Diversifying Las Vegas Economy

With an aim of diversifying the Las Vegas economy and make it less dependent on the tourism industry the Nevada legislature had passed a bill four years ago to exempt tax to auto racing teams and sanctioning bodies.

The law, will expire this year, and it has failed to attract any racing team to Las Vegas. The Championship Auto Racing Teams and other National Hot Rod Association teams had expressed their desire to move its headquarters to Las Vegas if the bill became a law. But the series offices moved to Indianapolis, where most of the teams’ race shops are located. John Force, NHRA owner and driver wanted to shift his three-car operation from California to Las Vegas, as the latter was costlier. But this has also not taken place. Orleans Racing is the only professional racing team based in Las Vegas and with expiry of the law they would lose $100,000 in tax breaks.

The idea behind implementing the law to diversify the state economy by bringing new businesses to Las Vegas has not worked. But the State needs to keep working to bring in other businesses and industries by making working conditions more favorable and also working on the requirements of the industries.