LVCVA projects record revenue, approves $463.4M spending plan
It didn’t take long for the Las Vegas Convention and Visitors Authority board of directors to approve the organization’s $463.4 million spending plan for the 2023-24 fiscal year.
In a unanimous vote Wednesday, the board reviewed and approved the budget in 15 minutes.
It was the second run-through of the budget for the fiscal year that runs July 1 through June 30, 2024. Only one person addressed the board during a public hearing conducted on the budget and there were no objections to the plan.
The general fund budget includes $99.5 million for advertising, $23.7 million for marketing, $69.9 million for special events and $114.4 million in debt payments.
Chief Financial Officer Ed Finger said the LVCVA is projecting record revenue of $448 million, mostly from room taxes that are increasing as a result of rising visitation and increased room rates.
Among the largest dollar amounts to be spent for special events are $39 million for Super Bowl LVIII in February, $6.5 million for the Formula One Grand Prix motor race in November, $2.5 million for the National Finals Rodeo in December and $4 million for naming rights to the Las Vegas Ballpark, home to the Las Vegas Aviators minor league baseball team.
While hotel room taxes generate the most revenue used by the LVCVA, projected at $351.4 million in the next fiscal year, it also has revenue from renting space at its convention facilities ($34.6 million), ancillary Convention Center services ($24 million) and monorail fare box receipts ($23.5 million).
The LVCVA is paying for a $600 million renovation over several years. The LVCVA has been planning for the renovation for years and construction crews began the first phase of the project earlier this year. It’s being scheduled around major conventions so that the LVCVA doesn’t lose any trade show business during construction.
Next year’s budget is a 5.8 percent increase over the current fiscal year’s financial plan.