USA.- January 26th 2024 www.zonadeazar.com [1]The significance of sports in Las Vegas, not only for its residents but also for the tourism industry and the resulting tax revenue in Nevada, was a central theme at the Vegas Chamber of Commerce Business Outlook Conference held at Fontainebleau Las Vegas.
Approximately 1,500 attendees gathered to hear insights from industry executives, including representatives from Formula 1, Oakland A’s owner John Fisher, and Peter O’Reilly, Executive Vice President of the NFL overseeing the Super Bowl at Allegiant Stadium on Feb. 11.
During a Q&A session with Vegas Chamber President Mary Beth Sewald, John Fisher reiterated his commitment to relocate to a new $1.5 billion stadium in Las Vegas, scheduled to open in 2028. Fisher mentioned plans for the stadium located at the Tropicana Las Vegas site, operated by Bally’s with GLPI as the landowner. The family’s equity would be used to finance the portion of the stadium not publicly funded.
While Fisher did not disclose the A’s future playing location after 2024 when its lease expires at the Oakland Coliseum, options include Oracle Park in San Francisco and various minor league stadiums in Las Vegas, Sacramento, Reno, and Salt Lake City.
Despite generating controversy among Las Vegas residents, Formula 1’s race week before Thanksgiving in November attracted 145,000 visitors, contributing to approximately $561 million in spending. Gaming revenue in 2023 reached historic levels, and the average daily hotel room rate set a record at $191.
Steve Hill, CEO of the Las Vegas Convention and Visitors Authority, dubbed 2023 as “the best year in the history of Las Vegas,” citing record-breaking gaming revenue and passenger numbers at the airport. Las Vegas has regained 95% of its 2019 international seat capacity, and the Brightline high-speed rail project received substantial federal funding.
Las Vegas maintains its position as the top meeting destination in the U.S., with a 20% year-over-year growth in convention attendance, reaching six million attendees. The city aims to surpass its previous record of 6.6 million attendees in 2024. Hill emphasized the city’s exceptional convention facilities, with three in the top seven, contributing to Las Vegas’s unique appeal.
In the realm of sports, Las Vegas celebrated victories by the Vegas Golden Knights and the Las Vegas Aces, along with the success of the inaugural Formula 1 race. November 2023 marked the second-best month in Las Vegas history, primarily attributed to the F1 event, generating 110 billion impressions.
Steve Hill expressed optimism for 2024, riding on the momentum gained in 2023, emphasizing the city’s capacity for growth and anticipating another fantastic year.
Edited by: @MaiaDigital [2] www.zonadeazar.com [1]