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Board of Directors Meeting Wednesday, November 11, 2020, 4:00 pm Virtual Platform This virtual meeting will take place via Zoom https://zoom.us/j/94825269365?pwd=K09GVmcrcVdVQWtjM255UThBaWNsZz09 Dial-In Option: (669) 900-6833 | Meeting ID: 948 2526 9365 | Password: 1111
The TDVA Board will meet remotely on Wednesday, November 11, 2020, through the use of Zoom. Board members and staff will log in independently.
To watch or participate in the virtual meeting, use the Zoom Meeting link above. You can view it from a computer or smartphone. You can view it from a computer even if you do not have a webcam. If you par- ticipate from a computer follow the instructions to install the 'Zoom Launcher'. If you participate from a smartphone you will have to download the app before joining. You do not need a Zoom account to partici- pate but it is encouraged to open a free account.
You can also call in without a computer by calling (669) 900-6833 and following the prompts. The meeting ID is: 948 2526 9365 - Here is a one-minute tutorial link for Zoom users: https://youtu.be/vFhAEoCF7jg
To request a mailed or electronic version of this Agenda or the supporting documentation for this meeting, please e-mail [email protected].
The Board reserves the right to take items in a different order to accomplish business in the most efficient manner, to combine two or more agenda items for consideration, and to remove items from the agenda or delay discussion relating to items on the agenda.
AGENDA
1. Call to Order and Pledge of Allegiance
2. Roll Call 3. Introduction of Guests and Staff 4. Approval of Agenda (Page 1) 5. Approval of Minutes: September 29, 2020 (Page 3) 6. Public Comment (No Action Can be Taken) Public comment will be accepted at the beginning and end of the meeting and should be submitted through the Zoom chat function. A moderator will then read the comment into the record. Public com- ment can also be made prior to the meeting by emailing [email protected] by 2PM on November 11, 2020.
7. Possible Action: July 2020 Financial Statements (Page 23)
8. Possible Action: August 2020 Financial Statements (Page 25)
9. Review and Discussion: September 2020 Preliminary Financial Statements (Page 27) 2
10. Presentation and Possible Action: Fiscal Year 2019/2020 Audit – Beth Farley, Eide Bai- ley 11. Update: Event Center and Bond Issuance – Lew Feldman, Feldman, Thiel LLP & Mark Northcross, NHA Advisors 12. Possible Action: July 2021 Lights on the Lake Fireworks Display
13. Recommendations: Future Agenda Items
14. Updates by Board Members and staff This is an opportunity for Board members and staff to present updates on meetings they have at- tended, legislative matters or other items that are relevant to the mission of the Tahoe Douglas Visitors Authority. There will be no action taken on these items other than to possibly request that items be placed on future agendas or to direct staff to further investigate the matter.
15. Reports and Back Up Documents: Reports are provided on a monthly basis by the LTVA staff a. LTVA Annual Report (Page 30) b. Smith Travel Report (Page 38) c. City of South Lake Tahoe Lodging Report (Page 39) d. Douglas County Lodging Tahoe Township Year-Over-Year Comparison Report (Page 40) e. Lake Tahoe South Shore Rooms Rented Report (Page 41) f. Tahoesouth.com Web Traffic Year-Over-Year Comparison Report (Page 42) g. Noble Studio Executive Overview (Page 43) h. Douglas County / Stateline Casinos Gaming Revenue (Page 44) i. Key Staff Updates (Page 45)
16. Public Comment (No Action Can be Taken)
17. Next Meeting: Wednesday, December 9, 2020 at 4PM 18. Adjournment
NOTE: We are pleased to make accommodations for members of the public who are disabled. Please notify the TDVA in writing at PO Box 6777, Stateline, NV 89449 or call (775) 588-5900 x300 prior to the meeting.
In accordance with Nevada Revised Statute Chapter 241, this agenda closes three days prior to the meeting day and notice of the meeting was posted on tahoedouglasva.org and LTVA.org. This meeting was also posted on the internet through the NV State posting website at notice.nv.gov. 3
TAHOE DOUGLAS VISITORS AUTHORITY BOARD OF DIRECTORS MEETING MINUTES TUESDAY, SEPTEMBER 29, 2020
This meeting of the Tahoe Douglas Visitors Authority Board of Directors was held on Tues- day September 29, 2020 on a virtual platform.
1. Call to Order The meeting was called to order at 4:03 pm by Tim Tretton, Board Chair, and a quorum was established.
2. Roll Call Board members present: Tim Tretton, Mike Bradford, John Koster, Wesley Rice, Xenia Wunderlich
Board members absent: none
3. Introduction of Guests and Staff Guests: Mark Northcross, NHA Advisors; Eileen Gallagher, Bond Underwriter, Stifel, Nicolaus & Company, Incorporated; Brian Forbath and Scott Shaver of Stradling Yocca Carleson & Rauth; Chris Kraus, Saddle Peak Hotel Advisors; Lew Feldman, Feldman Thiel LLP; Steve Teshara, Lake Tahoe South Shore Chamber of Commerce Staff: Carol Chaplin, CEO; Katharine McComb, Accounting Manager; Jennifer Skelly, Administrative Assistant
4. Motion to Approve the Agenda Motion: Rice Second: Bradford Approved: Unanimous
5. Approval September 9, 2020 Minutes Motion: Bradford Second: Wunderlich Approved: Unanimous
6. Public Comment None
7. Presentation: Federal Securities Law Disclosure Training Forbath: We wanted to provide some advice to the Board as to some of the responsibilities it has regarding Federal Securities Disclosure Laws. You will be asked in the next agenda item to approve an offering document or official statement for those bonds, and with that comes certain regulations. 4
Forbath presented the Federal Securities Law Disclosure Training deck. Bradford: Who is the reviewing attourney? Forbath: Stradling Yocca Carleson & Rauth is the firm that has been hired as bond and disclosure council and has helped prepare the documents, and we have relied heavily on reports from your various consultants. Bradford: Are you satisfied that we have met the requirements for disclosure? Forbath: Yes. There are still a few tweaks that need to be made before it is posted next week. Tretton: Is there any risk of litigation against individual Board members? Forbath: Not so long as you’ve done your due diligence and read the OS. I am not aware of any cases of individual Board member liability. Koster: So, everything looks good? Forbath: Yes. Bradford: I am confident that we have not made any misrepresentations of fact. My concern is regarding omissions – how can we be sure that we have not omitted any pertinent information? Forbath: That would only be so if you knew something regarding outstanding litigation that has not been disclosed. Northcross: Our main point of disclosure revolves around the volitility of the hospitality industry revenue. We are confident that this disclosure document conveys that volitility. Forbath: One example of non-disclosure would be, say, if you knew that Harrah’s Lake Tahoe was going to close after the sale of these bonds and did not disclose that information. Tretton: Has is been disclosed that Mont Bleu is mid-sale? Forbath: Yes.
8. Possible Action: Consideration and Possible Adoption of a Resolution Authorizing the Issuance and Sale by the Authority of its Stateline Revenue Bonds, Series 2020, Approving the Form of Certain Documents with Respect to Such Bonds; and Ratifying Action Taken by Authority Officers Toward the Issuance of Such Bonds Northcross: Before you is an authorizing resolution prepared by Stradling Yocca Carleson & Rauth that approves the legal documents necessary to sell the bonds. The primary documents needed to build the Events Center include: • Bond Indentured, which details how the business deal between the TDVA and the bond investors works – The key with this document is that the operating budget for the TDVA is second in line at risk behind the bonds. • Preliminary official statement, which is the disclosure document for investors. Again, the finance team is confident that we will be able to deliver the bonds. Rice: I am very comfortable with the process and where we are at after my review of the documents. 5
Bradford: I appreciate all of the work that went in to these documents. Where are the markets currently? Gallagher: We are at a time of unprecedented low interest rates. The markets seized in March and April and were frozen for a time, and there has been a come-back in May and June and now exists a high demand for bonds. This is a non-rated security investment and provides some stability for high-yield investors. Koster: This has been a great idea in the works for some time and will be a tremen- dous benefit to the community. Congratulations to Mike, Carol and Lew and the rest of the team. Bradford: Congratulations to Lew and Carol. Wunderlich: Congratulations to the team. Tretton: I am comfortable with these documents. Lew, do we have to state the full amount of the bond issuance? Feldman: We are at a paramount today not to exceed $120 Million. Shaver: That is included in the body of the document. Chaplin: I very much appreciate all of the hard work contributed by this team.
A motion was made to adopt the resolution authorizing the issuance and sale by the Au- thority of its Stateline revenue bonds, series 2020, approving the form of certain docu- ments with respect to such bonds; and ratifying action taken by Authority officers toward the issuance of such bonds. Motion: Bradford Seconded: Rice Approved: Unanimous
9. Recommendations: Future Agenda Items None
10. Updates by Board Members and Staff None
11. Public Comment None
12. ADJOURNMENT: The meeting was adjourned at 4:42 PM 6
Municipalities in the SEC’s Crosshairs: Disclosure Responsibilities and Best Practices in an Era of Heightened Scrutiny
Prepared by: Brian Forbath
Stradling Yocca Carlson & Rauth, P.C. 660 Newport Center Drive, Suite 1600 Newport Beach, CA 92660
949.725.4000 P 949.725.4100 F
www.sycr.com
NEWPORT BEACH I RENO I SACRAMENTO I SAN DIEGO I SAN FRANCISCO I SANTA BARBARA I SANTA MONICA 7 Public Statements by Authority Officials
▪ Generally, no requirement to speak. ▪ When a municipality elects to “speak to the market,” it must be accurate and complete. ▪ Examples of public statements:
• Preliminary official statements and official statements;
• Continuing disclosure filings;
• CAFRs;
• Press releases and public statements by officials, such as State of the Authority addresses.
2 Privileged and Confidential 8 Indirect Regulation by the SEC
▪ Municipal issuers are subject to the SEC’s antifraud rules even though they do not have to register securities and are exempt from the SEC’s periodic reporting requirements. ▪ “When a municipal issuer releases information to the public that is reasonably expected to reach investors and the trading markets, such disclosure is subject to the antifraud provisions.” (SEC 2012 Report on Municipal Issuers) ▪ “The fact that [statements] are not published for purposes of informing the securities markets does not alter the mandate that they not violate antifraud proscriptions.” (March 1994 Statement of the Commission Regarding Disclosure Obligations of Municipal Securities and Others)
Privileged and Confidential 3 9 Securities Violations Under Rule 10b-5
▪ Rule 10b-5: It shall be unlawful for any person . . . to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, in connection with the purchase or sale of any security. ▪ Intentional or reckless act is required. ▪ Under Section 17(a) of the Securities Act, the SEC can charge securities fraud under a negligence standard (“knew or should have known”).
Privileged and Confidential 4 10 The Question of Materiality ▪ The materiality standard remains opaque, but it is clear that the SEC staff’s bar for materiality is very low. ▪ Materiality is defined as: • a substantial likelihood that a reasonable bond investor would consider it important in making an investment decision; or • viewed by a reasonable investor as having significantly altered the “total mix” of available information. ▪ In practice, SEC staff takes a subjective, hindsight view of materiality.
Privileged and Confidential 5 11 Reliance on Professional Services
▪ Issuers and principals are ultimately accountable for the accuracy of statements of fact about the issuer and cannot delegate this responsibility. ▪ In the event of a misstatement, reliance on advice of professionals will only serve as a defense under limited circumstances. ▪ Presence of counsel does not equate to advice of counsel (a defense requiring a privilege waiver): SEC generally requires a direct request for advice on a particular disclosure topic.
Privileged and Confidential 6 12 SEC Enforcement Actions
▪ Municipalities Securities and Public Pensions Unit ▪ SEC expects nearly strict liability for compliance. Recent cases have sought: • Financial penalties; • Individual accountability (control person liability); • Parallel criminal charges; • Admission of wrongdoing; • Public statements outside of offering materials or continuing disclosures.
7 Privileged and Confidential 13 SEC Investigations – An Inside Look
▪ An investigation is NOT a litigation; ▪ Broad document subpoenas; ▪ Team of lawyers and accountants with no automatic protections offered by a court; ▪ No designated timeline or budget; ▪ Personal subpoenas issued to officials and staff; ▪ Cooperation and credibility are paramount.
8 Privileged and Confidential 14 SEC Settlements and the Wells Process
▪ Terms of settlement may take numerous forms: • Generally “neither admit nor deny” but may require an admission; • Cease and Desist Order; • Financial penalty and/or disgorgement; • Industry bar for individuals; • Compliance undertakings (including consultants and monitors); • Cooperation against others under investigation; • Future disclosure obligations.
9 Privileged and Confidential DocuSign Envelope ID: 19ED30EA-AC71-4E3C-B883-3CF0119434FD 15
RESOLUTION NO. 20(09)-04
A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE BY THE AUTHORITY OF ITS STATELINE REVENUE BONDS, SERIES 2020, APPROVING THE FORM OF CERTAIN DOCUMENTS WITH RESPECT TO SUCH BONDS; AND RATIFYING ACTION TAKEN BY AUTHORITY OFFICERS TOWARD THE ISSUANCE OF SUCH BONDS.
