Posted on: August 20, 2024, 02:09h.
Last updated on: August 20, 2024, 02:09h.
Warner Bros. Discovery (WBD) announced Tuesday that it will commit $8.5 billion to partner with UNLV to lease and operate a Nevada movie and TV studio built by Birtcher Development. However, the LA-based studio’s commitment depends on a film tax credit bill passing the Nevada Legislature.
The Nevada Film Studio Infrastructure Act was introduced and authored by State Senator Roberta Lange (D-LV) during the 2023 legislative session. However, it failed to pass on June 6, 2023. It is expected to be reintroduced in February 2025.
“When talking with citizens we hear repeatedly that we need to further diversify our Southern Nevada economy and at the same time commit the resources to develop our workforce,” Sen. Lange said in a press release. “These are top priorities for us all, and I can proudly say my legislation accomplishes both.”
SB 496 proposes up to $190 million in annual, transferable tax credits for film and TV production over more than two decades, far exceeding the state’s past use of transferable tax credits. Though these credits could cost the state $2 billion, the bill’s supporters argue they could earn as much as $55 billion in revenue over the next 20 years.
Cinema City?
Warner Bros. Studios Nevada — which the press release says will “feature full-service film and television studios and other facilities designed to capitalize on emerging technologies related to WBD’s content creation” — would be located at UNLV’s Harry Reid Research & Technology Park in Las Vegas. Here, it will establish the Nevada Media and Technology Lab for use by the university’s film department.
“It’s safe to say that having a lead partner with the depth of Warner Bros. and its ability to keep the studios full starting from Day One is a key difference maker and enables us to successfully meet these two priorities,” Lange said.
Previously, it was WBD rival Sony Pictures Entertainment that expressed interest in partnering with UNLV and Birtcher. However, Sony instead joined forces with the Howard Hughes Corporation for a competing $1.8 billion motion picture studio project, proposed for 30 acres in the Las Vegas suburb of Summerlin.
In March, the Clark County Zoning Commission voted unanimously to support that project.
