LAS VEGAS (KTNV) — Las Vegas is known for hosting some of the biggest events in the world and the next five months are going to be some of the busiest in valley history.
According to the Las Vegas Convention and Visitors Authority's calendar, that includes events like SEMA, Formula 1's Las Vegas Grand Prix, the Pac-12 Football Championship Game, the NBA In-Season Tournament, Wrangler National Finals Rodeo, Las Vegas Bowl, the Consumer Electronics Show, World of Concrete, and Super Bowl LVIII.
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LVCVA CEO and President Steve Hill said the next four to five months represent a "pinnacle" for events in the valley.
"It is a spectacular run. As you look through that list, you'll see events that have been in Las Vegas for over 40 years, events that have been here for 20 years or 10 years, and some that are here for the first time," Hill said. "It's a spectacular time of year to be here. It is a high demand period and we just continue to bring more and more events who don't want to leave once they come here."
Some newbies including major sports events and Hill said he's not surprised.
"It is quick and it has also been a long time in the making. We have been a boxing capital for decades. UNLV has been a phenomenon and won a national championship in the 90s. NASCAR has been here for a long time. UFC has now been in town for 25 years. We are standing on the shoulders of that," Hill said. "The acceleration over the past six or seven years has been a really remarkable thing. We are the sports capital of the world at this point and the eyes of the world are going to be on Las Vegas over the [couple of] months."
Those events mean big business. Hill said local officials are estimating that combined, the events are expected to bring in up to $15 billion. Breaking it down a bit further, Hill added that Formula 1 is expected to bring in $1.3 billion and the Super Bowl is estimated to bring in $700 million.
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"There's a lot of tax revenue that is generated through Formula 1. We're estimating about $87.5 million in taxes will be brought in from the race that everybody throughout Nevada will benefit from," Hill said. "It's one of the real reasons these events benefit everyone in the state and this city. There's $25 million that will go to K-12 education simply because of the race. From an economic impact standpoint, it creates jobs. It creates wages."
Hill added that prices are also coming down for hotel rooms following demand from Formula 1 customers.
"When thinking about hotel rooms, Formula 1 will fill about half of the hotel rooms in Las Vegas that weekend. All of the hotel rooms were priced very high anticipating that those rooms would be filled by Formula 1 customers," Hill said. "Now that those tickets have been sold, those packages have been sold, the city needs to fill the other half of the rooms. For the most part, the weekend before Thanksgiving is one of our slower weekends. It is now not but there are 70,000 hotel rooms that need to be used for reasons that are not Formula 1 and those prices need to get back to what's commercially reasonable for our customers to come."
As for the future, Hill said things look bright as officials continue to look for ways to reach new customers and bring them to Las Vegas.
"There is a lot of demand. It's why we're excited about the A's stadium coming. Not only will it be used for baseball but it's another big venue that we'll have the ability to offer to those who want to be in Las Vegas," Hill said. "We feel like it's our job to continue to drive demand for Las Vegas in order to allow this city to remain vibrant and continue to grow. If we become stagnant, it's a very easy thing to start to slip."
