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2020 set to be big growth year in Las Vegas

Posted at 11:38 PM, Jul 14, 2019
and last updated 2019-07-15 10:25:12-04

LAS VEGAS (KTNV) — The Las Vegas Convention and Visitors Authority has released a new report showing billions of dollars in economic growth set to come to fruition in 2020.

The construction of Las Vegas Stadium, future home of The Raiders NFL franchise, cost roughly $1.8 billion dollars.

The Las Vegas Convention Center's expansion is set to be complete in December of 2020 expanding the existing complex by 1.4 million square feet and costing just shy of a billion dollars.

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Hotel rooms are projected to rise as well.

The planned Circa Resort and convention center alone, if completed, would add 777 rooms to the expected total increase of 1,969.

All projects combined are expected to cost roughly $3.4 billion in 2020.

"We couldn't be more excited," Lori Nelson-Kraft, senior vice president of LVCVA communications said.

Nelson-Kraft said the rise of entertainment options alongside increased hotel space, expected to grow to more than 152,000 rooms, is a great indicator for sustained growth in the valley.

"We are bringing new attractions, new room products, giving visitors a reason to visit," she said.

13 Action News financial specialist Steven Budin set his expectations a little lower.

"Ultimately, the market will decide what works, and what doesn't work," he said.

Budin said Vegas, as an international city, relies on both international and U.S. markets thriving to continue growing, but both markets can be volatile.

"We've seen these types of spurts in development before," he said, "and usually one or two fall by the wayside, but, for the most part, it's very encouraging."

The hope at LVCVA is that growth will bring even more growth down the road.

Budin said it has happened before.

"Historically, if you build it they will come, has been a fairly successfully implemented in Las Vegas," Budin said.