In 2023, the F1 event in Las Vegas was truly the flop of the decade. Not only were fans so angry they sued, but the event cost way more to host than the proceeds it brought in, leaving the city in the hole with a lawsuit on its hands.
The 2024 Super Bowl, however, was the exact opposite, and things may be looking up for the city, which depends on gambling revenue to pay its bills. Read on to learn more about the effect the 2024 Super Bowl had on Las Vegas.
How the 2024 Super Bowl Affected Las Vegas
1. Increase in Tourism Revenue
Las Vegas is a city that relies on tourists to keep the lights on, and the Super Bowl brought revenue to all aspects of the city. Not only were hotels almost fully booked, often at their top prices, but restaurants, clubs, and bars all experienced an uptick in customers and revenue. All of which added city taxes to the price.
Additionally, many casinos were able to put on fancy Super Bowl parties and charge massive dollar amounts for entry. Many of these events were attended by stars who helped to draw customers in—even people who wouldn’t normally attend such an event in Sin City.
2. Increase in Gaming Revenue
Of course, the largest influx of cash was likely in the gaming revenue. Beyond just slots and table games, many casinos raked in the money spent on sports betting. Since the Super Bowl was hosted in one of the few cities where sports betting is 100% legal, it’s easy to imagine how many attendees were able to place bets before the big game.
Not only that, but we suspect that people who wouldn’t normally bet on a game likely placed a few dollars down anyway—because it was so easy to do so on their way to the game and to pick up their winnings afterward.
3. Private House Rental Influx of Money
While the casinos and tourist industry were excited at the influx of people coming for the big game, many Vegas locals were less than enthusiastic. Everything became more expensive for the weekend, and the traffic was extremely hectic.
Many locals knew in advance that they wouldn’t enjoy being in the city during the event and the going rate for a house with 2-3 bedrooms was anywhere from $7,000-$15,000 for the weekend. As a result, many residents were able to make some extra cash by renting out their homes and heading on vacation!
4. Free Advertising for the City
Now, the advertising Las Vegas received wasn’t totally free, of course; after all, they had to build the stadium and fight to get an NFL team in the first place. That being said, if you watched the game, you probably noticed that before and after every commercial break, they showed shots all over the city.
While you may not have realized it at the time, this was very clear advertising for the city. Whether you were drawn in by the beautiful shots of the stadium, or maybe the lights in the fountain of Bellagio, you better believe people all over the world are already planning their next trip to Las Vegas—and the city didn’t even have to pay for any expensive Super Bowl commercials!
We highly suspect that the beautiful shots will not only future tourists but also sports teams to the city. Especially because of Las Vegas’ mild winter climate which makes it perfect for hosting all types of sports games. We wouldn’t even be surprised if it was because of the future location of an Olympic event!
5. Taylor Swift
Honestly, we hate how much the name of the pop star has become wrapped up in NFL events, but Taylor Swift alone has supposedly already generated $330 million in brand revenue for the franchise. While we can’t say what impact this will have on the star’s relationship with Travis Kelce, we know that it definitely gave Las Vegas an even bigger boost since the famed star attended the Super Bowl in person!
How Much Money Did Las Vegas Make During the Super Bowl?
While it is unlikely that exact numbers will ever be released, based on the attendance of the Super Bowl event, economists have made estimations of Las Vegas’ total rake for the weekend.
With 15,000 people flocking to the city for the event, Las Vegas likely amassed around $500 million USD. Of that, $70 million was in local and state tax revenue. $215 million is what the 15,000 visitors will spend on hotels, food, drinks, and gaming.
The rest of the money will come from the cost of the Super Bowl tickets as well as smaller areas of revenue, such as the increased number of flights and the raised fees for private plane landings in the city. Either way, this event was a slam dunk for Las Vegas.
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Are There Any Downsides to the Las Vegas Super Bowl?
Hosting a Super Bowl event is never just sunshine and roses; unfortunately, Vegas did receive some backlash due to hosting the event. This came as a result of the fact that the Super Bowl was held on Chinese New Year.
Las Vegas has long been known as a prestigious location to host Chinese New Year, and in the past, Asian tourists have flocked to the city during the holiday to celebrate. Because of the increased prices due to the Super Bowl, it is suspected that many Asians skipped the event this year, causing Las Vegas to lose out on some high-roller revenue.
While we are sure they will survive with the Super Bowl revenue they received instead, many economists speculate on the damage it may cause to future Chinese New Year crowds in Las Vegas and the fact that in coming years, these Asian high rollers may take their money elsewhere.
Of course, this is just speculation for now, and we are sure the positives of the Super Bowl outweigh the negatives, but it’s just something for Las Vegas to keep in mind!
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