WHEREAS, the Authority is a governmental agency established by the Tahoe- Douglas Visitor’s Authority Act, Chapter 496, Statutes of Nevada 1997, as amended (the “Act”);
WHEREAS, the Authority is authorized pursuant to the Act to develop, construct, and operate a multiuse event center (the “Event Center”);
WHEREAS, the Authority and the Douglas County Redevelopment Agency (the “Redevelopment Agency”) have entered into the Tax Increment Pledge Agreement for Event Center (the “Tax Increment Pledge Agreement”) pursuant to which the Redevelopment Agency will remit certain tax increment revenues to the Authority to be used to finance the Event Center or to pay principal of or interest on the Bonds (defined below);
WHEREAS, Douglas County, Nevada, has imposed: a) the 1% transient lodging license tax assessed pursuant to Section 3.70.030 of the Douglas County, Nevada Code (the “County Code”), which is transmitted to the Authority pursuant to Section 3.70.110.C of the County Code; and b) the 2% transient lodging license tax assessed pursuant to Section 3.70.030 of the County Code, which is transmitted to by the Authority pursuant to Section 3.70.110.B of the County Code;
WHEREAS, pursuant to Section 19.5 of the Act, there is imposed a tourism surcharge of $5 on the per night charge for the rental of lodgings in the Tahoe Township, which, after costs of collection (not to exceed 1%), is remitted to the Authority;
WHEREAS, pursuant to Section 19 of the Act, there is imposed an occupancy tax of 8% on vendors furnishing lodgings in the Tahoe Township, a portion of which, after the cost of collection (not to exceed 1%), is remitted to the Authority pursuant to Section 26 of the Act;
WHEREAS, pursuant to the Act and Nevada Revised Statutes (“NRS”) Chapter 350 (the “Bond Act”), the Authority is authorized to issue municipal securities to finance the acquisition, development, and construction of the Event Center which are payable from: a) the occupancy taxes and transient occupancy taxes imposed pursuant to the Act and the County Code; b) the tourism surcharge imposed pursuant to the Act; and c) tax increment revenue to be received by the Authority from the Redevelopment Agency pursuant to the Tax Increment Pledge Agreement;
WHEREAS, the Board of Directors of the Authority (the “Board”) hereby determines that it is in the best interests of the Authority to issue its “Tahoe-Douglas Visitors Authority, State of Nevada Stateline Revenue Bonds, Series 2020” in the maximum aggregate principal amount of $120,000,000 (the “Bonds”) to provide funds to pay a portion of the cost and expense of the acquisition, development, and construction of the Event Center, funding of the DocuSign Envelope ID: 19ED30EA-AC71-4E3C-B883-3CF0119434FD 16
Reserve Fund up to the Reserve Requirement (each as defined in the Indenture (defined below)), and paying the costs of issuance of the Bonds (collectively, the “Project”);
WHEREAS, the Bonds are to be payable from the sources described in the preceding paragraphs as permitted by the Act and the Bond Act and as more fully described in the Indenture of Trust (the “Indenture”) between the Authority and U.S. Bank National Association, as trustee (the “Trustee”) relating to the Bonds;
WHEREAS, the Bonds are to be sold by the Authority to Stifel, Nicolaus & Company, Incorporated (the “Purchaser”) on the terms set forth in the Bond Purchase Contract by and between the Purchaser and the Authority to be dated the date of sale of the Bonds in substantially the form filed with the Authority Secretary (the “Bond Purchase Contract”);
WHEREAS, the Bonds are to bear interest at the rates per annum provided in the bond purchase proposal submitted by the Purchaser and accepted by the President and CEO of the Authority (the “CEO”), which rates must not exceed by more than 3% the Index of Revenue Bonds most recently published in The Bond Buyer prior to the time the offer to purchase the Bonds is received, and are to be sold at a price equal to the principal amount thereof, plus accrued interest to the date of delivery of the Bonds, less a discount not exceeding 9% of the principal amount thereof, all as specified by the CEO in a certificate dated on or before the date of delivery of the Bonds (the “Sale Certificate”);
WHEREAS, the Authority hereby elects to have the provisions of NRS Chapter 348 (the “Supplemental Bond Act”) apply to the Bonds;
WHEREAS, the Board has found and determined and hereby declares:
(a) It is necessary and in the best interests of the Authority to effect the Project and to issue the Bonds; and
(b) Each of the limitations and other conditions to the issuance of the Bonds in the Act, the Bond Act, the Supplemental Bond Act, and in any other relevant act of the State or the Federal Government, has been met; and
WHEREAS, there are on file with the Secretary of the Authority (the “Authority Secretary”) the proposed forms of the following: (i) the Indenture; (ii) the Bond Purchase Contract; (iii) the Continuing Disclosure Certificate relating to the Bonds (the “Disclosure Certificate”); and (iv) the Preliminary Official Statement to be used by the Purchaser in connection with the offering of the Bonds (the “Preliminary Official Statement”).
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE TAHOE-DOUGLAS VISITORS AUTHORITY, IN THE STATE OF NEVADA:
2 DocuSign Envelope ID: 19ED30EA-AC71-4E3C-B883-3CF0119434FD 17
Section 1. This Resolution shall be known as, and may be cited by, the short title “2020 Stateline Revenue Bond Resolution” (the “Resolution”).
Section 2. To provide the funds for the Project, the Authority hereby authorizes the issuance of its revenue bonds under the Act, the Bond Act, and the Supplemental Bond Act, to be designated the “Tahoe-Douglas Visitors Authority, State of Nevada, Stateline Revenue Bonds, Series 2020.” The Bonds shall be issued in an aggregate principal amount of not to exceed $120,000,000, mature in the years and amounts, bear interest, and be subject to redemption as provided in the Sale Certificate. The Bonds shall be dated, shall be substantially in the forms and in the denominations and shall have the terms and provisions (including, without limitation, provisions relating to their registration, authentication and redemption, and provisions related to a reserve fund for the Bonds) provided in the Sale Certificate and the Indenture. The Bonds are payable solely from the Pledged Revenue (as defined in the Indenture) and from the other sources set forth in the Indenture.
Section 3. The forms, terms and provisions of the Indenture, the Disclosure Certificate, and the Purchase Contract be and they hereby are approved in substantially the forms on file with the Authority Secretary, with only such changes therein as are not inconsistent herewith and are approved by the officers of the Authority executing the same. The officers of the Authority designated therein are hereby authorized to execute and deliver the Indenture, the Disclosure Certificate, the Sale Certificate, and the Purchase Contract, and the execution and delivery of the same shall constitute conclusive evidence of the Authority’s approval thereof in accordance with the terms hereof. The Authority Secretary is hereby authorized and directed to affix the Authority seal to and to attest any such documents.
Section 4. The Authority hereby authorizes, ratifies and confirms the use of the Preliminary Official Statement by the Purchaser in connection with the offering of the Bonds and hereby approves the distribution by the Purchaser of a final Official Statement in connection with the offering of the Bonds, which final Official Statement shall be substantially in the form of the Preliminary Official Statement with only such changes as shall be approved by the CEO. The CEO is authorized to “deem final” the Preliminary Official Statement for purposes of SEC Rule 15c2-12.
Section 5. The forms, terms and provisions of the Bonds, in the forms contained in the Indenture, are hereby approved with only such changes therein, if any, as are not inconsistent herewith. The President of the Authority is hereby authorized and directed to execute the Bonds, the Treasurer of the Authority (the “Authority Treasurer”) is hereby authorized and directed to countersign the Bonds, and the Authority Secretary is hereby authorized and directed to affix the Authority seal to and to attest the Bonds. Such signatures of the President of the Authority, the Authority Treasurer, and the Authority Secretary and the seal of the Authority shall be by facsimile or manually affixed. In case any official whose signature should appear on any Bond shall cease to be such official before the delivery of such Bond, such signature shall nevertheless be valid and sufficient for all purposes, the same as if he or she had remained in office until delivery.
3 DocuSign Envelope ID: 19ED30EA-AC71-4E3C-B883-3CF0119434FD 18
Section 6. The officers of the Authority shall take all action in conformity with the Act, the Bond Act, and the Supplemental Bond Act necessary or reasonably required to effectuate the issuance of the Bonds and shall take all action necessary or desirable in conformity with the Act, the Bond Act, and the Supplemental Bond Act to effect the Project and to carry out, give effect to and consummate the transactions contemplated by this Resolution, the Sale Certificate, the Indenture, the Disclosure Certificate, and the Purchase Contract, including without limitation the execution and delivery of any closing documents to be delivered in connection with the sale and delivery of the Bonds.
Section 7. This Resolution is adopted by virtue of the Act, the Bond Act, and the Supplemental Bond Act and pursuant to their provisions, and the Authority has ascertained and hereby determines that each and every matter and thing as to which provision is made herein is necessary in order to carry out and to effectuate the purposes of the Authority in accordance with the Act, the Bond Act, and the Supplemental Bond Act.
Section 8. The Authority has determined and does hereby declare:
(a) The estimated life or estimated period of usefulness of the improvements to be financed with the proceeds of the Bonds is not less than 30 years; and
(b) The Bonds shall mature at times not exceeding such estimated life or estimated period of usefulness.
Section 9. It is necessary and for the best interests of the Authority that the Authority effect the Project and defray the cost thereof by issuing the Bonds therefor, and it is hereby so determined and declared.
Section 10. All resolutions, or parts thereof, in conflict with the provisions of this resolution, are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revive any resolution, or part thereof, previously repealed.
Section 11. If any section, paragraph, clause, or other provision of this resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or other provision shall not affect any of the remaining provisions of this resolution.
4 DocuSign Envelope ID: 19ED30EA-AC71-4E3C-B883-3CF0119434FD 19
PASSED, ADOPTED AND APPROVED this September 29, 2020.
Tim Tretton Chair
Attest:
______Vice Chair and Secretary
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STATE OF NEVADA ) ) COUNTY OF DOUGLAS ) ss
I am the duly chosen and qualified Vice Chair and Secretary of the Tahoe-Douglas Visitors Authority (the “Authority”), in the State of Nevada, do hereby certify:
1. The foregoing pages constitute a true, correct, complete and compared copy of a resolution adopted by the Board of Directors of the Authority (the “Board”) at a meeting held on September 29, 2020.
2. The adoption of the resolution was duly moved and seconded and the resolution was adopted by an affirmative vote of a majority of the members of the Board as follows:
Chair: Tim Tretton Board members: ______Mike Bradford Wesley Rice Xenia Wunderlick Those Voting Nay: ______Those Absent: ______
3. The original of the resolution has been approved and authenticated by the signatures of the Chairman of the Board and myself as Vice Chair and Secretary and has been recorded in the regular official record of the Board kept for that purpose in my office, which record has been duly signed by the officers and properly sealed.
4. Public notice of such meeting attached as Exhibit A was given and such meeting was held and conducted in full compliance with the provisions of the Nevada Open Meeting law as outlined in NRS Chapter 241, and as modified by the COVID-19 related State of Nevada Executive Department Declaration of Emergency Directives 006, 016, 018, 021, 26, and 029 dated March 22, 2020, April 29, 2020, May 7, 2020, May 28, 2020, June 29, 2020, and July 31, 2020, respectively. A copy of the notice of public meeting, as posted prior to 9:00 a.m. at least 3 business days in advance of the meeting on the Authority’s website and the State of Nevada’s official public notice website is attached as Exhibit A.
5. Upon request, the Board provides at no charge, at least one copy of the agenda for its public meetings, any proposed ordinance or regulation which will be discussed at the public meeting, and any other supporting materials provided to the Board for an item on the agenda, except for certain confidential materials and materials pertaining to closed meetings, as provided by law.
6. A copy of such notice so given of the meeting of the Board on September 29, 2020 is attached to this certificate as Exhibit A.
6 DocuSign Envelope ID: 19ED30EA-AC71-4E3C-B883-3CF0119434FD 21
IN WITNESS WHEREOF, I have hereunto set my hand on this September 29, 2020.
