It’s finally official: the Las Vegas Convention and Visitors Authority (LVCVA) Board of Directors has approved the $1.4 billion expansion and renovation of Las Vegas Convention Center.

In the works since 2016, the project had previously been approved by other local boards, but had yet to receive final approval from LVCVA. The expansion will add 600,000 sq. ft. of meeting space to the convention center and is scheduled for completion in 2023.

“Today marks a monumental occasion for not only the LVCVA but also the entire destination,” says Rossi Ralenkotter, LVCVA President and CEO. “We commend the foresight of our community and state leaders for recognizing the importance of the LVCCD and we are eager to get to work! We will ensure that the LVCVA continues to provide the world-class facility and experience our clients expect when they come to Las Vegas.”

Las Vegas consistently ranks as one of the country’s most popular meeting destinations, largely due to the city’s convention center, numerous hotels with plentiful meeting space and countless nearby attractions.

Lawrence Weekly, chairman of the Las Vegas Convention and Visitors Authority and Clark County Commissioner, points out that the project will create jobs and boost the local economy. An estimated 14,000 construction jobs and close to 7,800 full-time permanent jobs will need to be filled. LVCVA forecasts that the new convention center district will draw one million additional visitors and pump $810 million dollars into the economy each year.

“Las Vegas has maintained its reputation as a leading destination for business travel because our destination has a long tradition of working together to make great strides that benefit both our visitors and those who call Southern Nevada home,” says Weekly.

Although the renovation is a massive undertaking, the construction plan is designed to have a minimal impact on events happening at the convention center. The project will be completed in two phases. The first phase, which will be finished by 2021, involves enlarging the facility by 1.4 million sq. ft.—600,000 sq. ft. of which will be designated as exhibit space and meeting rooms. During the second phase, the 3.2 million-square-foot convention center will undergo a complete overhaul. Dividing the process into phases will ensure no business is lost due to construction.