By Ray Smith, Exhibit City News
Nobody doubts the Las Vegas Formula One Grand Prix easily exceeds the $250 million economic impact required by Nevada law for special events advertising in the Strip corridor.
Whether it generated the $1.4 billion projection from last year’s inaugural race is a bone that’s been picked bare by a few business owners who claim the construction mess and traffic limitations cost them millions in lost revenue.
Steve Hill, president and chief executive officer of the Las Vegas Convention and Visitors Authority, reports last year’s race created an economic impact of $600 million in construction work and $900 million for the race itself.
“Clearly, the Formula One race will exceed that $250 million threshold,” he says prior to the LVCVA board’s certification of the economic impact at its Sept. 10 meeting.
Nevada law provides an exception that allows temporary commercial advertising for special events on roads under county jurisdiction, which includes the resort corridor. A sporting event, concert, festival or other special event qualifies if the event provides $250,000 or more in anticipated economic impact.
In other news from the regular board meeting:
- Hill announced a partnership with the NFL for three games to be played in London in October. Costs were not discussed. He says being part of the NFL is a big reason Las Vegas has evolved as the “sports capital of the world, and Allegiant Stadium is a big part of that.” On that note, he referenced a judge’s dismissal of the teacher-backed lawsuit challenging public financing for the proposed MLB Athletics stadium.
- The LVCVA board recognized two “Hospitality Heroes” for the third quarter: Elmo Wedderburn, customer service manager for Southwest Airlines; and Jenny Gifford, tables game supervisor for the Venetian.
- COO Brian Yost gave a progress update on Phase 3 renovation of the Las Vegas Convention Center. The curtain wall and exterior steel framing for the main lobby is nearly complete. The roof deck is being installed at the entrance, where the “eyebrow” joins the West and North halls. Fire alarms passed testing, and the facility has received its temporary certificate of occupancy. Work continues on elevators and escalators.