By: ______Vice Chair and Secretary
7 DocuSign Envelope ID: 19ED30EA-AC71-4E3C-B883-3CF0119434FD 22
(EXHIBIT A)
(Attach Copy of Notice of Meeting)
8 23
TDVA FY20 Profit & Loss Summary - July 2020 BOARD APPROVED DO NOT MODIFY July Year to Date VARIANCE Comments VARIANCE ACTUAL BUDGET ACTUAL YTD BUDGET YTD
Unrestricted Revenues TOT - 65% Allocation of Residual from 8% 567,452 338,295 229,157 68% 567,452 338,295 229,157 68% TOT - 1% Allocation to TDVA off the Top 126,157 75,210 50,947 68% 126,157 75,210 50,947 68% LLF - 2% Transient Lodging and License Tax to TDVA 252,313 150,420 101,893 68% 252,313 150,420 101,893 68% 945,922 563,925 381,997 68% 945,922 563,925 381,997 68% Restricted Revenues - - - 0% - - - 0% $5 Room Surcharge (Bond Restricted) 242,936 212,964 29,972 14% 242,936 212,964 29,972 14% Tax Increment Revenue (Bond Restricted) - - - 0% - - - 0% LLF - 1% Lodging and License Tax (Events Center Rest.) 126,157 75,210 50,947 68% 126,157 75,210 50,947 68% Reimbursement from Bond Proceeds - - - 0% - - - 0% 369,093 288,174 80,919 28% 369,093 288,174 80,919 28% 1,315,015 852,099 462,916 54% 1,315,015 852,099 462,916 54% Miscellaneous Revenue 6,250 6,250 - 0% 6,250 6,250 - 0% Interest Earned 2,431 7,512 (5,081) -68% 2,431 7,512 (5,081) -68% Events Center Revenue - - - 0% - - - 0% 8,681 8,681 13,762 (5,081) -37% 8,681 13,762 (5,081) -37% Total Revenues 1,323,696 865,861 457,835 53% 1,323,696 865,861 457,835 53%
Marketing Support Operation Sierra Storm - - - 0% - - - 0% TDVA RASC Participation - - - 0% - - - 0% LTVA Marketing (20% of unrest. revenues per MOU) 84,379 84,379 - 0% 84,379 84,379 - 0% LTVA Celebrity Golf - - - 0% - - - 0% Events - Other - 260,000 260,000 100% Fireworks 2020 did not occur - 260,000 260,000 100% Total Marketing Support 84,379 344,379 260,000 75% 84,379 344,379 260,000 75% Marketing Programs - - - 0% - - - 0% Harveys Summer Concert Series - - - 0% - - - 0% Heavenly Events - - - 0% - - - 0% Tahoe Chamber Programs 3,333 3,333 - 0% 3,333 3,333 - 0% Other Marketing Programs - - - 0% - - - 0% Total Marketing Programs 3,333 3,333 - 0% 3,333 3,333 - 0% Administration - - - 0% - - - 0% LTVA Admin 24,379 24,379 - 0% 24,379 24,379 - 0% STE Airport Stand 815 800 (15) -2% 815 800 (15) -2% Prim Lease 31,323 31,323 (0) 0% 31,323 31,323 (0) 0% Insurance - - - 0% - - - 0% Audit - - - 0% - - - 0% Legal 130 250 120 48% 130 250 120 48% Miscellaneous - - - 0% - - - 0% Total Administration 56,647 56,752 105 0% 56,647 56,752 105 0% Total Operating Expenditures 144,359 404,464 260,105 64% 144,359 404,464 260,105 64% Events Center - Planning & Development Costs - - - 0% - - - 0% Construction - - - 0% - - - 0% Other Planning & Development 312,153 295,000 (17,153) -6% 312,153 295,000 (17,153) -6% Total Events Center - Planning & Development Costs 312,153 295,000 (17,153) -6% 312,153 295,000 (17,153) -6% Events Center Operations - - - 0% - - - 0% Salaries and Wages - - - 0% - - - 0% Operations and Maintenance - - - 0% - - - 0% Total Events Center Operations - - - 0% - - - 0% Bond Debt Service - - - 0% - - - 0% Interest Portion - - - 0% - - - 0% Principal Portion - - - 0% - - - 0% Total Bond Debt Service - - - 0% - - - 0% Total Expenditures 456,512 699,464 242,952 35% 456,512 699,464 242,952 35%
Net 867,184 166,397 700,787 421% 867,184 166,397 700,787 421% 24
BOARD APPROVED DO NOT MODIFY ACTUAL Preliminary BUDGET Variance $ Variance % BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET FY21 July YTD YTD YTD YTD August September October November December January February March April May June Total Revenues Unrestricted Revenues TOT - 65% Allocation of Residual from 8% 567,452 567,452 338,295 229,157 68% 307,618 303,750 138,403 131,611 307,213 251,393 309,957 224,180 198,992 141,372 383,949 3,036,733 TOT - 1% Allocation to TDVA off the Top 126,157 126,157 75,210 50,947 68% 68,390 67,530 30,770 29,260 68,300 55,890 68,910 49,840 44,240 31,430 85,360 675,130 LLF - 2% Transient Lodging and License Tax to TDVA 252,313 252,313 150,420 101,893 68% 136,780 135,060 61,540 58,520 136,600 111,780 137,820 99,680 88,480 62,860 170,720 1,350,260 Subtototal Unrestricted Revenues 945,922 945,922 563,925 381,997 68% 512,788 506,340 230,713 219,391 512,113 419,063 516,687 373,700 331,712 235,662 640,029 5,062,123
$5 Room Surcharge (Bond Restricted) 242,936 242,936 212,964 29,972 14% 225,351 215,507 181,651 172,462 152,439 204,794 192,741 159,881 229,803 195,768 304,207 2,447,568 Tax Increment Revenue (Bond Restricted) - - - - 0% - 234,738 - - 234,738 - - 234,738 - - 234,737 938,951 LLF - 1% Lodging and License Tax (Events Center Rest.) 126,157 126,157 75,210 50,947 68% 68,390 67,530 30,770 29,260 68,300 55,890 68,910 49,840 44,240 31,430 85,360 675,130 Reimbursement from Bond Proceeds - - - 0% - 5,000,000 ------5,000,000 Subtotal Events Center and Bond Restricted Revenues 369,093 369,093 288,174 80,919 28% 293,741 5,517,775 212,421 201,722 455,477 260,684 261,651 444,459 274,043 227,198 624,304 9,061,649 Total Revenues Pledged to Debt Service 1,315,015 1,315,015 852,099 462,916 54% 806,529 6,024,115 443,134 421,113 967,590 679,747 778,338 818,159 605,755 462,860 1,264,333 14,123,772 Miscellaneous Revenue 6,250 6,250 6,250 - 0% 6,250 6,250 6,250 6,250 6,250 6,250 6,250 41,250 6,250 6,250 6,250 110,000 Interest Earned 2,431 2,431 7,512 (5,081) -68% 7,187 7,066 6,892 6,660 6,434 4,664 4,455 4,656 4,836 5,121 5,148 70,630 Events Center Revenue - - - - 0% ------Total Unpledged Revenues 8,681 8,681 13,762 (5,081) -37% 13,437 13,316 13,142 12,910 12,684 10,914 10,705 45,906 11,086 11,371 11,398 180,630 Total Revenues 1,323,696 1,323,696 865,861 457,835 53% 819,966 6,037,431 456,276 434,023 980,274 690,661 789,043 864,065 616,841 474,231 1,275,731 14,304,402
Expenditures Marketing Support Operation Sierra Storm - - - 0% - - - - - 10,000 - - - - - 10,000 TDVA RASC Participation - - - 0% - - - - - 12,500 - - 12,500 - - 25,000 LTVA Marketing (20% of unrest. revenues per MOU) 84,379 84,379 84,379 - 0% 84,379 84,379 84,379 84,379 84,379 84,379 84,379 84,379 84,379 84,379 84,256 1,012,425 LTVA Celebrity Golf - - - 0% - - - - - 225,000 - 150,000 - 200,000 175,000 750,000 Events - Other - 260,000 260,000 100% ------260,000 Total Marketing Support 84,379 84,379 344,379 260,000 75% 84,379 84,379 84,379 84,379 84,379 331,879 84,379 234,379 96,879 284,379 259,256 2,057,425 Marketing Programs Harveys Summer Concert Series - - - 0% ------0 Heavenly Events - - - 0% - - 25,000 25,000 ------50,000 Tahoe Chamber Programs 3,333 3,333 3,333 - 0% 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,337 40,000 Other Marketing Programs - - - 0% ------0 Total Marketing Programs 3,333 3,333 3,333 - 0% 3,333 3,333 28,333 28,333 3,333 3,333 3,333 3,333 3,333 3,333 3,337 90,000
LTVA Admin 24,379 24,379 24,379 - 0% 24,379 24,379 24,379 24,379 24,379 24,379 24,379 24,379 24,379 24,379 24,383 292,552 STE Airport Stand 815 815 800 (15) -2% 800 800 800 800 800 800 800 800 800 800 800 9,600 Prim Lease 31,323 31,323 31,323 0 0% 31,323 31,323 31,323 32,974 32,974 32,974 32,974 32,974 32,974 32,974 32,975 389,084 Insurance - - - 0% 5,600 ------8,000 13,600 Audit - - - 0% - - - - - 11,000 - - - - - 11,000 Legal 130 130 250 120 48% 250 250 250 250 250 250 250 250 250 250 250 3,000 Miscellaneous - - - 0% ------5,000 5,000 Total Administration 56,647 56,647 56,752 105 0% 62,352 56,752 56,752 58,403 58,403 69,403 58,403 58,403 58,403 58,403 71,408 723,836 Total Operating Expenditures 144,359 144,359 404,464 260,105 64% 150,064 144,464 169,464 171,115 146,115 404,615 146,115 296,115 158,615 346,115 334,001 2,871,261 Events Center - Planning & Development Costs - - - 0% ------Construction - - - 0% 703,000 1,500,000 2,000,000 797,000 ------5,000,000 Other Planning & Development 312,153 312,153 295,000 (17,153) -6% 78,000 78,000 78,000 78,000 78,000 78,000 78,000 78,000 78,000 78,000 80,455 1,155,455 Total Events Center - Planning & Development Costs 312,153 312,153 295,000 (17,153) -6% 781,000 1,578,000 2,078,000 875,000 78,000 78,000 78,000 78,000 78,000 78,000 80,455 6,155,455 Events Center Operations - - - 0% 0 0 0 0 0 0 0 0 0 0 0 Salaries and Wages - - - - 0% ------Operations and Maintenance - - - - 0% ------Total Events Center Operations - - - - 0% ------Bond Debt Service - - - 0% ------Interest Portion - - - - 0% - - - - 100,372 - - - - - 203,000 303,372 Principal Portion - - - - 0% ------935,000 935,000 Total Bond Debt Service - - - - 0% - - - - 100,372 - - - - - 1,138,000 1,238,372 Total Expenditures 456,512 456,512 699,464 242,952 35% 931,064 1,722,464 2,247,464 1,046,115 324,487 482,615 224,115 374,115 236,615 424,115 1,552,456 10,265,088
Net 867,184 867,184 166,397 700,787 421% (111,098) 4,314,967 (1,791,187) (612,092) 655,787 208,046 564,928 489,950 380,226 50,116 (276,725) 4,039,314 25
TDVA FY20 Profit & Loss Summary - August 2020 BOARD APPROVED DO NOT MODIFY August Year to Date VARIANCE Comments VARIANCE ACTUAL BUDGET ACTUAL YTD BUDGET YTD
Unrestricted Revenues TOT - 65% Allocation of Residual from 8% 634,384 307,618 326,766 106% 1,201,836 645,913 555,923 86% TOT - 1% Allocation to TDVA off the Top 141,037 68,390 72,647 106% 267,194 143,600 123,594 86% LLF - 2% Transient Lodging and License Tax to TDVA 282,074 136,780 145,294 106% 534,387 287,200 247,187 86% 1,057,495 512,788 544,707 106% 2,003,417 1,076,713 926,704 86% Restricted Revenues - - - 0% - - - 0% $5 Room Surcharge 276,598 225,351 51,247 23% 519,534 438,315 81,219 19% RDA 2 Tax Increment Revenue - - - 0% - - - 0% LLF - 1% Lodging and License Tax 141,037 68,390 72,647 106% 267,194 143,600 123,594 86% Reimbursement from Bond Proceeds - - - 0% - - - 0% 417,635 293,741 123,894 42% 786,728 581,915 204,813 35% 1,475,130 806,529 668,601 83% 2,790,145 1,658,628 1,131,517 68% Miscellaneous Revenue 6,250 6,250 - 0% 12,500 12,500 - 0% Interest Earned 2,026 7,187 (5,161) -72% 4,457 14,698 (10,241) -70% Events Center Revenue - - - 0% - - - 0% 8,276 8,276 13,437 (5,161) -38% 16,957 27,198 (10,241) -38% Total Revenues 1,483,406 819,966 663,440 81% 2,807,102 1,685,826 1,121,276 67%
Marketing Support Operation Sierra Storm - - - 0% - - - 0% TDVA RASC Participation - - - 0% - - - 0% LTVA Marketing (20% of unrest. revenues per MOU) 84,379 84,379 - 0% 168,758 168,758 - 0% LTVA Celebrity Golf - - - 0% - - - 0% Events - Other - - - 0% - 260,000 260,000 100% Total Marketing Support 84,379 84,379 - 0% 168,758 428,758 260,000 61% Marketing Programs - - - 0% - - - 0% Harveys Summer Concert Series - - - 0% - - - 0% Heavenly Events - - - 0% - - - 0% Tahoe Chamber Programs 3,333 3,333 - 0% 6,666 6,666 - 0% Other Marketing Programs - - - 0% - - - 0% Total Marketing Programs 3,333 3,333 - 0% 6,666 6,666 - 0% Administration - - - 0% - - - 0% LTVA Admin 24,379 24,379 - 0% 48,758 48,758 - 0% STE Airport Stand 815 800 (15) -2% 1,630 1,600 (30) -2% Prim Lease 31,323 31,323 (0) 0% 62,646 62,645 (1) 0% Insurance 5,559 5,600 41 1% 5,559 5,600 41 1% Audit - - - 0% - - - 0% Legal - 250 250 100% 130 500 370 74% Miscellaneous 15 100 85 85% 15 100 85 85% Total Administration 62,091 62,452 361 1% 118,738 119,203 465 0% Total Operating Expenditures 149,803 150,164 361 0% 294,162 554,627 260,465 47% Events Center - Planning & Development Costs - - - 0% - - - 0% Construction 702,629 703,000 371 0% 702,629 703,000 371 0% Other Planning & Development 92,670 78,000 (14,670) -19% 404,823 373,000 (31,823) -9% Total Events Center - Planning & Development Costs 795,299 781,000 (14,299) -2% 1,107,452 1,076,000 (31,452) -3% Events Center Operations - - - 0% - - - 0% Salaries and Wages - - - 0% - - - 0% Operations and Maintenance - - - 0% - - - 0% Total Events Center Operations - - - 0% - - - 0% Bond Debt Service - - - 0% - - - 0% Interest Portion - - - 0% - - - 0% Principal Portion - - - 0% - - - 0% Total Bond Debt Service - - - 0% - - - 0% Total Expenditures 945,102 931,164 (13,938) -1% 1,401,614 1,630,627 229,013 14%
Net 538,304 (111,198) 649,502 584% 1,405,488 55,199 1,350,289 2446% 26
BOARD APPROVED DO NOT MODIFY ACTUAL ACTUAL Preliminary BUDGET Variance $ Variance % BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET FY21 July August YTD YTD YTD YTD September October November December January February March April May June Total Revenues Unrestricted Revenues TOT - 65% Allocation of Residual from 8% 567,452 634,384 1,201,836 645,913 555,923 86% 303,750 138,403 131,611 307,213 251,393 309,957 224,180 198,992 141,372 383,949 3,036,733 TOT - 1% Allocation to TDVA off the Top 126,157 141,037 267,194 143,600 123,594 86% 67,530 30,770 29,260 68,300 55,890 68,910 49,840 44,240 31,430 85,360 675,130 LLF - 2% Transient Lodging and License Tax to TDVA 252,313 282,074 534,387 287,200 247,187 86% 135,060 61,540 58,520 136,600 111,780 137,820 99,680 88,480 62,860 170,720 1,350,260 Subtototal Unrestricted Revenues 945,922 1,057,495 2,003,417 1,076,713 926,704 86% 506,340 230,713 219,391 512,113 419,063 516,687 373,700 331,712 235,662 640,029 5,062,123
$5 Room Surcharge (Bond Restricted) 242,936 276,598 519,534 438,315 81,219 19% 215,507 181,651 172,462 152,439 204,794 192,741 159,881 229,803 195,768 304,207 2,447,568 Tax Increment Revenue (Bond Restricted) - - - - 0% 234,738 - - 234,738 - - 234,738 - - 234,737 938,951 LLF - 1% Lodging and License Tax (Events Center Rest.) 126,157 141,037 267,194 143,600 123,594 86% 67,530 30,770 29,260 68,300 55,890 68,910 49,840 44,240 31,430 85,360 675,130 Reimbursement from Bond Proceeds - - - 0% 5,000,000 - #REF! ------5,000,000 Subtotal Events Center and Bond Restricted Revenues 369,093 417,635 786,728 581,915 204,813 35% 517,775 212,421 5,201,722 455,477 260,684 261,651 444,459 274,043 227,198 624,304 9,061,649 Total Revenues Pledged to Debt Service 1,315,015 1,475,130 2,790,145 1,658,628 1,131,517 68% 1,024,115 443,134 5,421,113 967,590 679,747 778,338 818,159 605,755 462,860 1,264,333 14,123,772 Miscellaneous Revenue 6,250 6,250 12,500 12,500 - 0% 6,250 6,250 6,250 6,250 6,250 6,250 41,250 6,250 6,250 6,250 110,000 Interest Earned 2,431 2,026 4,457 14,698 (10,241) -70% 7,066 6,892 6,660 6,434 4,664 4,455 4,656 4,836 5,121 5,148 70,630 Events Center Revenue - - - - - 0% ------Total Unpledged Revenues 8,681 8,276 16,957 27,198 (10,241) -38% 13,316 13,142 12,910 12,684 10,914 10,705 45,906 11,086 11,371 11,398 180,630 Total Revenues 1,323,696 1,483,406 2,807,102 1,685,826 1,121,276 67% 1,037,431 456,276 5,434,023 980,274 690,661 789,043 864,065 616,841 474,231 1,275,731 14,304,402
