LVGEA Touts Targeted Approach in Annual Economic Update

LAS VEGAS– On Tuesday, Las Vegas Global Economic Alliance (LVGEA) hosted 350-plus community leaders during its annual State of Economic Development (SOED) program inside the Thomas & Mack Strip View Pavilion. The annual event is the largest public-private program centered on the region’s economic development efforts.

LVGEA shared its pivot to a more strategic and intentional approach to economic development in 2023.

“No longer will LVGEA cast a wide net; instead, we will be spearfishing for good fit companies that bring value to our region and your support will enable our region to succeed in this effort,” said LVGEA President and CEO Tina Quigley. “We are taking a proactive approach to lead generation, utilizing data-driven analysis and AI to identify companies looking to grow, along with focusing on the quality of jobs we attract, not just the quantity. We are targeting high-paying, high-skilled careers.”

The 3-hour program featured remarks from LVGEA Chairman Clark Wood and its Vice Chairwoman Lauri Perdue, as well as insights from panelists featuring public sector economic development leaders from the area’s largest municipalities, including City of Las Vegas Deputy Director of Economic and Urban Development Dina Babsky; Clark County Director of Community and Economic Development Shani Coleman; City of North Las Vegas Director of Government Affairs and Economic Development Jared Luke; City of Henderson Director of Economic Development and Tourism Jared Smith; and Boulder City’s City Manager Taylour Tedder who provided expert insight and updates on lessons learned from 2023 along with growth priorities for 2024 and beyond. A key theme of the panel focused on partnerships and municipalities working together to expand economic growth to the region.

The program continued with VP of Business Development at LVGEA Mitch Keenan leading a discussion on the region’s recent LOCATE Las Vegas initiative, which offered insight into the 3-day economic development strategy that brought 17 business executives to the region ahead of Super Bowl weekend to show the wide-ranging advantages of doing business and living in Southern Nevada. Panelists included CEO of Arine Yoona Kim; CEO of iDENTITY Jay Torres; CEO of Thrill One Sports & Entertainment Matt Cohn; and Senior Vice President of National Sales and Leasing at Howard Hughes Holdings Inc., Alex Hancock.

Cohn, whose team officially moved into UFC Headquarters on April 1 following the LOCATE Las Vegas initiative said, “The experience of moving to Las Vegas has been incredible, the employees have enjoyed it much more than I anticipated, and I think a lot more people who originally didn’t want to be part of the move have now decided to relocate over the last week and a half.”

“The biggest takeaway from LOCATE was the way everyone came together as a group. It didn’t feel like competition, it felt like cooperation,” said Torres, who noted she is currently in talks with local universities on workforce opportunities that will allow her company to proceed with real estate discovery efforts thereafter in consideration of moving her company to Nevada.

“Now I’m calling my other business friends to see who will move their business to Las Vegas with me,” Torres added, as a result of LOCATE Las Vegas.

Earlier in the program, municipal economic development leaders were also asked about the early success of LOCATE Las Vegas.

“It’s funny that we haven’t done it before now,” noted Luke on the regionwide planning effort. “It’s interesting how little people know about Southern Nevada or Nevada as a whole outside of what they see.”

The City of North Las Vegas was the first municipal partner to rally support around the newfound initiative when discussions began occurring on it late last year.

“It’s something very important for people on the outside looking in or interested in looking at our community, that ease of business is going to be something important to them and working together as a region shows that,” Coleman added.

The program also featured a Nevada Energy Infrastructure conversation between President of the Las Vegas Raiders Sandra Douglass Morgan and President of NV Energy Doug Cannon, who addressed Nevada’s energy landscape, cost-saving measures for customers and renewable energy projects coming to the region.

“NV Energy is focused on working together to bring cost saving and cost stabilization for all of our customers,” said Cannon. “We’re looking at a 15% decrease in rates for all customers by the end of 2024.”

Attendees received copies of LVGEA’s 2023 Annual Report.