The Phase Two expansion of the Las Vegas Convention Center has been cleared to proceed, thanks to the approval of a guaranteed maximum-price agreement by the Las Vegas Convention and Visitors Authority. “This is an incredibly important and exciting time, not just for the LVCVA but for the entire destination," enthused LVCVA CEO Steve Hill. "With today’s approval, we’re delighted to join a boom in development that’s on a scale that we haven’t seen in more than a decade.”
The project, expected to begin soon, will add another 1.4 million square feet to the current convention center, including at least 600,000 square feet of exhibit space. That "guaranteed maximum price" agreed to is $758 million, although additional costs affiliated with construction, design and consulting could well bring the project's price tag to $935 million, according to the LVCVA's own estimate. The expansion is scheduled to debut in time for the Consumer Electronics Show in January 2021.
“The expansion and renovation of the Las Vegas Convention Center will take our ability to bring business to the destination to a new level by allowing us to welcome more shows, more exhibitors and more delegates,” said Lawrence Weekly, chairman of the LVCVA and Clark County Commissioner. “In addition to ensuring our economic future, this project will give us a cutting-edge facility with a dynamic design fit for one of the world’s most iconic cities.”
Phase Three, slated to take place over the two years following the debut of Phase Two, will entail a complete renovation of the existing 3.2 million-square-foot facility. This phased approach is designed so as not to displace any business at the center.
Phases Two and Three together are projected to support nearly 14,000 construction jobs and more than 7,800 full-time, permanent jobs when the expansion project is complete. During construction, the project could generate an additional $2.1 billion in economic activity; once up and running, the expanded convention center is expected to have an annual incremental economic impact of $810 million and attract in excess of 600,000 additional visitors every year. Currently, the convention center supports 13,800 local jobs and has a local economic impact of $2.1 billion annually. Phase One transformed the former Riviera Casino site to the Diamond Lot, a parking and outdoor exhibition space that is connected the convention center to the Strip.