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Vegas Rolls the Dice on Expanding Convention Facilities11 February 2001LAS VEGAS – Feb. 11, 2001 – As reported by the Bloomberg News: “If any city in the world knows how to hedge its bets, it's Las Vegas. ”The resort city is capping a decade long buildup in convention facilities to broaden its base beyond gambling and tourism. By the end of this year, work will finish on a $150 million renovation of the city's downtown Las Vegas Convention Center, doubling its size to 3.2 million square feet. ”Including casinos on the Strip, Las Vegas will have 7 million square feet of convention space, almost twice that of Chicago, its nearest competitor as a meeting destination. ”…The number of conventions in the city jumped 36 percent to 3,847 between 1995 and 1999, according to the Las Vegas Convention and Visitors Authority. ”…Some analysts said the convention market is just as vulnerable to a slowing economy as gambling, which still accounts for three-quarters of the city's visitors. ”With signs now that gambling revenue is falling, cracks may begin to show. ”,,,Just how solid a hedge the convention business provides for the casinos and the city could soon be tested. Nevada's Gaming Control Board said gaming revenue fell 7.7 percent at Strip casinos in November from a year earlier, after rising 2.7 percent in October - showing visitation to Las Vegas may be slowing. ”…In 1991, after the economy slipped into recession, 1 million fewer people attended conventions in the United States than the year before, even though more than 100 new shows were held during the year…” |