CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Denis Cederburg, Director of Public Works |
Recommendation:
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Approve and authorize the Chair to sign the First Amendment to a licensure agreement for advertising on touchdown structures among Clark County, MGM Grand Hotel, LLC, New Castle, LLC (also known as Excalibur Hotel and Casino), New York-New York Hotel and Casino, LLC, and Park MGM, LLC, for advertising on digital LED displays on the exterior elevator towers for the pedestrian bridges located at Las Vegas Boulevard and Tropicana Avenue, and the northwest corner of Las Vegas Boulevard and Bruno Mars Drive; and extend the term of the agreement to December 31, 2034. (For possible action)
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FISCAL IMPACT:
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Fund #: |
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Funded PGM/Grant: |
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Additional Comments: |
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BACKGROUND:
On August 17, 2021, the Board of County Commissioners approved a "Licensure Agreement Between Clark County & MGM Properties for Advertising on Touchdown Structures" for a five-year term, with MGM Grand Hotel, LLC, New Castle, LLC (also known as Excalibur Hotel and Casino), New York-New York Hotel and Casino, LLC, and Park MGM, LLC to allow advertising on the exterior glass of the elevator towers for the pedestrian bridges located at Las Vegas Boulevard and Tropicana Avenue.
This first amendment to the agreement will allow for digital LED displays on the touchdown structures and establish the monthly fee for the rights to place advertising on the LED displays. The new annual fee for each LED display will start at $141,050 or 20% of the monthly gross revenue, whichever is greater. The fee will increase by 2% annually. The term of the agreement is extended to December 31, 2034, with an option to extend for two additional years. The first amendment has been approved by Clark County Public Works staff and the District Attorney's Office.