The federal funds that were helping to insure the area against an attack could soon dry up.
Time is starting to run out on the federal dollars that are currently playing a vital role in the terrorism insurance that is helping to cover the Las Vegas strip in the event that an attack should ever occur.
Federal and Nevada senators have said that they are now working to renew the federal program.
The Terrorism Risk Insurance Program Reauthorization Act gives the American government the ability to help to pay for any damage that is experienced by businesses should there ever be an attack. However, that terrorism insurance strategy will be expiring as of the end of this year. If a solution is not found, then after December 31, 2014, there will no longer be coverage for that peril in Las Vegas that is supported by federal dollars.
A lack of terrorism insurance could have a considerable impact on the development of new resorts.
Lawmakers have pointed out that without terrorism risk insurance, it could become much more difficult for the Las Vegas Strip to be able to develop new resorts as it would cause overall coverage premiums to spike. They have also said that developers won’t be interested in trying to build without being able to obtain the backing of those federal funds.
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At the moment, every casino that lines the Strip is covered by a terrorism policy that is subsidized by federal funds, as are the Cashman Center and the Las Vegas Motor Speedway. According to Senator Dean Heller (Nevada-R), “The terrorism threat is not just an East Coast issue.”
The act, also known as TRIA, gives the federal government the ability to pay up to $100 billion into the cost of damage repairs that could follow an attack by terrorists. Those funds are meant to go above and beyond the standard private business insurance coverage payments that would be received at such a time.
As Senator Heller discussed the terrorism insurance issue, he explained that “These threats are real. You can imagine the impact it would have on a state like Nevada if an event were to occur.”