Las Vegas is delaying a planned $890 million convention center upgrade amid falling visitor numbers and reduced gaming receipts. The Las Vegas Convention and Visitors Authority projects a 21.8% drop in room tax revenue for fiscal 2009; the agency responded this month by postponing construction plans until mid-2010. It will cost the LVCVA up to $5 million annually to service the project's existing debt. About $140 million has been committed to the project thus far, of which 68.5% is being financed. Construction was scheduled to finish in 2011. In February 2006, MWH Global Inc., Broomfield, Colo., with HTNB, Kansas City,
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.