There are many reasons to make Las Vegas Hollywood 2.0, and now high rollers including Sony Pictures, Howard Hughes Holdings and Mark Wahlberg are collaborating to make sure it happens.

Rendering of Summerlin Studios. Credit: Howard Hughes Holdings

A new bill backed by Sony Pictures and Howard Hughes Holdings just might transform Sin City into a major production hub, if state legislators pass a a bill offering up to $80 million in annual tax credits through 2043.

But there’s a catch. Isn’t there always a catch in Vegas? Unlike with traditional film incentives that simply attract temporary shoots, Sony’s got to prove they mean business by building permanent digs in Las Vegas suburb Summerlin, and dropping $100 million yearly on production for a full decade before seeing any of that tax credit cash.

Of course Sony has well-heeled partners, including Howard Hughes Holdings, the group that developed the Summerlin planned community about 30 years ago. It has become known as the Beverly Hills of Las Vegas, so why not The Hollywood of Las Vegas as well? Aviator, filmmaker and industrial tycoon Howard Hughes would be so proud!

Mark Wahlberg, who moved to Las Vegas about two and a half years ago, is also in on the planning. He’s been huddling with the leaders of Howard Hughes Holdings for some time now, wanting to spread his entertainment interests in Sin City, as he has with his culinary interests, via Wahlburgers,  a Flecha restaurant, and his Flecha Azul tequila line.

Wahlberg is putting his money where his mouth is, having produced his recent film Flight Risk in Las Vegas. The Alaska-set movie is believed to be the only major motion picture to film in Las Vegas despite not being set in Las Vegas.

Las Vegas Hollywood 2.0 — How it could happen

The blueprints for the studio are ambitious: The proposed $1.8 billion project to be built in Summerlin South at Flamingo Road and Town Center Drive would feature 13 buildings, including soundstages, production facilities and mixed-use space. Also planned is an $8 million vocational training facility to grow their own crew talent, with a rule that 50% of below-line crew must be Nevada residents.

The initiative promises 17,000 permanent jobs averaging $113K annually, according to Howard Hughes Holdings CEO David O’Reilly. That would be quite the boost to the local economy, which has traditionally been based on one industry, and one industry alone: hospitality.

But the advantages go beyond tax credits. The production workforce is synergistic with the labor pool already in Las Vegas because of the construction, trade show and entertainment sectors. Also, housing for employees is less expensive and more plentiful.

Nevada has always been known as an extremely business-friendly state, in that there’s no state corporate income tax, no personal state income tax and no  franchise tax, allowing businesses to retain more profits and potentially lower startup costs. Additionally, Nevada offers high levels of business owner privacy and flexible regulations, making it attractive for some entrepreneurs, less attractive to others.

Las Vegas already has the credits

Myriad films and television series based on Sin City’s unique setting and reputation have already been shot in Vegas. They include the Hangover franchise, the Oceans franchise, and classics like Casino, Jason Bourne, Viva Las Vegas and Leaving Las Vegas. The number of films featuring championship boxing matches, quickies weddings, bachelor/bachelorette parties and Bugsy Segal are legion.

Many television series are based here as well, including the comedy Hacks, CSI: Vegas, Las Vegas, GLOW as well as reality series like Pawn Stars, American Restoration and Fool Us.

The most recent productions to have drawn the most buzz lately are the critically acclaimed movies Anora and The Last Showgirl, plus Netflix action comedy Obliterated.

There are many reasons to make Las Vegas Hollywood 2.0, and now high rollers including Sony Pictures, Howard Hughes Holdings and Mark Wahlberg are collaborating to make sure it happens.