In the wake of business travel taking off following the pandemic, Las Vegas wants to cement its position as a top trade show location.
A partnership between the Las Vegas-based general contractor Penta Building Group and the Indianapolis-based construction management business Hunt Construction Group, which control by the international contractor AECOM formed. The $600 million update to the Las Vegas Convention Center’s original property has just started construction.
The construction will continue until 2025. There will be a planning of construction to allow for minimal disruption during an event. More than 600 tradespeople expect to be part of the construction project. When completed, more than 15,000 sq. ft. of event and meeting space will be available in this new venue. This information has stated in the release.
The project will expand the 1.4 million square feet West Hall, which opened in 2021. The project teams will construct an outdoor plaza and an indoor lobby in the South Hall. This will allow direct access to the new function space. Additionally, there will be a second-floor boardroom and an extensive lobby connecting the North and Central halls.
Outside, the renovation plans include a brand-new parking lot. Additionally, a Vegas Loop station will establish to transport guests between the Wynn and Encore hotels, as stated in the press release.
Las Vegas’s Vegas Loop is about 2 miles long, with five stops along the center of conventions. However, The Boring Co. is an American tunnel and infrastructure company owned by billionaire Elon Musk. The company has recently announced plans to construct 65 miles of tunnels with 69 stations. These plans come after Clark County, Nevada, commissioners accepted the most recent expansion.
The year before, Las Vegas hosted nearly 5 million visitors to conventions. The cost of their visit directly generated an estimated 38,000 new employment opportunities. It also resulted in $2.1 million in wage income. Furthermore, according to a Las Vegas Convention and Visitors Authority report on the economic effects of the Southern Nevada tourist industry, it contributed $7.5 billion to the economy of the city.
The project was initially put to go into motion in the year 2016 but was subsequently halted due to an outbreak of COVID-19. The general fund of the LVCVA bonds is backed by the general revenue of the LVCVA. It is the 0.5 percent room tax. The proceeds of sales of the 10 acres Riviera parcel will use to fund the project, as per the press release.
