LAS VEGAS (KTNV) — The Las Vegas Convention and Visitors Authority is considering cutting $150 million from their budget for 2021. The draft budget proposal was brought up in Monday's board meeting.
LVCVA staff predicts they will suffer a $210 million loss in revenue next year. To make up for that, they suggest rolling back the budget from $355 million to $145 million.
With a $60 million gap between revenue and expenses, the board approved pulling $27 million from the reserve fund that takes care of retirement and healthcare. They can also pull from the money not used in the 2020 budget.
The LVCVA is now considering how long it could go with no revenue at all. CEO Steve Hill says the answer is about three years.
LVCVA staff will prepare a final budget for 2021 and present that on May 27.