LVCVA meeting reveals record amount of spending, visitors

LAS VEGAS - Record economic growth and what to do with the Cashman Center were hot topics at the Las Vegas Convention and Visitors Authority meeting Tuesday.

In addition to dealing with the economic impact of visitors in southern Nevada, the report also laid bare the region's Achilles heel, which is a massive dependence on tourism.

"Forty cents out of every dollar paid to an employee in southern Nevada is directly or indirectly a result of our tourism industry," said Jeremy Aguero, Applied Analysis.

The incredible economic impact report also noted that not only has there been a record amount of visitors to southern Nevada, but there has also been a record amount of spending by those visitors.

"This is, of course, a wonderful thing for us," Aguero said.  "It means more heads in beds, more spending, more jobs, more economic output."

The report shows the gross economic output or value added to the economy by tourism is about 103 billion dollars per year; $35.5 billion of it is from visitor expenditures alone.

The region has added more than 10,000 businesses since 2011, but tourism continues to grow at a rate that makes economic diversification difficult.

"The unfortunate thing is that I have to report to you that we have not made as much progress in terms of economic development and diversification," according to Aguero.  "It remains the least diversified economy of our size in the United States."

Aguero also noted that more than 57 percent of the southern Nevada economy wouldn't exist without tourism.

The board also discussed the redevelopment of the Cashman Center, voting to approve an early transfer of the center to the city.

Mayor Carolyn Goodman suggested that the site could be a great spot for a potential Raiders Stadium, but a decision on that issue wasn't made at Tuesday's meeting. 

 


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