Sports in Las Vegas the impact on our Economy

Las Vegas activities
May 11, 2023
  • The metropolitan area of Las Vegas is home to over 2.3 million people and attracts more than 40 million visitors annually.
  • Las Vegas has been a top travel and leisure destination, accounting for half of the world’s ten largest hotels and boasting more guest accommodations than any other U.S. city.
  • Until recently, Las Vegas did not have any professional sports teams.
  • In the last decade, Las Vegas has welcomed three major league sports teams (Las Vegas Raiders, Vegas Golden Knights, and Las Vegas Aces) and six minor league sports teams (Las Vegas Aviators, Las Vegas Lights FC, Henderson Silver Knights, Las Vegas Desert Dogs, Ignite, and Vegas Knight Hawks) as well as a major sport organization, The Ultimate Fighting Champion.
  • Las Vegas has added four large sports venues (Allegiant Stadium, Las Vegas Ballpark, T-Mobile Arena, and The Dollar Loan Center) in less than six years.
  • The completion of Allegiant Stadium in July 2020, with a seating capacity of 65,000 and costing $1.9 billion, brought the first professional NFL team, the Las Vegas Raiders, to the local economy.
  • The addition of new sports venues, including T-Mobile Arena, Las Vegas Ballpark, and The Dollar Loan Center, have added a total of 104,000 seats to the city’s entertainment venues and generated an additional $1.5 million in annual ticket sales.
  • According to data from the Las Vegas Convention and Visitors Authority (LVCVA), 41 sponsored sporting events took place in fiscal year 2022 that drew nearly 1.8 million spectators or around 5.1 percent of total visitors to Las Vegas.
  • The increase in professional sports in Las Vegas has also spilled over into the world of collegiate sports, with Las Vegas being selected as the host for nine postseason events and championships in Divisions I, II, and III sports.
  • The Formula 1 event is expected to generate 400,000 hotel room nights and blow past previously large multi-day entertainment events by ticketed spectators such as the Grateful Dead’s farewell gig in Las Vegas in 1995 and Electric Daisy Carnival.
  • The LVCVA anticipates spending $90 million on advertising and marketing in fiscal year 2022-2023 to increase revenue for the 390 hotels with a combined capacity of 168,393 rooms and boost the overall local economy.