Expenditures Marketing Support Operation Sierra Storm - - - 0% - - - - 10,000 - - - - - 10,000 TDVA RASC Participation - - - 0% - - - - 12,500 - - 12,500 - - 25,000 LTVA Marketing (20% of unrest. revenues per MOU) 84,379 84,379 168,758 168,758 - 0% 84,379 84,379 84,379 84,379 84,379 84,379 84,379 84,379 84,379 84,256 1,012,425 LTVA Celebrity Golf - - - 0% - - - - 225,000 - 150,000 - 200,000 175,000 750,000 Events - Other - 260,000 260,000 100% ------260,000 Total Marketing Support 84,379 84,379 168,758 428,758 260,000 61% 84,379 84,379 84,379 84,379 331,879 84,379 234,379 96,879 284,379 259,256 2,057,425 Marketing Programs Harveys Summer Concert Series - - - 0% ------0 Heavenly Events - - - 0% - 25,000 25,000 ------50,000 Tahoe Chamber Programs 3,333 3,333 6,666 6,666 - 0% 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,337 40,000 Other Marketing Programs - - - 0% ------0 Total Marketing Programs 3,333 3,333 6,666 6,666 - 0% 3,333 28,333 28,333 3,333 3,333 3,333 3,333 3,333 3,333 3,337 90,000
LTVA Admin 24,379 24,379 48,758 48,758 - 0% 24,379 24,379 24,379 24,379 24,379 24,379 24,379 24,379 24,379 24,383 292,552 STE Airport Stand 815 815 1,630 1,600 (30) -2% 800 800 800 800 800 800 800 800 800 800 9,600 Prim Lease 31,323 31,323 62,646 62,645 (1) 0% 31,323 31,323 32,974 32,974 32,974 32,974 32,974 32,974 32,974 32,975 389,084 Insurance 5,559 5,559 5,600 41 1% ------8,000 13,600 Audit - - - 0% - - - - 11,000 - - - - - 11,000 Legal 130 130 500 370 74% 250 250 250 250 250 250 250 250 250 250 3,000 Miscellaneous 15 15 100 85 85% 100 100 100 100 100 100 100 100 100 4,000 5,000 Total Administration 56,647 62,091 118,738 119,203 465 0% 56,852 56,852 58,503 58,503 69,503 58,503 58,503 58,503 58,503 70,408 723,836 Total Operating Expenditures 144,359 149,803 294,162 554,627 260,465 47% 144,564 169,564 171,215 146,215 404,715 146,215 296,215 158,715 346,215 333,001 2,871,261 Events Center - Planning & Development Costs Construction 702,629 702,629 703,000 371 0% 1,300,000 2,000,000 997,000 ------5,000,000 Other Planning & Development 312,153 92,670 404,823 373,000 (31,823) -9% 156,000 82,455 68,000 68,000 68,000 68,000 68,000 68,000 68,000 68,000 1,155,455 Total Events Center - Planning & Development Costs 312,153 795,299 1,107,452 1,076,000 (31,452) -3% 1,456,000 2,082,455 1,065,000 68,000 68,000 68,000 68,000 68,000 68,000 68,000 6,155,455 Events Center Operations Salaries and Wages - - - - - 0% ------Operations and Maintenance - - - - - 0% ------Total Events Center Operations - - - - - 0% ------Bond Debt Service Interest Portion - - - - - 0% - - - 100,372 - - - - - 203,000 303,372 Principal Portion - - - - - 0% ------935,000 935,000 Total Bond Debt Service - - - - - 0% - - - 100,372 - - - - - 1,138,000 1,238,372 Total Expenditures 456,512 945,102 1,401,614 1,630,627 229,013 14% 1,600,564 2,252,019 1,236,215 314,587 472,715 214,215 364,215 226,715 414,215 1,539,001 10,265,088
Net 867,184 538,304 1,405,488 55,199 1,350,289 2446% (563,133) (1,795,742) 4,197,808 665,687 217,946 574,828 499,850 390,126 60,016 (263,270) 4,039,314 27
PRELIMINARY TDVA FY20 Profit & Loss Summary - September 2020 BOARD APPROVED DO NOT MODIFY September Year to Date VARIANCE Comments VARIANCE ACTUAL BUDGET ACTUAL YTD BUDGET YTD
Unrestricted Revenues TOT - 65% Allocation of Residual from 8% 303,750 303,750 - 0% Actual not yet received 1,505,586 949,663 555,923 59% TOT - 1% Allocation to TDVA off the Top 67,530 67,530 - 0% Actual not yet received 334,724 211,130 123,594 59% LLF - 2% Transient Lodging and License Tax to TDVA 135,060 135,060 - 0% Actual not yet received 669,447 422,260 247,187 59% 506,340 506,340 - 0% 2,509,757 1,583,053 926,704 59% Restricted Revenues - - - 0% - - - 0% $5 Room Surcharge 215,507 215,507 - 0% Actual not yet received 735,041 653,822 81,219 12% RDA 2 Tax Increment Revenue 327,674 234,738 92,936 40% Quarterly deposit received 327,674 234,738 92,936 40% LLF - 1% Lodging and License Tax 67,530 67,530 - 0% Actual not yet received 334,724 211,130 123,594 59% Reimbursement from Bond Proceeds - - - 0% - - - 0% 610,711 517,775 92,936 18% 1,397,439 1,099,690 297,749 27% 1,117,051 1,024,115 92,936 9% 3,907,196 2,682,743 1,224,453 46% Miscellaneous Revenue 6,250 6,250 - 0% 18,750 18,750 - 0% Interest Earned 1,718 7,066 (5,348) -76% 6,175 21,764 (15,589) -72% Events Center Revenue - - - 0% - - - 0% 7,968 7,968 13,316 (5,348) -40% 24,925 40,514 (15,589) -38% Total Revenues 1,125,019 1,037,431 87,588 8% 3,932,121 2,723,257 1,208,864 44%
Marketing Support Operation Sierra Storm - - - 0% - - - 0% TDVA RASC Participation - - - 0% - - - 0% LTVA Marketing (20% of unrest. revenues per MOU) 84,379 84,379 - 0% 253,137 253,137 - 0% LTVA Celebrity Golf - - - 0% - - - 0% Events - Other - - - 0% - 260,000 260,000 100% Total Marketing Support 84,379 84,379 - 0% 253,137 513,137 260,000 51% Marketing Programs - - - 0% - - - 0% Harveys Summer Concert Series - - - 0% - - - 0% Heavenly Events - - - 0% - - - 0% Tahoe Chamber Programs 3,333 3,333 - 0% 9,999 9,999 - 0% Other Marketing Programs - - - 0% - - - 0% Total Marketing Programs 3,333 3,333 - 0% 9,999 9,999 - 0% Administration - - - 0% - - - 0% LTVA Admin 24,379 24,379 - 0% 73,137 73,137 - 0% STE Airport Stand (4,791) 800 5,591 699% Refund from 2016 overpayment (3,161) 2,400 5,561 232% Prim Lease 31,323 31,323 (0) 0% 93,969 93,968 (1) 0% Insurance - - - 0% 5,559 5,600 41 1% Audit - - - 0% - - - 0% Legal - 250 250 100% 130 750 620 83% Miscellaneous 15 100 85 85% 30 200 170 85% Total Administration 50,926 56,852 5,926 10% 169,664 176,055 6,391 4% Total Operating Expenditures 138,638 144,564 5,926 4% 432,800 699,191 266,391 38% Events Center - Planning & Development Costs - - - 0% - - - 0% Construction 1,283,264 1,300,000 16,736 1% 1,985,893 2,003,000 17,107 1% Other Planning & Development 161,265 156,000 (5,265) -3% 566,088 529,000 (37,088) -7% Total Events Center - Planning & Development Costs 1,444,529 1,456,000 11,471 1% 2,551,981 2,532,000 (19,981) -1% Events Center Operations - - - 0% - - - 0% Salaries and Wages - - - 0% - - - 0% Operations and Maintenance - - - 0% - - - 0% Total Events Center Operations - - - 0% - - - 0% Bond Debt Service - - - 0% - - - 0% Interest Portion - - - 0% - - - 0% Principal Portion - - - 0% - - - 0% Total Bond Debt Service - - - 0% - - - 0% Total Expenditures 1,583,167 1,600,564 17,397 1% 2,984,781 3,231,191 246,410 8%
Net (458,148) (563,133) 104,985 19% 947,340 (507,934) 1,455,274 287% 28
BOARD APPROVED DO NOT MODIFY Preliminary ACTUAL ACTUAL ACTUAL Preliminary BUDGET Variance $ Variance % BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET FY21 July August September YTD YTD YTD YTD October November December January February March April May June Total Revenues Unrestricted Revenues TOT - 65% Allocation of Residual from 8% 567,452 634,384 303,750 1,505,586 949,663 555,923 59% 138,403 131,611 307,213 251,393 309,957 224,180 198,992 141,372 383,949 3,036,733 TOT - 1% Allocation to TDVA off the Top 126,157 141,037 67,530 334,724 211,130 123,594 59% 30,770 29,260 68,300 55,890 68,910 49,840 44,240 31,430 85,360 675,130 LLF - 2% Transient Lodging and License Tax to TDVA 252,313 282,074 135,060 669,447 422,260 247,187 59% 61,540 58,520 136,600 111,780 137,820 99,680 88,480 62,860 170,720 1,350,260 Subtototal Unrestricted Revenues 945,922 1,057,495 506,340 2,509,757 1,583,053 926,704 59% 230,713 219,391 512,113 419,063 516,687 373,700 331,712 235,662 640,029 5,062,123 Restricted Revenues $5 Room Surcharge (Bond Restricted) 242,936 276,598 215,507 735,041 653,822 81,219 12% 181,651 172,462 152,439 204,794 192,741 159,881 229,803 195,768 304,207 2,447,568 Tax Increment Revenue (Bond Restricted) - - 327,674 327,674 234,738 92,936 40% - - 234,738 - - 234,738 - - 234,737 938,951 LLF - 1% Lodging and License Tax (Events Center Rest.) 126,157 141,037 67,530 334,724 211,130 123,594 59% 30,770 29,260 68,300 55,890 68,910 49,840 44,240 31,430 85,360 675,130 Reimbursement from Bond Proceeds - - - - - 0% - 5,000,000 ------5,000,000 Subtotal Events Center and Bond Restricted Revenues 369,093 417,635 610,711 1,397,439 1,099,690 297,749 27% 212,421 5,201,722 455,477 260,684 261,651 444,459 274,043 227,198 624,304 9,061,649 Total Revenues Pledged to Debt Service 1,315,015 1,475,130 1,117,051 3,907,196 2,682,743 1,224,453 46% 443,134 5,421,113 967,590 679,747 778,338 818,159 605,755 462,860 1,264,333 14,123,772 Miscellaneous Revenue 6,250 6,250 6,250 18,750 18,750 - 0% 6,250 6,250 6,250 6,250 6,250 41,250 6,250 6,250 6,250 110,000 Interest Earned 2,431 2,026 1,718 6,175 21,764 (15,589) -72% 6,892 6,660 6,434 4,664 4,455 4,656 4,836 5,121 5,148 70,630 Events Center Revenue ------0% ------Total Unpledged Revenues 8,681 8,276 7,968 24,925 40,514 (15,589) -38% 13,142 12,910 12,684 10,914 10,705 45,906 11,086 11,371 11,398 180,630 Total Revenues 1,323,696 1,483,406 1,125,019 3,932,121 2,723,257 1,208,864 44% 456,276 5,434,023 980,274 690,661 789,043 864,065 616,841 474,231 1,275,731 14,304,402
Expenditures Marketing Support Operation Sierra Storm - - - - - 0% - - - 10,000 - - - - - 10,000 TDVA RASC Participation - - - - - 0% - - - 12,500 - - 12,500 - - 25,000 LTVA Marketing (20% of unrest. revenues per MOU) 84,379 84,379 84,379 253,137 253,137 - 0% 84,379 84,379 84,379 84,379 84,379 84,379 84,379 84,379 84,256 1,012,425 LTVA Celebrity Golf - - - - - 0% - - - 225,000 - 150,000 - 200,000 175,000 750,000 Events - Other - - - 260,000 260,000 100% ------260,000 Total Marketing Support 84,379 84,379 84,379 253,137 513,137 260,000 51% 84,379 84,379 84,379 331,879 84,379 234,379 96,879 284,379 259,256 2,057,425 Marketing Programs Harveys Summer Concert Series - - - - - 0% ------0 Heavenly Events - - - - - 0% 25,000 25,000 ------50,000 Tahoe Chamber Programs 3,333 3,333 3,333 9,999 9,999 - 0% 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,333 3,337 40,000 Other Marketing Programs - - - - - 0% ------0 Total Marketing Programs 3,333 3,333 3,333 9,999 9,999 - 0% 28,333 28,333 3,333 3,333 3,333 3,333 3,333 3,333 3,337 90,000 Administration 0 0 0 0 - 0% 0 0 0 0 0 0 0 0 0 LTVA Admin 24,379 24,379 24,379 73,137 73,137 - 0% 24,379 24,379 24,379 24,379 24,379 24,379 24,379 24,379 24,383 292,552 STE Airport Stand 815 815 (4,791) (3,161) 2,400 5,561 232% 800 800 800 800 800 800 800 800 800 9,600 Prim Lease 31,323 31,323 31,323 93,969 93,968 1 0% 31,323 32,974 32,974 32,974 32,974 32,974 32,974 32,974 32,975 389,084 Insurance - 5,559 5,559 5,600 41 1% ------8,000 13,600 Audit - - - - - 0% - - - 11,000 - - - - - 11,000 Legal 130 - 130 750 620 83% 250 250 250 250 250 250 250 250 250 3,000 Miscellaneous - 15 15 30 200 170 85% 100 100 100 100 100 100 100 100 4,000 5,000 Total Administration 56,647 62,091 50,926 169,664 176,055 6,391 4% 56,852 58,503 58,503 69,503 58,503 58,503 58,503 58,503 70,408 723,836 Total Operating Expenditures 144,359 149,803 138,638 432,800 699,191 266,391 38% 169,564 171,215 146,215 404,715 146,215 296,215 158,715 346,215 333,001 2,871,261 Events Center - Planning & Development Costs - - - - - 0% ------Construction - 702,629 1,283,264 1,985,893 2,003,000 17,107 1% 2,000,000 997,000 ------5,000,000 Other Planning & Development 312,153 92,670 161,265 566,088 529,000 (37,088) -7% 82,455 68,000 68,000 68,000 68,000 68,000 68,000 68,000 68,000 1,155,455 Total Events Center - Planning & Development Costs 312,153 795,299 1,444,529 2,551,981 2,532,000 (19,981) -1% 2,082,455 1,065,000 68,000 68,000 68,000 68,000 68,000 68,000 68,000 6,155,455 Events Center Operations Salaries and Wages ------0% ------Operations and Maintenance ------0% ------Total Events Center Operations ------0% ------Bond Debt Service - - - - - 0% ------Interest Portion ------0% - - 100,372 - - - - - 203,000 303,372 Principal Portion ------0% ------935,000 935,000 Total Bond Debt Service ------0% - - 100,372 - - - - - 1,138,000 1,238,372 Total Expenditures 456,512 945,102 1,583,167 2,984,781 3,231,191 246,410 8% 2,252,019 1,236,215 314,587 472,715 214,215 364,215 226,715 414,215 1,539,001 10,265,088
Net 867,184 538,304 (458,148) 947,340 (507,934) 1,455,274 287% (1,795,742) 4,197,808 665,687 217,946 574,828 499,850 390,126 60,016 (263,270) 4,039,314 29
TDVA Balance Sheet as of September 2020 (end of month)
ASSETS LIABILITIES & EQUITY Current Assets Liabilities Checking/Savings Current Liabilities 1000 · Wells Fargo 8,013,368 Accounts Payable 1002 · LGIP 3,167,503 2000 · Accounts Payable 748,254 Total Checking/Savings 11,180,871 Total Accounts Payable 748,254 Accounts Receivable Credit Cards 1004 · Accounts Receivable 6,250 2300 · Wells Fargo Business Elite Total Accounts Receivable 6,250 2305 · KM CC 15 Total Current Assets 11,187,121 Total 2300 · Wells Fargo Business Elite 15 Fixed Assets Total Credit Cards 15 1015 · Lease Deposit 26,400 Total Current Liabilities 748,269 1020 · Prepaid Rent 31,323 Total Liabilities 748,269 1025 · Misc Receivable Equity 1027 · Room Tax Receivable 3,733,178 3005 · Fund Balance 8,225,406 Total 1025 · Misc Receivable 3,733,178 3018 · $5 Surcharge BOND RESTRICTED 2,466,627 1100 · Construction in Progress (EC) 5,523,998 3019 · RDA 2 T.I. BOND RESTRICTED 1,183,471 Total Fixed Assets 9,314,899 3020 · FBO TDFPD Committed Fund 10,000 TOTAL ASSETS 20,502,020 3030 · Contingency 4,000,000 3035 · Prepaid Admin 2,462,757 Net Income 1,405,489 Total Equity 19,753,750 TOTAL LIABILITIES & EQUITY 20,502,020 30
Annual Report 2019-2020 July 1, 2019—June 30, 2020
