As promised by Mayor Oscar Goodman, the World Market Center is turning Las Vegas into a furniture trade-show leviathan: The January 2006 convention was the 41st largest in America, says Tradeshow Week. But what of Goodman’s other boasts—that WMC would transform Downtown and diversify our economy overnight? Some numbers to ponder:
$40 million: Estimated tax rebates for the entire project. (Not a bad trade for pumping $2 billion-plus into Downtown.) +3
110,000: Combined number of attendees at the last two WMC conventions. (A larger crowd—by 20,000—than the biannual MAGIC convention.) +3
$186.4 million: The Las Vegas Convention and Visitors Authority’s estimated nongaming impact for WMC in 2005. (Comdex-goers dropped $170 million in 2002.) +3
Two: Only Golden Nugget and Four Queens made the list of 20 properties recommended for the summer show, July 30-August 30. (What happens Downtown is paying dividends on the Strip.) -5
Yo, Diana Paul (city of Las Vegas spokeswoman), what can you tell me about WMC’s economic impact on Downtown? “We don’t have the information you are requesting, but I can tell you about the owner participation agreement the city has with WMC, [which] allows for tax rebates for all future phases of the project. To date, the city has only approved rebates for the first phase of the project: $10,422,167 for 20 years (at present value), or approximately $1,064,683 per year.” Lack of data: -2
Final Score: +2. (WMC is doing more good than harm, but it’s neither transformed Downtown—crime’s still a big issue—nor diversified our tourism-driven economy.) –Damon Hodge