LVCVA

The Las Vegas Convention and Visitor’s Authority is building a huge expansion but it is primarily cosmetic improvements.

Here is it’s online brochure. At the bottom of page 9, LVCVA reveals that the project will increase meeting space by 86,810 sq. feet. Dividing this into the $890-million project cost yields just over $10,000 per square foot. The cost is so high because of the non-productive expenditure’s built in.

The Las Vegas Convention and Visitor’s Authority has two missions: the first is to advertise Las Vegas to the world to convince them to vacation and hold conventions in Las Vegas, and the second is to operate the Las Vegas Convention Center. It does this with the lion’s share of room taxes. Because room rates skyrocketed for the ten years ending in 2006, LVCVA’s revenue also skyrocketed. On the convention center expansion, it seems to have gone to their heads.

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