The Assembly Committee on Ways and Means convened on May 9, 2025, to discuss key financial aspects related to ongoing infrastructure developments in Nevada. The meeting focused on the anticipated tax revenue generated during the construction phase of a significant project led by Howard Hughes.

Matt Walker initiated the discussion by inquiring about the estimated tax revenue from the development's construction phase. Guy Hobbs, representing Howard Hughes, confirmed that they had prepared detailed information regarding the fiscal impacts of the project. He introduced his colleagues, Mallory Richards and Kevin Klenzler, from PFM, to provide specific figures.

Mallory Richards presented the projected tax revenues for the eight-year construction period. The committee learned that the combined total sales tax revenue is expected to reach approximately $70.6 million. Additionally, the modified business tax revenue is projected at around $5.2 million, while property tax revenue is estimated to be about $45.4 million. These figures represent the aggregate totals from the three revenue sources over the construction phase.

Hobbs further clarified that these figures pertain solely to the construction phase. He noted that once elements of the project, such as studios, are operational, they will enter a stabilization phase, generating additional operating revenues. This includes commerce tax and room tax, which will contribute to the overall financial impact as various project components are completed over the eight-year timeline.

The meeting underscored the significant economic implications of the infrastructure project, highlighting the expected tax contributions that will support state revenue during and after construction. The committee's discussions will likely inform future legislative decisions regarding funding and resource allocation for similar developments.