LAS VEGAS (KSNV MyNews3) -- The UNLV Board of Regents unanimously approved its latest campus master plan, which includes the ambitious UNLV Now Project.
What was not divulged were the details of how it's going to happen. That'll be discussed at the regents’ next meeting at the end of February.
Don Snyder, the head of project, told the regents if everything moves forward as planned, this would be a game-changer.
"Of all the things we do to attract visitors to Las Vegas, the thing we can't do is draw visitors to functions, whether they are sporting functions or entertainment functions that need to seat 60,000 people," he said.
Regents also heard an economic impact report talking about what would happen if the stadium was built.
It claims they expect they can draw 15 new mega events to Las Vegas that would create a total economic impact of nearly $400 million. Dr. Mark Rosentraub says this is something the entertainment capital of the world is lacking.
"These kinds of events bypass the Las Vegas area. So there's a unique opportunity to actually attract a large amount of economic activity that if the stadium wasn't built just won't occur."
The regents, although supportive of the initial plan, still have many questions.
But the news isn't all rosy. Snyder admits it could take a couple years for revenue from the stadium to ramp up. The other challenges include cost.
Snyder says they're still calculating the price tag.
They're hoping to create a special tax district to help fund the project through a private and public partnership.
That would need to be approved by the legislature.
On this day it was a victory for the arena with plenty of battles lying ahead.