Sony Pictures Entertainment CEO: Las Vegas movie studio ‘shovel ready,’ pending tax credit approval

LAS VEGAS, Nev. (FOX5) – Sony Pictures Entertainment is the second movie studio to announce its progress to bring thousands of jobs and hundreds of millions of dollars of investments — all pending the approval of tax credits from the Nevada Legislature.

It comes on the heels of Tuesday’s announcement by Warner Bros. Discovery, pledging billions of dollars in spending at another movie studio site in Southwest Las Vegas — pending tax credits from proposed legislation.

“We’ve been working on it for three years. it’s shovel ready. it’s ready to go,” said Tony Vinciquerra, Chairman & CEO of Sony Pictures Entertainment. “The message is, this is a ‘no brainer’ to establish an entertainment world here, because people want to work here. The talent, the directors, the producers, they all want to come to Las Vegas,” Vinciquerra said to FOX5.

Vinciquerra spoke in a fireside chat before a crowd at the Las Vegas Global Economic Alliance “2024 Perspective” event, then answered questions from reporters.

The Chairman and CEO said Sony Pictures is ready to immediately invest $500 million to launch Summerlin Studios at the 31-acre parcel off Flamingo Road and Town Center Drive. The project is being developed in partnership with the Howard Hughes Corporation.

The project will bring 18,000 jobs, Vinciquerra said.

Tuesday, Warner Bros. Discovery announced the newly-named Warner Bros. Studios Nevada, at UNLV’s Harry Reid Research & Technology Park.

Thursday, a spokesperson said that Warner Bros. Discovery will invest $900 million to build the studios, pledge $500 million of spending annually ($8.5 billion in total over 17 years) at UNLV’S Harry Reid Research & Technology Park near the 215 Beltway and Durango Drive, and bring 7,500 jobs a year.

State Senator Roberta Lange is spearheading the effort with a bill in the Senate, which would provide a extensive partnership with UNLV for career development.

According to a Warner Bros. Discovery spokesperson, the movie company would be approved for tax credits of around $100 million per year for a period over 17 years.

In the Assembly, Majority Leader Sandra Jauregui is spearheading another bill to support Summerlin Studios and Sony Pictures Entertainment, creating a workforce training program.

It would request $100 million in tax credits, according to CEO David O’Reilly of the Howard Hughes Corporation.

“They should be looking at what’s best for Nevada, and if they want to approve both — Godspeed, let’s do it,” Vinciquerra said.

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