FROM THE DESK OF THE CEO______LOOKING AHEAD This was from last year’s annual report: “Destination It’s a slow—sometimes daily—check-in on local sentiment, Marketing Organizations (DMO’s), like the Lake Tahoe Visitors visitor behavior and any glimmer of opportunity to safely Authority, are the experts in reaching markets and influencing the and responsibly support our community. We paused our decision to travel. Even so, social media and global access to travel advertising, cancelled events, and closed visitor centers in information have created an increasing interest by an overwhelming response to COVID-19. Now we have an eye on winter number of visitors, which now makes us ponder, are marketing and how that will unfold with ski resorts limiting capacity, efforts required in some cases and at certain times? We recognize restaurants with limited indoor seating, and lodging still at that our destination needs to be sustainable, and the DMO is in a less than 100% capacity. Our drive market appears to be position to engage, not only in encouragement towards off-peak strong, but our fly markets will need coaxing for several travel, but also responsible - even stewardship travel. The LTVA years for us to claw our way back. With this as our land- sees its role evolving to include stewardship initiatives and deeper scape, and the Events Center construction resuming in the connection and partnership with other organizations.” spring of 2021, the LTVA will continue to evolve to meet all of these challenges. We could not know how true this would be when COVID- 19 shut every destination down in March 2020. From then MISSION STATEMENT until now, we have been in the “Recovery” mode, starting with a “don’t travel here” theme to the current “come but be safe and help us stay open” theme. Little could we anticipate in March how pent-up demand for travel would overwhelm Lake Tahoe. Or how to predict visitor behavior as some loosening of travel and gathering restrictions were lifted. The entire LTVA staff was immersed in learning and collaborating at an intense level, engaged in protecting our destination, and at the same time working towards climbing out of a ruinous economic collapse. This year’s report sections will start with our traditional analysis of results and all will end with the quick and firm pivot the LTVA did in March in response to COVID-19.
Yours in Tourism,
Carol Chaplin President & CEO Lake Tahoe Visitors Authority LTVA Annual Report31 2019-2020 SALES & MEETINGS SALES MISSIONS The LTVA attended the following sales missions: The LTVA works with the travel trade industry domestically and • Visit California IFTM Top Resa Trade Show & Mission - France internationally to introduce and promote Lake Tahoe as a world class, year-round destination. It facilitates contract negotiations with third • Visit California India Sales Mission party vendors and also provides the tools and media assets needed to market and sell the destination. FAMILIARIZATION TOURS (FAMs) The LTVA and partners in the community are proponents of INTERNATIONAL REPRESENTATION educational FAM tours, and host individuals and small groups of travel trade professionals from key markets. The LTVA retains the services of four international representative firms, for sales, Prior to the COVID-19 pandemic, five international FAMs from the public relations and social media purposes: following countries were conducted:
International Representation
Australia France India United Australia China (Beijing Germany United Kingdom & Shanghai) Kingdom TRADE SHOWS The LTVA represented the destination at the Nevada Governor’s Global Tourism Summit and Visit California Outlook Forum. MEETINGS, CONVENTIONS & GROUPS Due to COVID-19 other events were postponed or cancelled. The LTVA promotes Lake Tahoe’s South Shore as a destination for meetings, conventions, corporate retreats, and other group INTERNATIONAL MARKETING gatherings, and assists potential clients in identifying appropriate Brochures: Chinese, English, French, German, Japanese, Korean, venues and contracts. Trade show attendance at major meetings Portuguese, Spanish supports local meetings properties: Trade Newsletters: Chinese, English, French, German, Japanese, Korean, Spanish Website: 14 foreign language landing pages & 42 specific country pages
PARTNERSHIPS
The FY19/20 Meetings marketing campaign reached nearly 1 million planners, generating 10,000 clicks to the landing page and 246 soft leads for hotel partners to develop. For the first time the LTVA hosted a meeting planner FAM with nine third party planners and one journalist introduced to Tahoe South. VISITOR INFORMATION SERVICES Digital Edge’s production team shot throughout and created 5 meetings videos. A pre and post destination perception study was completed with attendees to assist with ongoing meetings campaign strategy. The LTVA operates a Visitor Center at 169 Highway 50 Stateline, NV 89449 and the Explore Tahoe Visitor Center in the Heavenly Village. Due to COVID-19, both centers were closed in mid- March and remained closed through the end of FY19/20. Daily calls and emails were handled by staff during the shut-down, with many inquiries related to state and local travel restrictions and availability of services.
With very strong visitation at the Heavenly Village location prior to the shut-down, Visitor Information Specialists assisted almost 35,000 in-person visitors, 77% of them at that location.
2 TahoeSouth.com 2019-2020 32 LTVA Annual Report ADVERTISING
The destination’s personality and attitude is delivered through all creative messages, images and experiences. Tahoe South is young at heart, adventurous, social and active around the clock. It possesses an energetic nature that is reinforced by the juxtaposition of the environments in which it lives; day and night, winter and summer, outdoor adventure and indoor play. The brand resonates with a diverse audience, appealing to a broad spectrum of de- mographics that embrace the brand values. Our target market includes above average income active consumers who enjoy life, live it to the fullest and put pleasure first. They are always in search of new experiences and making new discoveries.
SUMMER CAMPAIGN The objectives were to raise awareness of South Lake Tahoe as a summer destination and to increase traffic and engagement on TahoeSouth.com website for inspiration and information on summer activities and events. The FY20 Summer campaign extended through to the end of September and included a new market, the Seattle DMA. The campaign resulted in over 78 million digital impressions and 616,000 website sessions.
Campaign Channels San Francisco Digital TV Sacramento (Bridge Construction & Hwy Targeted Display Ads 50 Road Closure information only) Mobile Apps New Markets E-blasts Seattle Paid Search Objective Facebook & Instagram Drive preference Traditional Markets Increase traffic on and engagement to San Diego TahoeSouth.com Orange County/Long Beach New Target Los Angeles Summer Active Adventurers Ages 25-49
WINTER CAMPAIGN The FY20 Winter campaign objectives included driving preference for Tahoe South as a vacation destination and increasing shoulder season and mid-week stays. Another emerging market, Houston was added to support increased flight service to Reno Airport. Traditional Markets Objective Los Angeles Drive preference San Francisco Increase traffic on and engagement to New Markets TahoeSouth.com Seattle New Target Houston Winter active adventures ages 25-49
The FY19/20 winter campaign was originally planned for longer flight dates than previous years. The goal was to push out specific messaging supporting the extended four weeks of Spring Break events through mid-April, branded under the umbrella of “Tahoe South Spring Loaded”. However, due to travel restrictions associated with the COVID-19 pandemic, the entire campaign was paused in mid-March. The winter campaign ran from November 4, 2019 through March 16, 2020 and re- ceived over 28 million digital impressions and 328,000 website sessions.
With paid media paused, LTVA staff utilized owned and earned channels (social, website and PR) to promote a safe, caring, “stay at home” message. This was timely and well received by consumers. In early summer the message evolved to one of inspiration to keep our destination top of mind when the time was right to travel again. In this messaging, there was no direct call to action. Advertising Events 44% 29% WEDDING CO-OP
The LTVA Wedding Co-op performance, despite COVID-19, has remained steady and strong. All performance indicators are up substantially and partners are receiving an average of 55 RFP’s per month, a 60% increase over last year. The combination of the TahoeWeddingSites.com website redesign, plus better tracking, new creative, and quick adjustments in campaign strategies to maximize ROI, has helped to keep marketing performance high.
TahoeSouth.com 3 LTVA Annual Report33 2019-2020 RESEARCH LTVA has contracted with four research entities for a number of years to promote strategic planning. • VisaVue - Credit card sales tracked to their zip code • nSight - OTA search and bookings • STR - Lodging occupancy, ADR and REVPAR • EMC Research - an umbrella report that consolidates the above with reports from government agencies into four quarterly reports and one annual report.
* Graphs are representative of January—December 2019
TAHOE SOUTH EVENTS CENTER
With LTVA's leadership, personal one-on-one connections and committed outreach, the community overwhelmingly rallied to support the Events Center’s TRPA and Douglas County approval process in early spring. It was a true testament to the trusting relationships staff has built over the years and to the potential impact the project will have on our residents and businesses. The impressive roster of public meeting speakers, emails and letters ensured the future of the facility that will offer arts, culture, sports, music and meetings. While the scheduled construction was reduced in scope for the summer, the ground breaking took place in July 2020 and excavation began. Utility and water line work will continue through mid- October and vertical construction will commence in May 2021, with the anticipated completion in early 2023. The virtual tour of the Events Center can be viewed at www.tahoedouglasva.org.
4 TahoeSouth.com 2019-2020 34 LTVA Annual Report DIGITAL & SOCIAL MEDIA
TAHOESOUTH.COM Digital marketing has proven to be the most crucial and meaningful part of 2.3% decrease in organic visits due to lower website visitation during the the LTVA’s advertising, public relations, and sales strategy during the first two months of the pandemic. The website saw a huge increase in visits COVID-19 pandemic. LTVA staff was able to quickly pivot messaging and to the newly created Healthy Travel page, which informs the visitor what is creative for owned and earned channels, enabling LTVA to be relevant, up- open and the restrictions and protocols in place. The Healthy Travel page to-date, and responsible. remains the most visited page during the recovery phase of the pandemic. • 149,000 referrals to lodging The tactic continues to emphasize the area’s outstanding natural beauty, • 2.3 Million unique visitors, up from 2.1 while focusing on safer visitation and responsible recreation. • 3.1 Million total website visits, up from 2.8 The monthly e-newsletter promotes events, entertainment, news and special • 61% use a mobile device offers and is distributed to 39,000 opt-in subscribers. In FY19/20 the list was updated to remove stagnant emails which resulted in a doubling of the • 33% use a desktop open rate. • 5% use a tablet
TAHOE SOUTH VISIT WIDGET APP VISITINGLAKETAHOE.COM In November 2019, Tahoe South introduced Visit Widget, which is a trip- VisitingLakeTahoe.com is a cooperative partnership between north and south planning application. This tool provides a new way to explore what the area Lake Tahoe. In key markets, the cooperative buys the term ‘lake tahoe’ to has to offer, including hotels, popular restaurants, activities, and shopping. drive traffic to the website to avoid competition and cost for that term. The View it all at once or search by categories like Beaches, Golf, and simple website then refers visitors to the north or south Lake Tahoe bureau Campgrounds. websites. In FY20, TahoeSouth.com received 48,000 referrals from • 48,000 user sessions VisitingLakeTahoe.com, down 28% from the previous year (67,000), due in • 2.5 minutes average session part to COVID-19 campaign pause in Spring 2020. • 4,000 IOS downloads • 800 Android downloads SOCIAL MEDIA Audience Growth by Channel
Channel Audience Growth (Net) Growth Rate Total Audience
Facebook 3,243 2.17% 152,415 Instagram 10,558 20.31% 62,549 Pinterest 369 36.53% 1,379 Twitter 792 6.37% 13,216 Total 14,962 6.52% 229,559
LTVA.ORG Business to Business Resource site Website visits up 242% TOP 5 MOST VISITED PAGES: COVID-19 | American Century Celebrity Golf Future Dates | Home Page | Industry/Data Statistics | Contact Us
TahoeSouth.com 5 LTVA Annual Report35 2019-2020 PUBLIC RELATIONS INTERNATIONAL MEDIA
Media Objectives: Highlights from key markets included a Chinese group that drove Obtain media coverage in 5-10% of top 150 media outlets as 240,258,000 impressions at a media value of $294,462. defined by LTVA and WPR, reinforce key messages, talking points and the brand within a 12-month period Indian Celebrity Ranjivay Singha’s visit was seen by 13.5M Indian Produce an earned media value of 5 – 10:1 the PR investment viewers and 20 minutes on the Tabi Salad Japanese TV program within a 12-month period with 9M viewers. Results: Exposure in 17%+ of top 150 desirable outlets: reinforced key The travel editor of Cosmopolitan UK visited and wrote a story messages, talking points and brand aimed at the female, luxury market. Circulation, Viewers, Listeners: 153.5 million; Total publicity value to date: $1,055,000; editorial value of 14:1 Known Media Value: $1 Million + Digital Influencer Objectives: Host 8-12 digital influencers over a five-month period with a Impressions/Viewing/Circulation: 571 Million minimal engagement of 3-5 percent (industry standard is 3 Media Visits: 17 percent) and minimum of 10,000 followers per single social media channel Magazine Placements: 109 Generate an exposure value of 3-5 times in DI fees DI Results: International media visits ceased in early 2020 due to COVID-19. Spring 2020 influencer visits were cancelled due to COVID.
