An Analysis of the Economic Impact of the Redefined Regional Center Plan on Downtown Reno Redevelopment and Gaming Revenues November 2005 About PLAN Progressive Leadership Alliance of Nevada (PLAN) is a non-profit organization dedicated to serving the people of Nevada. PLAN was formed in 1994 to bring people and organizations together who are committed to making a positive difference.
PLAN provides a vehicle in Nevada for building consensus and collective strategies among progressives on a range of issues including welfare, immigration, taxes, environment, aiming finance reform, economic Justice and reproductive choice. Reno Office 821 Riverside Drive Reno, Nevada 89503 (775) 348-7557 Fax 348-7707 www. Planeload. Org The Future of Downtown? Introduction The City of Reno is currently considering a zoning plan that would create a new “regional tourism” center in South Reno, allowing a Lass Vegas company to build up to two casinos at the intersection of South Virginia Street and the Mount Rose Highway.
This study examines the economic impact of the proposed Redefined Regional Center Plan on the downtown Reno gaming industry, the City of Renee’s downtown development policies, and the finances of the Reno Redevelopment Agency. Key findings of the study Include: ; Based on a historical analysis of gaming revenue patterns, the estimated first year Impact of the South Reno casino could cost The proposed casino would likely make significant inroads to important downtown customer segments, including the tourist and locals market.
A decline in downtown gaming revenues caused by the new South Reno casino project will likely significantly harm the City of Renee’s redevelopment efforts, leading to lower assessed property ales, property taxes, retail sales, and hotel room rate taxes in the redevelopment area. Lower assessed property valuations caused by declining gaming revenues could create serious budget issues for the debt-ridden Reno Redevelopment Agency, necessitating further taxpayer bailouts of the troubled agency.
A new South Reno “tourism center” would undercut the significant investments made by taxpayers to revivalist the downtown area. According to analysis of Reno Redevelopment Agency documents, taxpayers have Invested $587 million In downtown redevelopment efforts. In May 2005, the Reno City Council approved diverting an additional $199 million in property taxes from the Washoe County School District, Washoe County, Page 1 1. Investing in Downtown In 1983, the City of Reno established the Downtown Redevelopment Plan to help revivalist the downtown area.
