County's room tax, and an additional 0.88 percent increase in the tax to support the stadium development; M&C estimates the city's total bed tax will rise to 13.38 percent.