Cashman Center’s rates going up Jan. 1

The board of the Las Vegas Convention and Visitors Authority on Tuesday approved an increase in rental rates and parking fees at Cashman Center.

Authority President and Chief Executive Officer Rossi Ralenkotter testified at the board’s monthly meeting that the move would reduce Cashman’s annual operating loss from $4.5 million to $3 million. He also said authority officials hope Cashman will eventually generate cash for a capital fund to finance repairs at the 26-year-old center.

The increases will take effect Jan. 1. Daily fees to rent Cashman Center will rise from $3,000 to $4,000 for public events such as craft fairs, and from $6,130 to $7,110 for trade shows. Parking costs will go from $3 to $4.

It’s the first time since 2002 that the authority has increased rent rates at Cashman, and the first time since 1998 that it’s increased parking fees.

Two directors questioned the proposal before the board voted on the measure.

Kara Kelley, who is president and chief executive officer of the Las Vegas Chamber of Commerce, said she’s concerned about such large price increases amid a recession. The public-event rental rate and the parking fees will each jump 33 percent, she said. And the trade-show rate, which the chamber pays when it holds its June business expo at Cashman, will go up nearly 16 percent.

“This is coming at an awfully terrible economic time,” Kelley said. “I understand the significance of Cashman being self-supporting, but I can’t support these increases.”

Kelley suggested that the board consider smaller price boosts every year or two rather than leaving rates stable for nearly a decade and then levying big increases all at once.

And County Commissioner Lawrence Weekly, who represents the neighborhood around Cashman’s North Las Vegas Boulevard address, said he worried higher rental fees could price local nonprofits out of Cashman. That would hurt already-struggling groups that provide programs and services for needy kids, he said.

Chris Meyer, vice president of sales for the authority, said Cashman has booked more than 100 events in 2010, and just one show organizer has complained about the increases.

That promoter, Steve Powers, told the Review-Journal on Friday that he feared the parking increase would curb business at his Great Craft Festival. Similar fee increases at the Reno Convention Center cut his traffic in half, he said, and he canceled the show there in 2007 as a result.

But Ralenkotter said Cashman overall remains more affordable than most other venues in town. Plus, visitor volume at Cashman didn’t fall when parking costs went from $2 to $3 in 1998, Ralenkotter noted.

The measure passed 11-1, with Kelley casting the “no” vote.

In other authority news:

The authority released its annual report for fiscal 2009 Tuesday. The agency brought in $176.7 million in room tax revenue in the year that ended June 30. That was $47 million, or 21 percent, below budget forecasts. Revenue from rentals of authority facilities, including the Las Vegas Convention Center, were $41.5 million, or about $4 million below expectations. Still, thanks to cost-cutting, the authority’s general fund ended the fiscal year in positive territory, with $18.5 million on hand.

Authority officials said they’re already preparing for another down year in fiscal 2010.

Year-over-year declines in room tax revenue surpassed 20 percent in the first few months of fiscal 2010, which began in July, so the authority now expects an 18.5 percent drop in room tax income, from $177 million in 2009 to $144 million in 2010.

The agency suggested covering the shortfall in a variety of ways, including $4.2 million in departmental budget cuts, $1.3 million through a voluntary-separation program and $4.5 million in cash-flow adjustments from bonds through the Nevada Department of Transportation. The authority also suggested eliminating $8 million in reserves in its master-plan enhancement program, and paring $7 million from the budget by delaying advertising-buy commitments for the first half of calendar 2010. Operational changes such as canceling graveyard shifts, instituting unpaid time off and freezing hiring will save $1 million in the year.

Contact reporter Jennifer Robison at jrobison or 702-380-4512.

Bellagio, MGM Resorts International’s luxury hotel turns 20
The more than 3,000-room Bellagio hotel is situated on the site of the former Dunes Hotel. The Dunes was imploded in 1993, and construction of the Bellagio started in 1996. It cost $1.6 billion to build, making it the most expensive hotel in the world at the time. The Bellagio was former Wynn Resorts Ltd. Chairman and CEO Steve Wynn’s second major casino on the Strip after The Mirage. MGM Resorts International acquired the property from Steve Wynn in 2000. (Tara Mack/Las Vegas Review-Journal)
Facial recognition software at G2E – Todd Prince
Shing Tao, CEO of Las Vegas-based Remark Holdings, talks about his facial recognition product. (Todd Prince/Las Vegas Review-Journal)
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Bobby Baldwin to leave MGM
MGM Resorts International executive and professional poker player Bobby Baldwin is set to leave MGM.
Caesars has new armed emergency response teams
Caesars Entertainment Corp. has created armed emergency response teams. They are composed of former military and law enforcement officials. "These teams provide valuable additional security capabilities,” Caesars spokeswoman Jennifer Forkish said. Caesars is hiring Security Saturation Team supervisors, managers and officers, according to LinkedIn. The company did not say how many people it plans to hire for the units. (Las Vegas Review-Journal)
Las Vegas, airlines prepare for CES
CES in January is expected to attract more than 180,000 attendees. (Las Vegas Review-Journal)
AGS partners with Vegas Golden Knights
AGS is the nation’s second-largest manufacturer of Class II slot machines used primarily in tribal jurisdictions. It announced a marketing partnership with the Vegas Golden Knights NHL team. (Las Vegas Review-Journal)
Lehman Brothers bet big on Las Vegas
Lehman Brothers collapsed 10 years ago, helping send the country into the Great Recession.
Fremont9 opens downtown
Fremont9 apartment complex has opened in downtown Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Ross & Snow launches in Las Vegas
Luxury shoe brand Ross & Snow has opened in Las Vegas, featuring "functional luxury" with premium shearling footwear. (Bailey Schulz/Las Vegas Review-Journal)
Remote Identification and Drones
DJI vice president of policy and public affairs discusses using remote identification on drones. (Bailey Schulz/Las Vegas Review-Journal)
Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
Frontier, a Denver-based ultra-low-cost carrier, will become the first airline in more than a decade to offer international service to Canada and Mexico from Las Vegas when flights to Cancun and Los Cabos begin Dec. 15. (Rick Velotta/Las Vegas Review-Journal)
MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Motel 8 on south Strip will become site of hotel-casino
Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.
News Headlines
Add Event
Home Front Page Footer Listing
You May Like

You May Like