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, Mo., was awarded a four-year, $45 million contract as construction manager.