Warner Bros. Discovery WBD said Tuesday it would spend at least $8.5 billion producing movies and television shows at a new studio in Las Vegas, Nevada, if the state grants promised tax incentives.
The media giant is partnering with the University of Nevada, Las Vegas and real estate company Birtcher Development to lease and operate a production facility that will be called “Warner Bros. Studios Nevada.”
The facility will be located on a planned 34-acre campus in UNLV’s Harry Reid Research & Technology Park in Las Vegas and will include film and television studios and other facilities.
The new partnership depends on the outcome of a proposal originally introduced by Senator Roberta Lange during the 2023 legislative session.
Such financial incentives are attractive to Hollywood studios as they grapple with rising production costs, exacerbated by consumer cuts in cable fees and collapsing advertising revenues.
Warner Bros Discovery wrote down the value of its TV assets by about $9.1 billion (link) earlier this month, reflecting declining viewership and advertising revenue.
