News Summary
Hundreds of building trade union members gathered in Las Vegas to support the Summerlin Studios proposal, which aims to create 19,000 construction jobs. The project, backed by Governor Joe Lombardo and Assembly Bill 238, seeks to secure tax credits to boost local economic growth. While supporters claim it will diversify the economy, critics voice concerns over fiscal responsibility and past economic studies suggesting limited returns on tax credits. The initiative, involving major partners like Warner Bros. and Sony Pictures, is projected to have a $2.9 billion economic impact during construction.
Las Vegas – Hundreds of Southern Nevada building trade union members gathered at Las Vegas Ballpark to advocate for the proposed film studio complex, Summerlin Studios. The initiative is projected to create 19,000 construction jobs, primarily aimed at hiring Nevadans, according to the union coalition, Nevada Jobs Now!. During the rally, signs underscored an estimated $2.9 billion economic impact during the construction phase of the project.
The film studio proposal faced setbacks after the Nevada legislative session concluded in June without receiving approval. To address this issue, Governor Joe Lombardo announced a special legislative session focused on Assembly Bill 238, which pertains to the project. This bill outlines $1.4 billion in transferable tax credits specifically earmarked for the initiative, intended to stimulate job growth and economic development in the region.
Assembly Bill 238 proposes tax credits amounting to $95 million per year from 2028 to 2043 for the studio complex. A revised version of the bill also incorporates support for pre-K education within the Clark County School District. Howard Hughes Holdings is partnering with Warner Bros. and Sony Pictures on this ambitious project.
Supporters contend that the studios will help diversify the local economy and create long-term employment opportunities, especially in light of the economic repercussions of the COVID-19 pandemic on tourism. However, the project has faced opposition from groups such as AFSCME and the Nevada State Education Association, who argue that it would be fiscally irresponsible. Critics cite a previous economic study suggesting that state and local governments would receive only 52 cents for every dollar spent on tax credits. Concerns have been raised about the instability of film production and the potential burden on the state’s general fund from these transferable credits.
Despite dissenting voices, union representatives emphasized a show of strength among the majority of unions present at the rally. Supporters, including Assemblymember Daniele Monroe-Moreno, defended the project’s fiscal responsibility and expressed commitment to its success. There was a commitment to passing the necessary legislation following the Assembly’s approval of AB 238, which did not receive a Senate vote before the legislative session deadline.
David O’Reilly, CEO of Howard Hughes Corporation, emphasized a $400 million commitment from the company toward the studio’s development, alongside an additional $1.4 billion for mixed-use projects. O’Reilly described Summerlin Studios as “shovel-ready,” reiterating the critical need for job creation and investment in the local economy.
Legislators backing the bill, including Sandra Jauregui and Nicole Cannizzaro, expressed readiness for ongoing efforts to ensure the legislation’s passage in the upcoming special session. This development brings renewed hope for the Summerlin Studios initiative, which aims to revitalize the local job market and bolster Southern Nevada’s economy.
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Additional Resources
- Las Vegas Sun
- Wikipedia: Film industry
- 8 News Now
- Google Search: Las Vegas film studio development
- Variety
- Google Scholar: Las Vegas film studios
- News 3 LV
- Encyclopedia Britannica: Film studios
- Nevada Current
- Google News: Summerlin Studios
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