Warner Bros. Pledges $8.5B in Long-Term Lease at Nevada Studio
By Isabelle Durso August 20, 2024 4:46 pm
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Warner Bros. Discovery announced on Tuesday it is committed to dropping at least $8.5 billion in production spending on a proposed long-term studio lease in Nevada.
The media company said it plans to partner with the University of Nevada, Las Vegas (UNLV) and Birtcher Development to take over Nevada Studios and establish a 34-acre filmmaking hub at UNLV’s Harry Reid Research & Technology Park. The plan hinges on the approval of a film tax credit program proposed by Nevada State Senator Roberta Lange, which will be voted on in February 2025.
“When talking with citizens we hear repeatedly that we need to further diversify our southern Nevada economy and at the same time commit the resources to develop our workforce,” Lange said in a statement. “It’s safe to say that having a lead partner with the depth of Warner Bros. and its ability to keep the studios full starting from day one is a key difference maker and enables us to successfully meet these two priorities.”
JLL (JLL)’s Gary Horwitz, Peter Hajimihalis and Will Poulsen represented Warner Bros. in the deal. Spokespeople for JLL, Warner Bros., UNLV and Birtcher did not immediately respond to requests for further comment.
Specific details for the proposed lease were unclear, but a source with knowledge of the deal told Commercial Observer that the studios would provide additional soundstage and filming location access for Warner Bros. in the area.
As part of the plan, Nevada Studios would be renamed Warner Bros. Studios Nevada and have full-service film and television studios and facilities, the company said. The proposed Nevada Media and Technology Lab would also provide opportunities for the university’s film department.
“Warner Bros. Studios Nevada represents a great opportunity to further expand our facilities to accommodate these productions and more in the future,” Warner Bros. COO Simon Robinson said in a statement. “We are fully committed and excited about the potential of a long-term partnership and presence in Nevada and are confident it will be a win/win for the State of Nevada, the Las Vegas community and [Warner Bros.] as we look ahead to our next 100 years of exceptional storytelling.”
Isabelle Durso can be reached at idurso@commercialobserver.com.
