Increasing international participation and maintaining the city’s hold on the top spot among North American destinations in the increasingly global tradeshow industry are among primary aims for the proposed $2.5 billion Las Vegas Global Business District plan under consideration by members of the board of directors for the Las Vegas Convention and Visitors Authority (LVCVA).
Board members on Feb. 26 approved spending $150 million to obtain proposals and purchase land for the proposed $2.5 billion expansion of the current Las Vegas Convention Center, transforming it into the Las Vegas Global Business District, including a new World Trade Center building in which the convention center’s administrative offices likely would be located.
The expansion is necessary in light of recent developments in the tradeshow industry, which annually books some 1.8 million meetings and events drawing some 2.5 million attendees. Although Las Vegas remains the top tradeshow destination in North America, venues across the nation have added about 17 million square feet of exhibit space in cities like Anaheim, San Diego, San Francisco, Nashville, Detroit, Los Angeles and others. When the Music City Center opens in May, Nashville will have more than one million square feet of exhibition space located within an easy drive or flight for millions of people.
“This is a watershed moment,” said Rossi Ralenkotter, CEO, LVCVA. “Us keeping number one, that’s what it’s really all about.”
Although no specifics were cited, the plan generally would include several phases over the next 10 years and require the acquisition of land as well as the construction and renovation of several buildings to expand exhibition space and create a greater appeal for international visitors. The LVCVA intends to boost visitation to Las Vegas to 44 million by 2023.
The plan’s first phase includes approval of financing, sending out requests for proposals and targeting 38 tradeshows to see if they would relocate to Las Vegas. The board approved the initial $150 million funding request and plans to meet in May to review more specific proposals.
