LVCVA reports general fund operating revenues up nearly 7 percent
At the February meeting of the Las Vegas Convention and Visitors Authority board of directors on Tuesday, the group was given a glimpse into the organization’s first six months of fiscal 2014. Things are looking up.
General fund operating revenue for the first six months of fiscal 2014 are $128.8 million, up 6.6 percent from $120.8 million in the same time period during fiscal 2013.
Rana Lacer, the travel board’s senior vice president of finance, presented the operating results.
“We are pleased with where we are currently,” Lacer said.
Room tax revenue year-to-date reflect an increase over fiscal 2013, signaling that average daily rate is driving revenue growth. Year-to-date room tax totals $105.6 million, up from $99.9 million during the same time in fiscal 2013. Average daily rate is up 6.1 percent for the first six months, to $88.31 from $83.22.
During the meeting, the board also reviewed the fiscal 2014 second-quarter room tax collection allocation for the multiple local jurisdictions. The total of $5.54 million for September, October and November is 6 percent higher than in 2013. Of the total, Clark County receives $2.33 million; Las Vegas receives $1.56 million; North Las Vegas will receive $589,750; Henderson’s cut is $708,808; Boulder City will receive $121,826; and Mesquite’s take is $221,502.
“We’ll be sending those out the end of this week to those entities,” Lacer said.
Contact reporter Laura Carroll at lcarroll@reviewjournal.com or 702-380-4588. Follow @lscvegas on Twitter.