Visitors Authority Anticipates Revenue Loss To Exceed $200M

Adjustments Currently Being Made To 2021 Budget

Mitch Kelly
May 13, 2020 - 6:35 am

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LAS VEGAS, NV (KXNT) - The Las Vegas Convention and Visitors Authority has updated it's budget for the upcoming fiscal year, and it's not pretty.

Officials said yesterday that they are bracing for 210-million dollars in revenue losses because of the coronavirus pandemic.

Much of the revenue generated for the Authority comes from hotel room taxes and that stream has been shut off ever since casinos were closed in late-March in an attempt to slow the spread of the coronavirus.

While budget cuts are being considered, two big projects are safe from that axe: the expansion of the Las Vegas Convention Center and the underground people-mover being constructed by Elon Musk's Boring Company.

The people mover would shuttle convention-goers from building to building underneath the convention center. 

LVCVA president and CEO Steve Hill said that adjustments are being made to the 2021 budget and they are patching up financial holes with reserve revenue. The final budget will not be presented until May 27th.