LVGEA takes credit for convincing company with deep ties to Las Vegas to relocate to Las Vegas

One of the 16 companies that participated in a $2 million economic development recruitment initiative Super Bowl weekend already had deep ties to Las Vegas and had received approval for tax abatements to assist in their relocation or expansion into Nevada.

The Governor’s Office of Economic Development approved $214,473 in tax abatements to Thrill One Entertainment & Sports in November, months before the Las Vegas Global Economic Alliance’s LOCATE initiative brought Thrill One’s CEO and other out-of-state business executives to Las Vegas for a weekend of schmoozing that included attending the Super Bowl, a helicopter ride, and meetings with elected officials and business leaders.

“[Thrill One] was examining multiple locations throughout the western states,” the company’s CFO wrote in an application letter to GOED dated Sept. 22. “[U]ltimately, after due diligence and economic feasibility analysis, Nevada was chosen for its overall incentive package and pro business climate.” In exchange for the tax break, Thrill One pledged to create 52 new jobs in operations and make more than $1 million in capital equipment investment within the first two years.

Thrill One in their application also identified its majority owner as Fiume Capital, the Las Vegas-based private equity firm founded by the Fertitta brothers.

Fiume, along with Juggernaut Capital Partners, acquired Thrill One, then based in California, in July 2022. UFC President Dana White and a television producer also invested, according to a press release announcing the business deal. The Fertittas and White recently told Sports Business Journal they are hoping Thrill One can repeat the success they saw with UFC and indicated they would be hands-on in operations.

Founded in 2020, Thrill One merged several existing action sports brands, including Nitro Circus, which was co-founded by professional motorsports competitor Travis Pastrana, and Street League Skateboarding, founded by professional skateboarder Rob Dyrdek. The company has already held events in Las Vegas, including one at Las Vegas Motor Speedway during Nascar weekend in February. Thrill One in October last fall announced it had a multi-year agreement with Caesars Entertainment for a Nitro event.

As of April 1, Thrill One has relocated its headquarters from Costa Mesa to Las Vegas–more specifically, into UFC headquarters.

Thrill One CEO Matt Cohn did not mention those existing connections while talking up LOCATE at an LVGEA event Tuesday. He said the company sees being based out of Las Vegas as a competitive advantage because the region is becoming known as the sports entertainment capital of the world.

LVGEA raised $2 million for LOCATE. Half the money came from Clark County and the cities of Las Vegas, North Las Vegas and Henderson. The alliance did not immediately respond to an inquiry from the Current about why it targeted a company that already appeared to be preparing to move  into the region.

The names of all 16 companies targeted by the initiative have not been disclosed by economic development officials, who cite that relocation plans are sensitive, but Tuesday’s panel identified Thrill One and two others. Yooma Kim, the founder of a San Francisco-based biotech startup called Arine, indicated she wants to relocate her company. She said she is still looking at business finances and in talking to local universities about how to ensure her growing company’s workforce needs can be met.

Cohn said the Thrill One is now in talks about doing an event during F1. Those conversations started with F1 executive Betsy Fretwell during LOCATE’s Super Bowl weekend event, he added.

Cohn praised LOCATE for showing “the personal” side of Las Vegas, saying it allowed him to better pitch relocation to his California employees.

“A lot of people who said they weren’t going to be a part of the move, they decided to be a part of the move,” he said.

LVGEA CEO Tina Quigley told state lawmakers weeks after the Super Bowl event that she expected as many as nine of the 16 companies targeted by LOCATE to be in Southern Nevada within 12 months.

On Tuesday, she told the Current she is sticking by that projection, saying the companies, like Arine, have been following up with the alliance on specifics.

Quigley in closing remarks at the event said that Nevada cannot compete with states like Texas and Arizona on tax incentives or freebies like free land. Where it can shine, she continued, is in relationships and showing companies that the industry and election officials are responsive to needs.

“I always say we’re a population of 2.5 million and I know all 50. Everyone is one phone call away. That is our competitive advantage.”

She continued, “We’re not going to be able to cold call our way into getting these companies. We can’t email drip our way into it. And we can’t use search engines and AI… It’s not going to do it. It’s going to be us. Getting these people here to see, touch and meet us.”