Las Vegas seeks Chinese investments beyond casinos, hotels
Beyond attracting Chinese to its casinos and hotels, Las Vegas city officials also want Chinese to invest more in a city that hasn’t been a traditional recipient of Chinese money like Los Angeles, San Francisco or New York.
From July 31 to Aug 9, North Las Vegas Mayor John Lee made a 10-day, five-city visit to China, during which he said executives from five manufacturing companies expressed interest in setting up operations in the city. He declined to disclose the names of the companies.
“I want to attract businesses that will diversify the economies of families living in North Las Vegas,” Lee said. “There are lots of jobs in gaming and tourism in Southern Nevada, but I don’t want us to be reliant on one industry. I want to bring some manufacturing jobs where we can produce things that can be distributed throughout the country.”
Lee and North Las Vegas City Manager Qiong Liu joined local and state officials from California on the visit to Beijing, Taiyuan, Nanjing, Guangzhou and Shenzhen.
In Beijing, Lee said he got reassurances from a high-ranking executive with electric car company Faraday Future that the company is on track to build a $1 billion plant outside Las Vegas. The company has not publicly announced an opening date for the factory, or when cars would be manufactured.
Nevada lawmakers in 2015 approved $215 million in tax incentives to attract Faraday. The plant is expected to have 4,500 full-time employees, at least half of whom must be Nevada residents, as part of an agreement reached with the city.