It takes money to make money. Las Vegas, of all places, understands this.
Nevada’s Legislature convened recently and approved plans to expand and renovate the Las Vegas Convention Center. The $1.4 billion expansion is an investment that will pay dividends far into the future.
The project is essential to the economic vitality of Las Vegas, home of the nation’s largest meeting and convention industry. And it’s critical to CES — the world’s largest annual business event — staged here every January.
CES attracts more than 165,000 business executives, government leaders and media to Las Vegas, including more than 50,000 attendees from outside the United States, injecting hundreds of millions of dollars into the local economy.
And according to the Las Vegas Convention and Visitors Authority estimates, the convention center expansion will bring in $2.1 billion in construction-related money to the local economy.
The long-term economic impact is estimated at $810 million annually. And a portion of the tax generated by tourism will help fund infrastructure and education in Nevada.
The Consumer Technology Association, which owns and produces CES, has a long and successful working relationship with Las Vegas and the leaders of its convention centers. This January will mark our 50th anniversary and our 39th year hosting CES in Las Vegas. But CES is running out of space to expand. We expect to outgrow the city’s facilities by 2018, which is why the passage of this bill is welcome news.
We moved our show to Las Vegas in part because the city boasts top convention facilities, world-renowned dining options, top-tier entertainment and fine hotels. Las Vegas has taken proactive steps to support events like CES, enhancing and enlarging its airports, and marketing the Las Vegas brand around the world to attract new visitors. With the approval of the convention center expansion, the city confirms its pledge to continue to invest in top-quality exhibit facilities.
Las Vegas’ business and civic leaders have proved they understand the importance of prioritizing conventions and trade shows. They recognize the role shows like ours play in midweek hotel-room occupancy, supporting tens of thousands of local jobs.
The LVCVA has been an invaluable partner in CES’s growth and success. And we look forward to continuing the relationship we’ve built with Las Vegas.
As the LVCVA estimates clearly show, the return on investment to Las Vegas from the expansion of the convention center will be a win-win-win-win: for the local economy, for shows like ours, for visitors and for the entire greater Las Vegas community.
Gary Shapiro is president and CEO of the Consumer Technology Association, a U.S. trade association representing more than 2,200 consumer technology companies.