LVCVA projects $210M loss in revenue for 2021

YEAR.NOW THE LVCVA BOARD OFDIRECTORS IS CONSIDERINGBUDGET CUTS TO MAKE UP FOR THEDEFECIT.13 ACTION NEWS REPORTER KELSEYMCFARLAND JOINS US LIVE TOEXPLAIN WHAT HAPPENED IN TODAYSBOARD MEETING AND WHAT WE CANEXPECT...KELSEY?THERE IS A LOT OF UNCERTAINTYABOUT THE YEAR AHEAD A BIGQUESTION, HOW MANY TOURISTSWILL WANT TO COME TO LASVEGAS ONCE WE'RE BACK OPENAGAIN?

THE L-V-C-V-A SAYSTHEY'RE MAKING CONSERVATIVEPREDICTIONS TO PREPARE FORWHAT COULD BE A GRIM TOURISMYEAR.IN THE MEETING LVCVA'S STEVEHILL SAYS THEY ARE PROJECTING A210 MILLION DOLLAR LOSS INREVENUE FOR 20- 21.TO MAKE UP FOR THAT STAFFSUGGESTS DROPPING THEIR BUDGETBY 150 MILLION DOLLARSLEAVING THEM WITH A YEARLYBUDGET OF 145 MILLION.THAT WOULD LEAVE A $60 MILLIONDOLLAR GAP BETWEEN REVENUE ANDEXPENSES FOR THE OPERATION.TO FILL THE GAP- THE BOARDAPPROVED PULLING $27 MILLIONDOLLARS FROM THE RESERVE FUNDTHAT TAKES CARE OF RETIREMENTAND HEALTHCARE.THEY CAN ALSO PULL FROM THEMONEY NOT USED IN THE 2020BUDGET.THE LVCVA SAYS IT ISCONSIDERING THEQUESTION HOW LONG COULD THEYGO IF THEY HAD NO REVENUE ATALL?

THE ANSWER..THREE YEARS." WE HAVE AT LEAST THREE YEARSOF LIFE GIVEN THE DIFFERENTSTRUCTURE THAT WE ARE PRESENTEDTODAY.SO THAT 60 MILLION DOLLARSDEFICIT WOULD ALLOW US IF WEDID THAT 3 YEARS IN A ROW.WE WOULD BE IN A DIFFICULTSITUATION THREE YEARS FROMNOW."THE NUMBERS I GAVE YOU..ALL COME FROM A DRAFT BUDGETSTAFF WILL PREPARE AFINAL BUDGET FOR 2021 ANDPRESENT THAT ON MAY 27.ANOTHER THING THE BOARD MADECLEAR, THEY HAVE TWO PRIORITIESFOR THE NEXT YEAR'S BUDGET...HEALTH AND SAFETY ANDADVERTISING.KM, 13 AN.ALSO NEW AT MIDDAY.