Average engagement rate of 2.5% Earned publicity (determined by third party, Influencer Marketing Hub): $29,165; Total Impressions: 551,000; exposure value of 3.35:1 (publicity value/influencer fees)
AMERICAN CENTURY CHAMPIONSHIP—JULY 2019
TOTAL PUBLICITY TOTAL AUDIENCE
$162 Million 5.4 Billion
41 South Lake Tahoe area nonprofits received $180,500 in total distributions through a grant award process Featured on: TODAY Show: Two ACC features aired during the week NBC Nightly News: Multiple interviews ESPN Sports Center interview feature Golf Digest and Golf.com on quality of golf AP exposure on wagering opportunities; daily game stories in Tahoe South received media exposure in the following thousands of outlets countries:
OPERATION SIERRA STORM—JANUARY 2020
TOTAL PUBLICITY TOTAL AUDIENCE
$8 Million 11.4 Million China United India Japan Australia Kingdom
Live and taped shots from major drive and direct service air markets: Los Angeles, Denver, Portland, Washington D.C., Boston, Orlando, Sacramento, and Reno. Featured on: Norway Sweden France Germany Belgium Yahoo! News NBC News Channel 4 – Los Angeles NBC News Bay Area CNN.com Tahoe Daily Tribune Canada Mexico Brazil
6 TahoeSouth.com 2019-2020 36 LTVA Annual Report EVENTS BOARD OF DIRECTORS—2019-2020 Special events showcase touristic assets of the region to increase South Lake Tahoe Tourism Improvement District awareness of the destination. The LTVA sponsors and supports iconic Jerry Bindel, Chairman, Forest Suites Resort events: Bill Cottrill, Lake Tahoe Resort Hotel • American Century Championship (2019 record attendance of 60,000+) • Labor Day Tahoe Douglas Visitors Authority • Heavenly Holidays Nicholas Breaux-Fujita, Harrah’s/Harveys Lake Tahoe • SnowGlobe Joelle Shearin, Hard Rock Hotel & Casino Lake Tahoe • Spring Loaded 2020 (most events cancelled due to COVID-19)
REVENUE Douglas County Wesley Rice, County Commissioner
At-Large John Packer, Harrah’s/Harveys Lake Tahoe Jason Collin, City of South Lake Tahoe
MARKETING COMMITTEE Mindi Befu, Barton Health Rich Bodine, Hotel Azure Nicholas Breaux-Fujita, Harrah’s/Harveys Lake Tahoe Kelly Campbell, Heavenly Mountain Resort Diana Evans, DAE & Co Luca Genasci, AleWorX, LLC Jenn Gleckman, Marketing Strategist/Consultant Dan Keenan, Hatchback Creative Michael Newberger, Hotel Becket Brandie Warr, Hard Rock Hotel & Casino Lake Tahoe EXPENSES CONTRACT SERVICES Duncan/Channon, Advertising/Brand Agency Noble Studios, Digital Agency Weidinger Public Relations, PR Agency Digital Edge, Meetings Marketing Agency DAE & Co, Project Advertising Local Freshies, Social Media Agency EMC Research, Data Analysis
TahoeSouth.com 7 Meet37 the Staff
CAROL CHAPLIN SUE BARTON President & CEO Senior Vice President, Administration & Operations
Primary Responsibilities: Administration, Marketing, Primary Responsibilities: Administration, Visitor Center Public & Community Relations Oversight & Special Projects Background: 35+ years in the hospitality industry Background: 35+ years in the hospitality industry, including including Hotel & Attraction Management Operations, Attraction Management & Operations, Sales & Marketing, Sales & Marketing, Food & Beverage Food & Beverage Affiliations: Executive Director: Tahoe Douglas Affiliations: Chairperson, Reno-Tahoe Territory; Board Visitors Authority; Chairperson: Reno-Tahoe Airport Member, Nevada Commission on Tourism’s Territory Authority Advisory Committee
TONY LYLE MIKE FRYE Vice President, Tourism Development Event & Media Relations Manager
Primary Responsibilities: Strategic Marketing Primary Responsibilities: Event Logistics & Oversight, Distribution Partnership, Planning & Implementation; International Media Communication & Story Digital Marketing Oversight; Global Partner Relations Development Background: A recognized executive-level steward Background: 40+ years in the hospitality industry in with 25+ years experience in Leisure, Tourism & South Lake Tahoe, including Ski Resort Senior Travel Industry & Destination Marketing. Management & Operations, Sales & Marketing Affiliations: President, High Sierra Visitors Council
ANNE SUTTERFIELD STUART MAAS Online & Operations Manager Sales & Marketing Manager
Primary Responsibilities: Tahoesouth.com & Primary Responsibilities: Content Calendar, Social Media, LTVA.org, Activity Tickets, SMERF & Motorcoach Marketing Strategies, Public Relations, Domestic & MICE Group Sales, Visitor Center Operations, Outreach & Sales Social Media. Background: 15 years in recreation, tourism, marketing & Background: 20+ years experience in the hospitality sales industries industry in Tahoe South, including Sales & Operations Affiliations: Tahoe Regional Young Professionals, Lake Affiliations: South Lake Tahoe Lodging Association Tahoe Master Gardeners
KATHARINE MCCOMB IRMA SALAZAR Accounting Manager Senior Program Specialist
Primary Responsibilities: Financial Preparation & Primary Responsibilities: Visitor Center Operations & Reporting, Payroll & Human Resources Oversight and Execution of a variety of LTVA programs Background: Graduated from UC San Diego with a Background: South Lake Tahoe native. Graduated South degree in Economics & a minor in Environmental Tahoe High and completed AA at LTCC in Small Business Studies. Management. 15+ years in hospitality.
JENNY SKELLY Administrative Assistant LTVA LOCATIONS
Primary Responsibilities: Office Administration & Staff Executive Offices NV Visitor Information Center Support Background: Born & raised in South Lake Tahoe. 169 Highway 50 169 Highway 50 Completed an AS in Social & Behavioral Sciences and Stateline, NV 89449 Stateline, NV 89449 carries 10+ years in an Administrative Support role. 775-588-5900 775-588-4591
38 Tab 2 - Multi-Segment Currency: USD - US Dollar Lake Tahoe Visitors Authority
For the month of: September 2020
Current Month - September 2020 vs September 2019 Year to Date - September 2020 vs September 2019 Participation
Occ % ADR RevPAR Percent Change from September 2019 Occ % ADR RevPAR Percent Change from YTD 2019 Properties Rooms Room Room Room Room Room Room 2020 2019 2020 2019 2020 2019 Occ ADR RevPAR Rev Avail Sold 2020 2019 2020 2019 2020 2019 Occ ADR RevPAR Rev Avail Sold Census Sample Census Sample Colorado Ski Area 55.8 60.0 226.77 198.51 126.54 119.10 -7.0 14.2 6.3 2.2 -3.8 -10.5 49.7 62.9 313.61 292.50 155.88 183.87 -20.9 7.2 -15.2 -21.6 -7.6 -26.9 164 52 15299 5972 Mammoth Lakes, CA+ 36.2 69.1 148.35 148.71 53.63 102.69 -47.6 -0.2 -47.8 -47.8 0.0 -47.6 48.8 68.2 185.92 198.25 90.74 135.27 -28.5 -6.2 -32.9 -38.6 -8.5 -34.5 28 10 2307 1252 Monterey/Carmel 55.8 83.0 211.52 250.40 117.97 207.75 -32.8 -15.5 -43.2 -46.7 -6.2 -36.9 47.1 77.3 183.06 239.87 86.30 185.49 -39.0 -23.7 -53.5 -56.8 -7.1 -43.4 98 55 5742 4413 North Lake Tahoe+ 58.3 70.6 170.67 175.52 99.52 123.94 -17.4 -2.8 -19.7 -19.7 0.0 -17.4 50.2 67.8 192.53 212.23 96.66 143.82 -25.9 -9.3 -32.8 -37.0 -6.2 -30.5 32 5 1881 757 Reno, NV 66.3 77.7 104.49 115.46 69.29 89.76 -14.7 -9.5 -22.8 -25.8 -3.8 -18.0 57.2 71.5 95.93 107.67 54.84 76.95 -20.0 -10.9 -28.7 -31.2 -3.4 -22.7 107 41 19210 5528 San Diego, CA 54.0 77.6 133.72 164.08 72.24 127.30 -30.4 -18.5 -43.3 -43.5 -0.4 -30.7 50.9 79.0 134.14 172.32 68.23 136.08 -35.6 -22.2 -49.9 -54.0 -8.2 -40.8 492 344 63377 53937 San Luis Obispo County, 64.9 73.9 179.59 159.19 116.56 117.67 -12.2 12.8 -0.9 3.6 4.6 -8.2 50.4 69.7 157.44 161.75 79.40 112.71 -27.6 -2.7 -29.5 -26.3 4.6 -24.3 182 81 9984 6254 Sonoma County, CA 62.9 82.7 149.48 210.50 94.05 174.08 -23.9 -29.0 -46.0 -43.7 4.2 -20.7 53.2 75.6 138.93 182.87 73.91 138.26 -29.6 -24.0 -46.5 -48.5 -3.7 -32.2 99 50 6927 5129 South Lake Tahoe, CA+ 54.1 68.0 172.25 140.18 93.25 95.37 -20.4 22.9 -2.2 -6.7 -4.5 -24.0 47.1 61.2 154.26 143.67 72.69 87.85 -22.9 7.4 -17.3 -26.6 -11.3 -31.7 59 17 3843 2281 Summit County, UT 53.2 65.2 200.48 193.57 106.72 126.28 -18.4 3.6 -15.5 -17.3 -2.1 -20.1 45.6 60.9 322.66 297.90 147.03 181.49 -25.2 8.3 -19.0 -28.1 -11.2 -33.6 36 17 3954 2416 Santa Cruz County, CA 74.8 73.7 165.16 179.53 123.50 132.29 1.5 -8.0 -6.6 -7.5 -0.9 0.5 49.1 70.0 146.32 176.35 71.87 123.40 -29.8 -17.0 -41.8 -43.2 -2.4 -31.5 69 30 3838 2545 City of Anaheim, CA 31.2 80.0 86.37 164.07 26.99 131.18 -60.9 -47.4 -79.4 -84.5 -24.8 -70.6 42.1 81.2 144.71 176.61 60.91 143.37 -48.1 -18.1 -57.5 -67.6 -23.6 -60.4 118 51 14645 9084
A blank row indicates insufficient data.
