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.
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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.
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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.
