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LVCVA Slashes Budget Due To Revenue Shortfall
Two High-Profile Projects Escape Budget Axe
Ethan Miller/Getty Images
LAS VEGAS, NV (KXNT) - It's simple math. Less revenue (well, no revenue, really) coming in, less spending going out.
The Las Vegas Convention and Visitors Authority announced Tuesday that it would have to slash an estimated $79 million from its annual budget due to the economic effects of the coronavirus pandemic.
UPDATE: LVCVA will lay off 80 and furlough another 270 of its 455 employees. This is part of the organization's $79 million budget cut. #8NN
— 8 News NOW (@8NewsNow) April 14, 2020
Read More: https://t.co/P1Nf9fQK1A
A couple of high-profile projects were spared the budget axe: both the expansion of the convention center and construction of an underground people mover being built by Tesla boss Elon Musk's Boring Compnay were left alone.
However, upgrades and rennovations to the existing convention center building have been put on hold.
There are 11 areas where cuts will be made, including the elimination of performance bonuses for managers and executives, a hiring freeze, a furlough for temporary and on-call workers and voluntary early retirement for some employees.