LAS VEGAS, Nevada (FOX5) — Sony Pictures Entertainment is the second movie studio to announce plans to create thousands of jobs and invest hundreds of millions of dollars in capital expenditures — all subject to approval of tax credits by the Nevada State Legislature.

The announcement comes on the heels of Warner Bros. Discovery’s announcement on Tuesday that it would invest billions in building another film studio in southwest Las Vegas, subject to potential tax credits under a proposed law.

“We’ve been working on this for three years. It’s shovel ready. It’s ready to go,” said Tony Vinciquerra, Chairman & CEO of Sony Pictures Entertainment. “The message is that it’s a no-brainer to build an entertainment world here because people want to work here. The talent, the directors, the producers, they all want to come to Las Vegas,” Vinciquerra told FOX5.

Vinciquerra spoke in a fireside chat to an audience at the Global Economic Alliance’s 2024 Perspective event in Las Vegas and then answered questions from reporters.

The chairman and CEO said Sony Pictures is prepared to invest $500 million immediately to open Summerlin Studios on the 31-acre site at Flamingo Road and Town Center Drive. The project is being developed in partnership with the Howard Hughes Corporation.

The project will create 18,000 jobs, Vinciquerra said.

On Tuesday, Warner Bros. Discovery announced the renaming of Warner Bros. Studios Nevada at UNLV’s Harry Reid Research & Technology Park.

A spokesman said Thursday that Warner Bros. Discovery will invest $900 million to build the studios and commit to spending $500 million annually (a total of $8.5 billion over 17 years) at UNLV’s Harry Reid Research & Technology Park near the 215 Beltway and Durango Drive, and will create 7,500 jobs annually.

State Senator Roberta Lange is leading these efforts with a bill in the Senate that would create a comprehensive partnership with UNLV for professional development.

According to a spokesman for Warner Bros. Discovery, the film company will receive tax credits of around $100 million annually over a period of 17 years.

In the Assembly, Majority Leader Sandra Jauregui is pushing another bill to support Summerlin Studios and Sony Pictures Entertainment by creating a worker training program.

According to David O’Reilly, CEO of the Howard Hughes Corporation, the company plans to apply for $100 million in tax credits.

“They should think about what is best for Nevada, and if they want to approve both, good luck, we’ll do it,” Vinciquerra said.

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