The Las Vegas Convention and Visitors Authority Gains $27 Million

$27 MILLION WINDFALL FOR THE LAS VEGAS CONVENTION AND VISITORS AUTHORITY

With the economy showing signs of life and the tourist volume rising to near pre-recession levels,the Convention Authority will have to adjust its budget to account for a windfall.

The Authority is financed by a 12 to 13 percent tax on every one of the 150,000 rooms in the Las Vegas area.
Thus, increases in tourism and room rates means more money - a projected $27 million in the travel-board's
pockets.

Year-to-date, room tax earnings average for the Las Vegas area are up 19.8 percent over last year. The average daily
rate, $105 is 10.7 percent higher than last year.

Of the expected $27 million windfall, $18.8 million will be divided several ways, $2.7 million for community support,
$1 million marketing, $5 million advertising, $10 million transfer to capital, and the remaining $8.2 million will be
saved.

The Authority's total budget will go from $188 million to $197 million due to the windfall.

The tax collection allocation for the 2nd quarter 2012 will be paid to Clark County, city of Las Vegas, city of
North Las Vegas, city of Henderson, Boulder City and Mesquite.

Also, the Board of Directors approved a $2.7 million carpet purchase for the Center's public areas, lobbies and meeting rooms.