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City of South Lake Tahoe Lodging Reporting Motels * no exclusions *
Period Daily Inv Monthly Inv Room Nights Occupancy Gross Receipts ADR RevPar August 2020 5,931 183,861 71,988 39%$ 14,799,548 $ 205.58 80.49$ July 2020 5,931 183,861 69,277 38%$ 14,282,802 $ 206.17 77.68$ June 2020 5,688 176,340 36,328 21%$ 5,646,817 $ 155.44 32.02$ May 2020 3,571 182,218 3,571 2% $ 661,448 $ 185.23 3.63$ April 2020 5,688 176,340 1,738 1% $ 479,336 $ 275.80 2.72$ March 2020 5,877 182,187 25,684 14%$ 3,725,106 $ 145.04 20.45$ February 2020 5,489 170,172 53,535 31%$ 9,259,957 $ 172.97 54.42$ January 2020 5,968 185,008 57,754 31%$ 9,658,081 $ 167.23 52.20$ December 2019 5,884 182,404 52,338 29%$ 10,888,603 $ 208.04 59.69$ November 2019 5,638 174,780 36,938 21%$ 4,852,218 $ 131.36 27.76$ October 2019 5,850 181,350 50,619 28%$ 6,251,703 $ 123.51 34.47$ September 2019 5,664 175,590 69,244 39%$ 10,612,915 $ 153.27 60.44$ August 2019 5,838 180,978 82,754 46%$ 15,228,520 $ 184.02 84.15$ July 2019 5,820 180,420 85,023 47%$ 16,842,188 $ 198.09 93.35$ June 2019 5,619 174,180 67,046 38%$ 10,467,420 $ 156.12 60.10$ May 2019 5,745 178,095 41,658 23%$ 5,588,300 $ 134.15 31.38$ April 2019 5,560 172,350 47,020 27%$ 5,996,092 $ 127.52 34.79$ March 2019 5,758 178,498 57,424 32%$ 8,759,607 $ 152.54 49.07$ February 2019 5,189 160,860 51,675 32%$ 8,836,360 $ 171.00 54.93$ January 2019 6,006 186,186 60,319 32%$ 9,747,525 $ 161.60 52.35$ December 2018 5,743 178,033 57,807 32%$ 11,391,896 $ 197.07 63.99$ November 2018 5,616 174,090 43,850 25%$ 5,481,123 $ 125.00 31.48$ October 2018 5,743 178,033 51,115 29%$ 6,304,817 $ 123.35 35.41$ September 2018 5,558 172,290 71,955 42%$ 10,488,020 $ 145.76 60.87$ August 2018 5,743 178,033 78,397 44%$ 14,175,443 $ 180.82 79.62$ July 2018 5,782 179,242 89,070 50%$ 17,405,786 $ 195.42 97.11$ June 2018 5,543 171,840 69,390 40%$ 10,815,649 $ 155.87 62.94$ May 2018 5,786 179,366 45,832 26%$ 5,824,505 $ 127.08 32.47$ April 2018 5,563 172,440 41,315 24%$ 4,990,937 $ 120.80 28.94$ Mar 2018 5,588 173,228 59,754 34%$ 8,241,076 $ 137.92 47.57$ Feb 2018 5,129 158,984 51,621 32%$ 8,189,865 $ 158.65 51.51$ Jan 2018 5,703 176,793 50,056 28%$ 7,660,023 $ 153.03 43.33$ December 2017 5,703 176,793 49,640 28%$ 9,746,650 $ 196.35 55.13$ November 2017 5,541 171,780 35,157 20%$ 4,221,880 $ 120.09 24.58$ October 2017 5,726 177,506 50,057 28%$ 5,745,941 $ 114.79 32.37$ September 2017 5,548 171,990 67,608 39%$ 9,912,532 $ 146.62 57.63$ August 2017 5,739 177,909 74,401 42%$ 12,345,142 $ 165.93 69.39$ 11/3/2020 Douglas County Lodging Tahoe Township Year-over-Year40 Comparison
Total Room Revenue Lake Casinos Room Revenue Other Lake Properties Room Revenue Room Revenue prior yr current yr variance prior yr current yr variance prior yr current yr variance Apr $ 3,685,013 $ 5,301,570 44%$ 2,619,619 $ 3,071,238 17%$ 1,065,394 $ 2,230,332 109% $16,000,000 May $ 4,015,969 $ 3,358,084 -16%$ 2,785,097 $ 2,604,926 -6%$ 1,230,872 $ 753,158 -39% June $ 9,068,653 $ 8,667,665 -4%$ 5,152,484 $ 4,446,470 -14%$ 3,916,169 $ 4,221,195 8% $14,000,000 July $ 13,713,553 $ 13,709,549 0%$ 8,065,845 $ 7,774,546 -4%$ 5,647,708 $ 5,935,003 5% $12,000,000 Aug $ 10,609,086 $ 12,682,307 20%$ 6,188,214 $ 7,248,466 17%$ 4,420,872 $ 5,433,841 23% $10,000,000 prior yr Sept $ 9,568,934 $ 8,565,156 -10%$ 5,019,208 $ 4,933,114 -2%$ 4,549,726 $ 3,632,042 -20% $8,000,000 Oct $ 4,222,757 $ 5,182,046 23%$ 2,786,316 $ 3,241,731 16%$ 1,436,441 $ 1,940,315 35% current yr $6,000,000 Nov $ 3,856,242 $ 4,302,260 12%$ 2,551,844 $ 2,706,947 6%$ 1,304,398 $ 1,595,313 22% $4,000,000 Dec $ 8,680,057 $ 9,020,906 4%$ 5,220,693 $ 5,017,490 -4%$ 3,459,364 $ 4,003,416 59% $2,000,000 Jan $ 7,130,548 $ 7,578,691 6%$ 4,322,395 $ 4,120,991 -5%$ 2,808,153 $ 3,457,700 23% $- Feb $ 8,260,520 $ 6,791,913 -18%$ 3,848,469 $ 4,043,401 5%$ 4,412,051 $ 2,748,512 -38% Mar $ 5,215,162 $ 3,185,799 -39%$ 2,829,867 $ 1,453,510 -49%$ 2,385,295 $ 1,732,289 -27% $ 88,026,494 $ 88,345,946 0%$ 51,390,051 $ 50,662,830 -1%$ 36,636,443 $ 37,683,116 3% Total
Total Rooms Sold Lake Casinos Rooms Sold Other Lake Properties Rooms Sold Rooms Sold prior yr current yr variance prior yr current yr variance prior yr current yr variance Apr 63,536 71,242 12% 39,280 41,969 7% 24,256 29,273 21% 120,000 May 58,992 55,463 -6% 40,895 36,373 -11% 18,097 19,090 5% June 88,728 87,855 -1% 56,221 55,327 -2% 32,507 32,528 0% 100,000 July 102,105 102,903 1% 67,351 65,518 -3% 34,754 37,385 8% 80,000 Aug 91,454 90,827 -1% 59,813 59,835 0% 31,641 30,992 -2% prior yr Sept 77,714 49,437 -36% 44,886 31,355 -30% 32,828 18,082 -45% 60,000 Oct current yr 64,568 53,589 -17% 42,906 43,357 1% 21,662 10,232 -53% 40,000 Nov 59,564 63,049 6% 40,365 37,225 -8% 19,199 25,824 35% Dec 56,684 60,665 7% 46,781 43,628 -7% 9,903 17,037 72% 20,000 Jan 69,283 52,023 -25% 47,568 46,342 -3% 21,715 5,681 -74% - Feb 62,018 46,934 -24% 41,008 41,001 0% 21,010 5,933 -72% Mar 45,233 21,832 -52% 34,184 19,147 -44% 11,049 2,685 -76% 839,879 755,819 -10% 561,258 521,077 -7% 278,621 234,742 -16% Total
Total A.D.R. Lake Casinos A.D.R. Other Lake Properties A.D.R. A.D.R. prior yr current yr variance prior yr current yr variance prior yr current yr variance Apr $ 58.00 $ 74.42 28% $ 66.69 $ 73.18 10% $ 43.92 $ 76.19 73% $200.00 May $ 68.08 $ 60.55 -11% $ 68.10 $ 71.62 5% $ 68.02 $ 39.45 -42% $180.00 June $ 102.21 $ 98.66 -3% $ 91.65 $ 80.37 -12% $ 120.47 $ 129.77 8% $160.00 July $ 134.31 $ 133.23 -1%$ 119.76 $ 118.66 -1% $ 162.51 $ 158.75 -2% $140.00 Aug $ 116.00 $ 139.63 20%$ 103.46 $ 121.14 17% $ 139.72 $ 175.33 25% $120.00 prior yr Sept $ 123.13 $ 173.25 41%$ 111.82 $ 157.33 41% $ 138.59 $ 200.87 45% $100.00 Oct $ 65.40 $ 96.70 48% $ 64.94 $ 74.77 15% $ 66.31 $ 189.63 186% $80.00 current yr Nov $ 64.74 $ 68.24 5% $ 63.22 $ 72.72 15% $ 67.94 $ 61.78 -9% $60.00 Dec $ 153.13 $ 148.70 -3%$ 111.60 $ 115.01 3% $ 349.32 $ 234.98 -33% $40.00 $20.00 Jan $ 102.92 $ 145.68 42% $ 90.87 $ 88.93 -2% $ 129.32 $ 608.64 371% $- Feb $ 133.20 $ 144.71 9% $ 93.85 $ 98.62 5% $ 210.00 $ 463.26 121% Mar $ 115.30 $ 145.92 27% $ 82.78 $ 75.91 -8% $ 215.88 $ 645.17 199% $ 104.81 $ 116.89 12% $ 91.56 $ 97.23 6% $ 131.49 $ 160.53 22% Total
Total Rooms Available Total Rooms Available Casinos Rooms Available Other Rooms Available prior yr current yr prior yr current yr prior yr current yr Apr 130,024 140,463 69,529 74,484 60,495 65,979 150,000 May 113,400 110,875 71,362 68,622 42,038 42,253 140,000 June 124,319 125,521 69,458 71,014 54,861 54,507 130,000 July 117,424 122,893 72,726 72,035 44,698 50,858 120,000 prior yr Aug 117,260 118,479 72,726 69,273 44,534 49,206 current yr Sept 113,137 109,439 58,522 69,695 54,615 39,744 110,000 Oct 116,223 100,810 72,726 71,455 43,497 29,355 100,000 Nov 113,884 117,782 70,380 68,707 43,504 49,075 90,000 Dec 106,099 119,664 72,726 71,700 33,373 47,964 80,000 Jan 119,948 108,422 72,726 71,142 47,222 37,280 Feb 110,009 121,694 65,688 90,075 44,321 31,619 Mar 87,677 70,431 52,452 49,471 35,225 20,960 1,369,404 1,366,473 821,021 847,673 548,383 518,800 Total
Total Occupancy Rate Lake Casinos Occupancy Rate Other Lake Properties Occupancy Rate Occupancy prior yr current yr variance prior yr current yr variance prior yr current yr variance Apr 49% 51% 4% 56% 56% 0% 40% 44% 11% 90% May 52% 50% -4% 57% 53% -8% 43% 45% 5% June 71% 70% -2% 81% 78% -4% 59% 60% 1% 80% July 87% 84% -4% 93% 91% -2% 78% 74% -5% Aug 78% 77% -2% 82% 86% 5% 71% 63% -11% 70% prior yr Sept 69% 45% -34% 77% 45% -41% 60% 45% -24% 60% current yr Oct 56% 53% -4% 59% 61% 3% 50% 35% -30% Nov 52% 54% 2% 57% 54% -6% 44% 53% 19% 50% Dec 53% 51% -5% 64% 61% -5% 30% 36% 20% 40% Jan 58% 48% -17% 65% 65% 0% 46% 15% -67% Feb 56% 39% -32% 62% 46% -27% 47% 19% -60% 30% Mar 52% 31% -40% 65% 39% -41% 31% 13% -59% Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar 61% 55% -10% 68% 61% -10% 51% 45% -11% Total
DC ADR & OCC.xlsx11/3/2020 41 Lake Tahoe South Shore Rooms Rented
ROOMS RENTED - CALIFORNIA 2011-12 2012-13 2013-14 2014-15 2015-16 2016 -17 2017-18 2018-19 2019-20 % Change Rm Nts.(+/-) October 30,421 30,183 33,894 43,162 51,945 52,485 50,057 51,115 50,619 -1.0% (496) November 21,282 23,347 22,228 28,676 56,669 35,490 35,157 43,850 36,938 -18.7% (6,912) December 38,079 46,442 41,156 48,200 56,669 55,715 49,640 57,807 52,338 -10.4% (5,469) January 28,979 46,215 32,355 45,142 57,800 57,917 50,056 60,319 57,754 -4.4% (2,565) February 38,920 45,308 40,951 38,962 56,716 51,771 61,383 51,675 53,535 3.5% 1,860 March 40,149 40,558 40,994 36,820 51,247 55,719 61,383 57,424 25,684 -123.6% (31,740) April 30,029 25,430 31,015 31,934 37,868 47,012 41,315 47,020 1,738 -2605.4% (45,282) May 29,731 33,031 37,413 42,741 41,535 43,964 45,832 41,658 3,571 -1066.6% (38,087) June 47,736 50,836 54,548 59,041 63,855 66,485 69,390 67,046 36,328 -84.6% (30,718) July 64,847 70,868 76,667 56,641 84,039 87,416 89,070 85,023 69,277 -22.7% (15,746) August 58,558 63,567 69,787 54,250 76,476 74,401 78,397 82,754 71,988 -15.0% (10,766) September 51,018 49,721 49,168 30,352 65,463 67,608 71,955 69,244 6.0% 4,347
CA YTD Total 479,749 525,506 530,176 515,921 700,282 695,983 703,635 714,935 459,770 Variance/Previous FY -4% 10% 1% -3% 36% -1% 1% 2% -36%
CA YTD Average 39,979 43,792 44,181 42,993 58,357 57,999 58,636 59,578 41,797 Variance/Previous FY -4% 10% 1% -3% 36% -1% 1% 2% -30%
ROOMS RENTED - TAHOE TOWNSHIP, DOUGLAS COUNTY, NEVADA (Current to Prior Year) ALL LAKE PROPERTIES 2011-12 2012-13 2013-14 2014-15 2015-16 2016 - 17 2017-18 2018-19 2019-20 % Change Rm Nts. (+/-) October 44,402 41,103 45,252 42,158 46,704 38,675 44,963 42,906 43,357 1.0% 451 November 35,922 37,577 38,555 36,307 37,715 33,286 37,329 40,365 37,225 -8.4% (3,140) December 47,157 52,656 48,773 42,557 51,773 46,027 47,686 46,781 43,628 -7.2% (3,153) January 41,778 50,533 44,450 41,581 51,338 40,460 45,209 47,568 46,342 -2.6% (1,226) February 45,759 47,821 44,749 39,355 50,248 45,341 44,154 41,008 41,001 0.0% (7) March 49,633 50,823 51,393 42,758 54,064 48,776 51,502 34,184 19,147 -78.5% (15,037) April 48,682 36,208 37,648 33,973 40,109 42,056 39,280 41,969 6.4% 2,689 May 40,092 41,330 41,116 40,359 40,839 39,748 40,895 36,373 -12.4% (4,522) June 57,025 59,080 53,499 55,671 51,219 54,690 56,221 49,910 -12.6% (6,311) July 70,144 68,799 63,906 69,480 64,563 68,009 67,351 65,518 -2.8% (1,833) August 67,804 67,944 63,562 65,306 60,191 62,847 59,813 59,835 -5.1% (3,034) September 59,460 58,223 52,689 38,064 51,836 51,411 44,886 31,355 -14.5% (6,525)
NV YTD Total 607,858 612,097 585,592 547,569 600,599 571,326 579,289 537,772 230,700 Variance/Previous FY 0% 1% -4% -6% 10% -5% 1% -7% -57%
NV YTD Average 50,655 51,008 48,799 45,631 50,050 47,611 48,274 44,814 38,450 Variance/Previous FY 0% 1% -4% -6% 10% -5% 1% -7% -14%
*Note: As of July 1, 2001 this Rooms Rented report reflects all Nevada Lake occupancy. updated 11/3/2020 42 tahoesouth.com Web Traffic Year-Over-Year Comparison
Prior Year Current Year Visits/Sessions prior yr current yr variance Visits Nov 154,189 195,756 41,567 27% 500,000 Dec 225,207 324,966 99,759 44% Jan 237,972 304,063 66,091 28% 400,000 Feb 203,899 269,812 65,913 32% Mar 185,458 128,410 (57,048) -31% 300,000 Apr 162,910 71,943 (90,967) -56% May 278,551 166,403 (112,148) -40% 200,000 Jun 351,155 355,155 4,000 1% Jul 470,912 434,081 (36,831) -8% 100,000 Aug 408,626 347,272 (61,354) -15% Sep 299,688 279,010 (20,678) -7% - Oct 146,666 213,272 66,606 45% Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Total 3,125,233 3,090,143 216,282 7%
Unique Visitors/Users prior yr current yr variance Unique Visitors Nov 125,556 163,382 37,826 30% Dec 182,935 257,954 75,019 41% 400,000 Jan 194,482 250,023 55,541 29% 350,000 Feb 161,799 198,680 36,881 23% 300,000 Mar 148,951 103,670 (45,281) -30% 250,000 Apr 127,888 58,718 (69,170) -54% 200,000 May 209,216 133,685 (75,531) -36% Jun 258,721 277,260 18,539 7% 150,000 Jul 355,443 332,339 (23,104) -7% 100,000 Aug 317,901 262,471 (55,430) -17% 50,000 Sep 219,714 203,516 (16,198) -7% - Oct 117,608 162,068 44,460 38% Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Total 2,082,892 2,403,766 320,874 15%
Average Time per Visit prior yr current yr variance Average Minutes per Visit Nov 1.57 1.40 (0.17) -11% 2.50 Dec 1.51 1.26 (0.25) -17% Jan 1.45 1.27 (0.18) -12% 2.00 Feb 1.40 1.31 (0.09) -6% Mar 1.53 1.38 (0.15) -10% 1.50 Apr 2.13 1.27 (0.86) -40% May 2.09 1.42 (0.67) -32% 1.00 Jun 2.35 2.01 (0.34) -14% Jul 2.21 2.06 (0.15) -7% 0.50 Aug 2.00 2.14 0.14 7% Sep 1.35 2.05 0.70 52% 0.00 Oct 2.08 2.09 0.01 0% Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Avg 1.81 1.64 (0.17) -9%
Page Views Page Views prior yr current yr variance Nov 271,703 312,415 40,712 15% 900,000 Dec 386,674 485,664 98,990 26% 800,000 Jan 403,867 467,538 63,671 16% 700,000 Feb 324,655 406,046 81,391 25% 600,000 Mar 315,086 196,834 (118,252) -38% 500,000 Apr 305,536 105,171 (200,365) -66% 400,000 May 499,270 249,351 (249,919) -50% Jun 662,825 604,506 (58,319) -9% 300,000 Jul 845,322 769,857 (75,465) -9% 200,000 Aug 696,219 621,805 (74,414) -11% 100,000 Sep 478,399 483,078 4,679 1% - Oct 249,536 378,618 129,082 52% Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Total 5,439,092 5,080,883 (358,209) -7%
Top Pages Top Referrers Location Country #1 Home Page Google.com/organic #1 San Francisco 17,153 USA 158,337 #2 Web Cam Google.com/cpc #2 Sacramento 14,692 UK 444 #3 Explore Direct #3 South Lake Tahoe 10,541 Canada 425 #4 Where to Stay/Cabin Vacation Rentals VisitingLakeTahoe.com #4 Los Angeles 6,045 Mexico 323 #5 Events Bing/organic #5 Roseville 5,372 Germany 220 #6 Blog/20 bucket list must dos in 2020 at Lake Tahoe Yahoo/organic #6 San Jose 4,869 China 189 #7 Explore/Attractions Enewsletter #7 Not Set 2,955 India 162 #8 Blog/Best snowfall months at Lake Tahoe Pinterest #8 Reno 2,725 Australia 157 #9 Blog/7 cool hidden and unusual things at Lake TahoeDuckDuckGo/organic #9 San Diego 2,373 Not Set 150 #10 Blog/5 Winter activities beyond skiing and snowboardingVisit California #10 Oakland 2,161 Phillipines 100
11/5/2020 43
NOBLE STUDIOS
October Overview
Site Traffic • Overall traffic is up 45% YoY for the month of October, the biggest contributors to this gain were Organic Search, Paid Search and the Direct traffic channels. • Paid Search traffic was up exponentially YoY for the month of October, as campaigns were paused for October of last year. • Organic traffic has increased 25% YoY for the month of October. • Bounce rate for the site improved by 8% YoY for the month of October. KPIs • Organic sessions are pacing at 48% to goal, pace is 33%. • We are pacing at 82.5% to goal for partner referrals, well above the 33% pace goal for this month. Content Insights • Top organic landing pages (excluding the homepage) for the month were the Lake Tahoe Webcams page followed by the Best Snowfall Months at Lake Tahoe page. • The top traffic-driving blog articles for the month were the 20 Bucket List Must Dos in 2020 at Lake Tahoe page, the 7 Cool Hidden & Unusual Things At Lake Tahoe page and the November at Tahoe South article.
