Las Vegas Sports Economy Generates $1 Billion in Annual Revenue

Las Vegas is currently undergoing, and relying on, an economic renewal, based on the continuing growth of its sports industry. In the past, Las Vegas was typically recognized for entertainment, while it is now working to become an authentic global sports destination that can transform the nature of tourism and community development.

According to a recently published white paper from UNLV, 41 sponsored sporting events from July 2021 through June 2022 attracted 1.8 million attendees, representing more than 5% of all visitors to Las Vegas during that timeframe. Each attendee spent an average of almost $1,100 in Las Vegas to attend sporting events, generating over half a billion in tax revenue. This data does not include revenue generated from gambling and tickets to shows, which further demonstrates the overall value of sports.

The city's recent wins and high-profile events have amplified this momentum. Almost $1 billion in economic impact was generated by a WNBA title, a Stanley Cup championship, and the Las Vegas Grand Prix, and the Grand Prix is cited specifically as the largest annual sporting event.

The Super Bowl brought in an additional $1 billion boost to the Las Vegas economy, cementing the city as a next-level sports destination. Future milestones — namely the NCAA Final Four and the future relocation of the Oakland A's — are also expected to add to this growth.

Jay Vickers, Chief Operating Officer for UNLV's Sports Innovation Institute, highlighted the city's unique appeal. "We've always been a destination location, but now we get to expand what that entertainment dollar looks like," he said. Vickers underscored the distinctive quality of the tourist experience in Las Vegas and that quality's relevance to the local tourism economy and the global economy of the community.

Local businesses are being impacted by growth in the sports economy. Heather Avila, president and CEO of Live Electric, acknowledged its positive effect on local businesses.

 "There's been so many opportunities for us to create jobs and really prosper from this new sports economy in Las Vegas," she said. Her company, an electrical contractor, has contributed to significant projects such as Allegiant Stadium and the Super Bowl's connection program, underscoring how the city's sports boom continues to energize economic opportunity.