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According
to the Las Vegas Convention and Visitors Authority: In 2002,
more than 5 million convention and trade show delegates traveled
to Las Vegas, generating $5.9 billion in non-gaming revenue.
Las Vegas hosts a large percentage of Tradeshow Week's top
200 largest conventions and rents more convention space than
any other U.S. city.
Currently, Las Vegas has 9 million square feet of convention
and meeting space, including the Las Vegas Convention Center's
recent South Hall expansion. Additional available convention
space significantly increased in 2003 thanks to the opening
of Mandalay Bay's 1.5 million-square-foot conference center.
Las Vegas Convention and Visitors Authority
The Las Vegas Convention and Visitors Authority (LVCVA) was
founded to strengthen the area's convention business, thereby
eliminating a critical economic problem: the cyclical nature
of the tourism industry.
The
LVCVA's mission is twofold:
1. To support the area's hotel and motel inventory by continually
increasing the number of visitors to Clark County
2. To operate the LVCVA convention facilities
In
the early '50s, community leaders realized the cyclical nature
of tourism caused a significant decline in the number of visitors
on weekdays, throughout the summer months and during the holiday
season. To bring more visitors to the area during off-peak
periods, a new market was identified - convention attendees.
In
1955, the Nevada Legislature agreed to finance the Las Vegas
Convention Center with a room tax that would be levied on
guests staying at Clark County hotel and motel properties.
Thereby, visitors, not local residents, would pay the tax.
That decision led to the formation of the LVCVA's precursor,
the Clark County Fair and Recreation Board.
In April 1959, construction on the Las Vegas Convention Center
was completed without any assessment on Clark County residents.
Monies collected from room tax enabled the LVCVA to begin
a program of destination marketing.
In
its current form, the LVCVA promotes tourism, conventions,
meetings and special events, all of which contribute to the
economic vitality of the "Entertainment Capital of the
World." Additionally, the LVCVA owns and operates the
Las Vegas Convention Center and Cashman Center.
Today,
the LVCVA has an annual budget of more than $188 million for
the fiscal year 2004 and has 503 authorized employment positions.
In fiscal year 2003, $131 million of the LVCVA budget derived
from room taxes. Additional sources of revenue to the LVCVA's
general fund include revenue received from gaming taxes and
facilities usage.
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