{"id":132782,"date":"2020-04-11T02:57:45","date_gmt":"2020-04-11T09:57:45","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=132782"},"modified":"2020-04-12T09:41:10","modified_gmt":"2020-04-12T16:41:10","slug":"covid-19-pandemic-leads-lvcva-to-slash-budget-confidence-continues-for-las-vegas-future","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/covid-19-pandemic-leads-lvcva-to-slash-budget-confidence-continues-for-las-vegas-future\/","title":{"rendered":"COVID-19 Pandemic Leads LVCVA to Slash Budget, Confidence Continues for Las Vegas\u2019 Future"},"content":{"rendered":"

The Las Vegas Convention and Visitors Authority (LVCVA<\/a>) is likely to drastically cut its operating budget by millions of dollars and delay some key capital projects due to financial shortfalls from the coronavirus outbreak.<\/p>\n

\"\"
LVCVA CEO and President Steve Hill will be implementing likely cost reductions as the region looks to the authority to promote Las Vegas at a challenging time. (Image: Las Vegas Review-Journal)<\/figcaption><\/figure>\n

During a Tuesday morning meeting, the authority is planning to reduce the current fiscal year\u2019s budget by $79 million, a LVCVA spokeswoman confirmed to Casino.org<\/em>. More reductions are possible in the next fiscal year\u2019s spending plan, the spokeswoman adds.<\/p>\n

To find savings, the authority will implement limited worker furloughs and some salary reductions for administrators, as well as halting select capital improvements. The authority has 455 full-time employees.<\/p>\n

The shortfall comes because the authority relies on tax revenue from Las Vegas\u2019 hotel rooms. Casinos and most hotels closed after the coronavirus pandemic led to occupancy rates falling to as low as 20 to 30 percent.<\/p>\n

It is unclear when hotels and casinos will reopen. Multiple conventions<\/a> were canceled, too.<\/p>\n

West Hall Improvements Continue at Convention Center<\/h2>\n

Despite the financial pressure, the authority plans to continue construction on a much-anticipated $980.3 million improvement to the Las Vegas Convention Center\u2019s West Hall, and continue working on a $52.5 million underground people-mover, the Las Vegas Review-Journal <\/em>reported. The projects are about 77 percent complete.<\/p>\n

The West Hall expansion will add 1.4 million square feet of space to the existing 3.2 million square foot convention center. Planned improvements to other parts of the convention center are likely to be delayed. So, too is the planned relocation of authority offices.<\/p>\n

\n

The LVCVA board is also planning to ratify cost-saving measures already taken by authority CEO and President Steve Hill. The authority board meeting is scheduled to take place at 9 a.m. Tuesday.<\/p>\n<\/div>\n

Those wishing to listen to the telephone meeting can call (866) 519-2796. The passcode is 114377.<\/p>\n

When reached for comment on the planned cuts, Jace Radke, a spokesman for Las Vegas Mayor Carolyn Goodman, referred questions to the LVCVA.<\/p>\n

When asked for his comments, Anthony Cabot, Distinguished Fellow of Gaming Law at UNLV Boyd School of Law, told Casino.org<\/em> that the LVCVA has \u201ctwo significant\u201d roles.<\/p>\n

The first is to promote tourism and conventions, Cabot explained. The second is to manage the convention center.<\/p>\n

\u201cIn the past 30 years, Las Vegas has evolved from an economy that was heavily dependent on casino revenue to one that is primarily based on non-casino revenues, including convention and other visitors. The LVCVA is acting responsibly by reducing costs related to the operation of the convention center,\u201d Cabot said.<\/p>\n

He further predicted the \u201cconvention business will suffer a steep decline from pre-crisis levels even after the casinos reopen. Therefore, personnel and other costs related to the convention center should be reduced.\u201d<\/p>\n

But marketing of the city may need to be expanded, Cabot said, given the pandemic.<\/p>\n

The promotion and marketing of Las Vegas for tourism and future convention should be continued and arguably increased,\u201d Cabot said.<\/p><\/blockquote>\n

\u201cPeople do not need to be persuaded that Las Vegas will return to its roots as the entertainment capital of the world. But LVCVA should use its promotional tools to convince visitors and convention organizers that Las Vegas is a leader in protecting the health and safety of its workers and guests,\u201d Cabot added.<\/p>\n

LVCVA’s Hill Hopeful for Future, Despite Rough Year Ahead<\/h2>\n

One of the biggest challenges for the LVCVA is that no one knows specifically when tourism, conventions, and gaming will resume.<\/p>\n

\u201cWe\u2019re in a position where it\u2019s obviously hard to project the timing of this (recovery),\u201d LVCVA\u2019s Steve Hill told the Review-Journal<\/em>. \u201cRight now, people are just not able to travel, and that\u2019s what\u2019s causing the problem.\u201d<\/p>\n

\u201cThe product that we have — everything that is Las Vegas — is still there and will be there when this is over,\u201d he added. \u201cBut the next year is going to be a rough year, and how rough that\u2019s going to be is not as predictable as our economy has been in the past.\u201d<\/p>\n

As of Friday, Nevada has seen 2,584 coronavirus cases and 86 deaths linked to the virus.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Las Vegas Convention and Visitors Authority (LVCVA) is likely to drastically cut its operating budget by millions of dollars and delay some key capital projects due to financial shortfalls from the coronavirus outbreak. During a Tuesday morning meeting, the authority is planning to reduce the current fiscal year\u2019s budget by $79 million, a LVCVA […]<\/p>\n","protected":false},"author":44,"featured_media":132783,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810],"tags":[],"acf":[],"yoast_head":"\nCOVID-19 Pandemic Leads LVCVA to Slash Budget<\/title>\n<meta name=\"description\" content=\"The Las Vegas Convention and Visitors Authority is planning to reduce the current fiscal year\u2019s budget by $79 million. 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