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Las Vegas to get Arena on the Strip?May 19, 2010 By: Kirk Cassels
How much would the addition of a full arena make Las Vegas more appealing to your clients? If the answer is more than "a bit," then get excited. Las Vegas Arena Foundation presented its arena proposal to the Clark County Commissioners today. The proposed arena would be located at Center Strip, near the intersection of Las Vegas Boulevard South and Flamingo.
"Our community must have this new arena to maintain our standing as a premier resort destination and the entertainment capital of the world," said Bruce Woodbury, president of the Las Vegas Arena Foundation. "Our Foundation will deliver a state-of-the-art arena that will enable our city to attract a professional sports team from the NHL or NBA. Additionally, this arena will allow Las Vegas to keep vital existing events, like the National Rodeo Finals."
The Las Vegas Arena Foundation is proposing a 0.8 percent sales tax only in the Strip area to pay for this arena. Limiting the tax area to the Strip will limit the anticipated tax impact to Las Vegas residents to approximately $1 per year.
"As a not for profit organization, our Foundation will ensure this arena will be open and available for our entire community, UNLV, casinos and residents," said Danny Thompson, board member of the Las Vegas Arena Foundation and president of the AFL-CIO of Nevada.
Highlights of the Las Vegas Arena Foundation proposal include:
* Center Strip location within walking distance to the 37,000 hotel rooms currently located on the Las Vegas Strip.
* Iconic and best-in-class arena design by world renown architects.
* AEG, an arena management team,that has a network of entertainers and professional sports connections.
* Flexible design that will allow the arena to host a vast array of sporting and entertainment events.
* This arena will generate $660 million in economic value during the construction phase and $240 million in economic activity annually.