Las Vegas Convention Center will have an expansion and renovation worth $890 million. There will be an increase of real estate and convention space equaling 600,000 square feet to make the total space of 3.8 million square feet. Work should start next year with a completion date of 2010.
Changes will include modern interior design, renovated exterior and a naturally lit lobby. The increase in space will include 67% more food service, 37% of meeting space and a 78% increase in restaurant space. Both a Clark County Fire Station and a Las Vegas Metropolitan Police Substation will be included in the expansion.
To continually be the leader of the tradeshow and convention destination, including the annual International Council of Shopping Centers event that annually attracts 50,000 attendees for four days, Las Vegas must grow. The yearly gross contribution of conventions and trade shows is $8.2 billion to economy of Las Vegas, Nevada.
The cost has risen for the the Las Vegas Convention center expansion by 21 percent with a total cost of $890 million. The increases were due to new project components and rising materials costs.
The financing will be done with $822 million in debt securities and $68 million in cash.
The majority of major trade shows in the US come to Las Vegas real estate. Attendees spent $8 billion in 2006, not including gambling, with twice the spending amount of a tourist.
Keeping trade show exhibitors and attendees happy with Las Vegas will help keep the hotel occupancy above 90%. There will be more than 47,000 new Las Vegas hotel rooms within the next four years. The expansion and renovation will help keep the balance for conventions. Source: Globe St.
Las Vegas Convention Center $890 million expansion and renovation makeover.