LVCVA unveils $457.5M spending plan for 2024-25
The Las Vegas Convention and Visitors Authority board of directors on Wednesday unanimously approved a $457.5 million operating budget in one of the shortest meetings on record.
It took just 10 minutes for the board to open and close a public hearing and vote without remarks on the spending plan for the 2024-25 fiscal year.
All board members participated remotely and no one addressed the board during the public hearing.
The mission of the LVCVA is to allocate financial, physical and human resources to market, advertise and undertake branding initiatives for sports and special events and to efficiently operate and maintain facilities and transportation through the selling of the destination.
The operating budget is part of a $1.113 billion overall package when including a capital expenses project fund, a separate capital fund for the Las Vegas Convention Center District expansion plan and debt service on capital projects.
LVCVA Chief Financial Officer Ed Finger briefed board members on the budget after an initial review on a preliminary budget earlier this month. The final budget was unchanged from the earlier presentation.
The fiscal year begins July 1.
The LVCVA is in the midst of a 2½-year, $600 million convention center renovation project that will take some of the exhibit halls off line, but bring the entire facility up to the same standards established with construction of the $1 billion West Hall.
Other big-ticket expenses in the 2024-25 budget:
— $103.6 million to advertise the Las Vegas destination.
— $48 million to sponsor special events to attract visitors to Las Vegas.
— $25.5 million to maintain transportation amenities, including the Las Vegas Monorail and the Vegas Loop underground transit system.
— $25 million in community support that goes to Southern Nevada municipalities.
— $24.5 million for employee salaries and benefits.
The LVCVA expects to generate $460.9 million in revenue, including $360 million in taxes on motel and hotel rooms paid by visitors, and $97.1 million to rent space in exhibit halls at the Las Vegas Convention Center.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.