44
LAKE TAHOE VISITORS AUTHORITY Douglas County/Stateline Casinos Gaming Revenue
Casino Revenue-Less Baccarat (Dollars in Millions)
YTD Year JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC. YTD Variance PY 1996 24,089 21,053 25,585 20,885 24,001 28,125 33,437 37,215 27,057 22,301 19,995 20,751 304,494 1997 18,780 19,102 22,953 20,948 25,792 27,336 34,588 33,441 25,949 23,624 21,399 22,003 295,915 -3% 1998 21,830 16,398 23,363 19,302 27,403 22,828 39,683 36,814 30,618 25,659 18,861 22,130 304,889 3% 1999 24,092 21,037 25,575 19,562 24,827 29,948 39,839 34,605 28,037 27,692 20,694 25,335 321,243 5% 2000 24,796 20,262 27,059 24,756 26,164 32,979 41,958 44,515 32,115 24,768 25,251 28,118 352,741 10% 2001 24,454 21,538 26,205 22,496 25,782 27,827 41,769 36,047 32,042 25,464 20,132 25,319 329,075 -7% 2002 19,614 25,334 25,012 27,840 26,706 28,662 42,136 34,011 33,474 25,790 21,664 26,159 336,402 2% 2003 24,204 26,165 25,429 22,191 24,500 27,603 39,868 37,062 32,088 26,765 20,570 29,052 335,497 0% 2004 25,368 25,620 26,690 24,882 28,986 25,260 31,168 40,878 36,101 22,361 21,617 29,136 338,067 1% 2005 15,017 22,410 34,318 23,582 27,960 25,611 42,464 37,323 31,080 28,454 24,249 23,005 335,473 -1% 2006 28,779 25,445 20,518 28,741 25,828 27,532 39,639 32,529 27,781 29,180 22,701 22,018 330,691 -1% 2007 31,122 24,512 19,320 21,690 32,079 26,986 36,763 30,469 29,348 27,319 22,018 24,300 325,926 -1% 2008 26,629 22,675 29,863 24,438 24,357 20,512 40,786 30,864 24,506 20,891 21,657 17,260 304,438 -7% 2009 20,306 16,595 19,690 15,783 18,146 17,419 27,257 21,939 21,839 15,850 15,881 15,314 226,019 -26% 2010 18,322 14,048 21,097 12,502 15,868 19,776 23,767 23,519 20,030 15,131 15,047 12,587 211,694 -6% 2011 16,883 13,702 14,810 14,376 18,254 14,129 29,809 27,332 17,153 15,739 14,006 13,345 209,538 -1% 2012 17,235 15,106 12,737 13,739 13,339 16,555 29,636 22,017 18,012 15,859 17,735 20,953 212,923 2% 2013 16,784 16,290 11,343 15,729 14,633 12,522 32,372 21,425 22,188 12,292 17,381 15,782 208,740 -2% 2014 14,699 14,741 14,931 9,081 17,321 12,230 25,079 28,419 23,782 18,776 12,104 15,948 207,111 -1% 2015 14,140 15,575 13,911 14,521 16,150 17,613 23,313 18,883 21,248 18,213 14,193 17,951 205,711 -1% 2016 15,435 16,174 17,138 12,708 13,709 18,754 27,985 23,899 21,729 14,169 15,978 18,723 216,399 5% 2017 17,106 15,053 16,743 13,287 17,821 20,513 23,853 25,576 21,085 16,463 15,511 18,490 221,500 2% 2018 19,641 19,862 14,578 14,938 18,022 18,717 29,940 26,789 17,747 17,059 17,137 16,808 231,238 4% 2019 17,094 14,572 15,913 13,064 20,095 16,462 34,994 23,683 18,190 19,503 13,851 18,169 225,589 -3% 2020 20,160 17,685 9,053 (1) 17 13,081 21,104 21,889 24,796 127,784 24%
Source: Nevada Gaming Control Board 11/3/2020 LTVA Key Staff Updates SEPTEMBER 2020 Carol Chaplin, President & CEO 45Item Description Timeline Advertising/Marketing Weekly calls with agencies to assess campaign launches ongoing Douglas County CRF campaign creative direction and media buy Launch 10/8 Event Center Weekly meetings w/construction/project mgr/finance ongoing Boards/Committees RTAA - JSX (Burbank) Launch SSTMA - Website Rfp and build RASC - Winter Air Service Mktg Sue Barton, Senior Vice President - Administration & Operations Item Description Timeline Administration Employee review follow-ups Ongoing TID Annual Report Complete LTVA Annual Report Complete Group call with Nevada Senator Catherine Cortez Masto Complete Call with Nevada rural tourism directors Weekly Nevada Tourism Industry call Monthly Marketing Wedding Co-op meeting presenting results, strategy and budget Complete Worked with Travel Nevada to review guidelines for hybrid grant program and possible co-op opportunities Complete Chaired Reno-Tahoe Territory zoom meeting Complete Sales Developing COVID-19 area summary for motorcoach groups Ongoing "What's New" for RTT NTA Convention virtual attendee Ongoing Tony Lyle, Vice President - Tourism Development Item Description Timeline Marketing Onboarding with Entrada - with Mike Frye Ongoing Marketing Ongoing data and research conversations with Entrada, TRPA and Visit Kissimmee Ongoing Administration Education - Webinars for information and guidance for recovery Ongoing Marketing Recovery Campaign strategy with staff, MAC, Noble Studios, WPR, and Duncan Channon Ongoing Marketing Owned and Earned Marketing Response Development, with Digital Team Ongoing Digital TahoeSouth.com redesign with Digital Team & Noble Studios Ongoing Sales Development of new International Brochures Ongoing Sales Development of new Itineraries Ongoing Digital Exploring new golf tournament ticket platforms with Digital Team Ongoing Administration Call with Nevada rural tourism directors Weekly Go West Summit - One on one appointments conducted with 25 tour operators - plus Sales Complete follow up Marketing Judge for the Tahoe Chamber - Sample the Sierra - Sierra Chef Challenge Complete Stuart Maas, Sales & Marketing Manager Item Description Timeline Administration Education - Webinars for information and guidance for recovery Ongoing Administration Attended weekly Lake Tahoe Recreation Public Information Meetings Ongoing Strategic planning for DoCo CARES Act safe travel campaign in collaboration with Carson Marketing Jan 2021 Valley VA. Marketing Recovery Campaign strategy with staff, MAC, Noble Studios, WPR, and Duncan Channon Ongoing Marketing Owned and Earned Marketing Response Development, with Digital Team Ongoing Planning of LTVA owned jetski / fishing / fall colors photo & video shoot with Rachid Marketing October 2020 Photo Digital TahoeSouth.com redesign with Digital Team & Noble Studios Ongoing Digital Exploring new golf tournament ticket platforms with Digital Team Ongoing Digital Improving User interface and navigation on tahoedouglasnv.org for the Event Center Ongoing FY21 Meetings Campaign Management - Messaging, Reporting and Recovery Planning Ongoing Sales with Digital Edge Katharine McComb, Accounting Manager Item Description Timeline Executing reoccuring accounting roles and responsibilities Ongoing Worked with Eide Bailly during TDVA FY20 audit Ongoing Continued to work with advisors towards Event Center bonding and planning progress Ongoing LTVA Key Staff Updates OCTOBER 2020 Carol Chaplin, President & CEO 46Item Description Timeline Advertising/Marketing Weekly calls with agencies to assess winter campaign Launch Dec PR RFP Q/A with bidding agencies Do Co CRF Campaign monitoring Ongoing PR RFP Issued - fielding Q/A until Nov 2 Bond sale preparation. Meetings with construction/project manager. Developing RFP for Event Center facility operator On-going Boards/Committees RTIA/RASC - Air Service continues to increase SSTMA - Review and content curation for website Sue Barton, Senior Vice President - Administration & Operations Item Description Timeline Conducted phone and in-person interview with candidate for Visitor Information Administration Supervisor position Ongoing Call with Nevada rural tourism directors Weekly Nevada Tourism Industry call Monthly Marketing Assisted with creation, distribution, and Q&A for PR RFP Ongoing Participated in the creation and submission of CRF Marketing Grants to Travel Nevada on Pending approval on behalf of LTVA and the Reno-Tahoe Territory (RTT) 11/4/20 Coordinating COVID-related video shoot for RTT Scheduled 11/11/20 American Century Championship 2021 - Logistics meeting with Milthorpe Sports Events representatives Ongoing Successfully secured commitments for most of the comp rooms required for the 2021 tournament. One confirmation pending Ongoing Tony Lyle, Vice President - Tourism Development Item Description Timeline Marketing WTTC Safter Travels initiative, application and execution Ongoing Brand USA Travel Week Europe/Global Marketplace - preparation, participation, follow Sales up Marketing Entrada Data Dashboard Development - with Mike Frye Ongoing Marketing Owned and Earned Content Development, with Digital Team Ongoing Marketing Researched and created CRF Marketing Grants through Travel Nevada Ongoing Digital TahoeSouth.com redesign with Digital Team & Noble Studios Ongoing Sales Development of new International Brochures Ongoing Sales Development of new Itineraries Ongoing Digital Exploring new golf tournament ticket platforms with Digital Team Ongoing Stuart Maas, Sales & Marketing Manager Item Description Timeline Administration Education - Webinars for information and guidance for recovery Ongoing Administration Creation of LTVA Summer Campaign recap for Leadership Lake Tahoe Class Complete Marketing Photo/Video Shoot Planning for DoCo CARES Jan 2021 Strategic planning for DoCo CARES Act Sierra Safely campaign in collaboration with Marketing Jan 2021 Carson Valley VA Marketing Recovery Campaign strategy with staff, MAC, Noble Studios, WPR, and Duncan Channon Ongoing Marketing Recovery Campaign strategy with staff, MAC, Noble Studios, WPR, and Duncan Channon Ongoing Marketing Owned and Earned Marketing Response Development, with Digital Team Ongoing Marketing LTVA owned fall colors photo & video shoot with Rachid Photo Complete Digital TahoeSouth.com redesign with Digital Team & Noble Studios Ongoing Digital Improving User interface and navigation on tahoedouglasnv.org for the Event Center Ongoing FY21 Meetings Campaign Management - Messaging, Reporting and Recovery Planning Ongoing Sales with Digital Edge Katharine McComb, Accounting Manager Item Description Timeline Executing reoccuring accounting roles and responsibilities Ongoing TDVA and LTVA FY20 audits Ongoing Added fraud protection services to LTVA US Bank account Assisted TDVA team to take bonds to market late October Complete