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Las Vegas adds steps to renovation

August 14, 2008|From the Associated Press

The slumping economy has Nevada tourism officials reshaping the schedule for an $890-million renovation of the Las Vegas Convention Center.

Las Vegas Convention and Visitors Authority board members were told that the project will be split into three phases, which could push the completion date beyond 2011.

"What we are taking is a very fiscally responsible and conservative approach to make sure we don't overextend ourselves," authority spokesman Vince Alberta said.

The authority plans to finance $822 million of the project and pay the remaining $68 million in cash. By doing the work in phases, officials calculate they can trim debt service costs by $5 million in fiscal 2009, $13.5 million in 2010 and $28 million in 2011, Alberta said.

Instead of doing the most ambitious work first, the authority will start with lower-profile upgrades.

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