Wednesday July 24, 2024

Super Bowl to generate $500m for Las Vegas economy

Las Vegas is expected to host 150,000 tourists for mega sports event generating huge economic advantages

By Web Desk
February 08, 2024
Super Bowl advertisement illustration for the year 2024 in Las Vegas. — Super Bowl
Super Bowl advertisement illustration for the year 2024 in Las Vegas. — Super Bowl

This weekend, you ought to be in Las Vegas as it is the setting for Super Bowl LVIII with a $500 million economic profit expected from the giant sports event.

With a capacity of almost 65,000, Allegiant Stadium in Las Vegas would be crowded with the fans of the mega sport's event, Essentially Sports reported.

In addition, the city is scheduled to welcome an estimated 150,000 tourists. The hugely influential event has a big impact on hospitality, food and beverage, and many other industries. It is only fitting to examine the events scheduled for Vegas this month.

Research by NRF noted that this year's Super Bowl LVIII spending will total more than $17.3 billion. How? Some are going to throw parties at their homes, some are going to bars or pubs, and some lucky fans will be watching it live at Allegiant Stadium. 

According to an NRF survey, a standard attendee is expected to spend $86.04 on products, F&B, and party supplies.

Buying or using these products may also entail dealing with outside parties. Profits could be made by other retailers, delivery businesses, and broadcasting services. 

According to the US Chamber of Commerce, the visitors will spend over $215 million on lodging, food, and beverages, as well as game memorabilia. The intriguing thing is that neither travel expenses nor any other form of entertainment are included in this sum.

They further stated that locals in Vegas will also be spending roughly $140 million on the occasion. The Las Vegas metro region anticipates paying an additional $70 million in local and state taxes on top of the estimated $500 million in Super Bowl income.