The 54-year-old Las Vegas Convention Center will receive its first upgrade in more than 10 years and is expected to be completed by 2015.
Plans for the centre include additional exhibition space, meeting rooms and general session space; upgrading technology; adding new food and beverage outlets and creating a grand concourse.
The strategy will attract more meetings and conventions to the destination and invest in the local transport infrastructure, culminating in a long-term strategy for the district that plans to host 44m annual visitors and as many as 7m convention delegates over the next 10 years.
The first phase of development, which involves the plans to upgrade the Las Vegas Convention Center, will take place over the next two years and will include programming and design, the development of overall budget, improvements to the current space at the Las Vegas Convention Center and land acquisition.
Rossi Ralenkotter, president of the Las Vegas Convention and Visitors Authority, said: "Las Vegas is known for defining moments that change the hospitality industry, and this project will be the next defining moment. This is more than a project – this is a vision that will launch Las Vegas forward ahead of the competition for decades to come."