Las Vegas Betting On Elon Musk? How The Boring Company Might Change Sin City

Elon Musk's The Boring Company might be packing up from Silicon Valley for Sin City.

The Las Vegas Convention and Visitors Authority on Wednesday made their first moves to bring Musk's The Boring Company to the city in order to have the company create an efficient way for people to commute around its convention center district.

The conference campus, which measures two miles wide, is undergoing a large-scale renovation and expansion, which the LVCVA estimates will cost approximately $935 million for a 1.4 million square feet incorporation to the already-existing convention center.

At least 600,000 square feet of the expansion will be dedicated to leasable exhibition space, and it will also include a "main entrance and grand lobby off Convention Center Drive, meeting rooms, pre-function space and service and support areas," according to the LVCVA website.

In addition to the expansion, named Phase Two, a massive renovation of the 3.2 million square foot convention center, called Phase Three, is also underway, and is expected to be completed by 2023.

With such an expansion comes the question of transportation and foot traffic in the district, especially for a convention center which attracted 142,200 this past January alone.

If successful, the LVCVA projects the expansion and renovation projects will bring in $25 billion and 18 million visitors over the course of 15 years.

"We've been the top city for trade shows for 24 years in a row. We aim to keep that title," said LVCVA CEO Steve Hill about the expansion and technology plans they hope to implement, in an interview with CNBC. "This kind of innovation is an attraction in itself...it helps our customers experience everything on our campus."

Las Vegas attracted roughly 42.2 million visitors in 2018, according to Statista. Hill sees the implementation of Boring Company's innovative transportation technology at the convention center district as one that serves the city in a much larger capacity.

"We've long recognized that as Las Vegas continues to grow, we have some chip points in moving people," said Hill.

Hill has stated that members of the Regional Transporation Commission and property owners in Clark County and along the Strip also support the possible move from The Boring Company.

"There's not room on the surface really to add lanes on the road every place we need them, particularly up and down the strip and to the airport. So being underground is something that is very attractive," he added.

The speculative reveal of the Boring Company's move to Las Vegas comes after Musk's unveiling in December of a Boring test tunnel in the Los Angeles suburb of Hawthorne, which was met with mostly lackluster reviews.

CNBC noted that sources placed the cost of creating theses Boring tunnels fall anywhere in between $35 million and $55 million, a paltry sum compared to more traditional, above-ground competitors.

The Boring Company is completely privately funded, alleviating the stress on Las Vegas taxpayers that city-wide construction projects can cause, like Boston's three-decade-long $15 billion Big Dig project, which delivered mixed results.