LAS VEGAS (KTNV) — Visitors to Las Vegas spent more money per trip last year than any other time in history, according to a report recently released by the Las Vegas Convention and Visitors Authority.
That momentum is expected to continue in 2023 as the city prepares to host some of the largest sporting events in the world. The Formula 1 Las Vegas Grand Prix will be taking place in November. The Super Bowl will be played in Las Vegas in February 2024.
“We know when the events are going to take place, we know when the business is going to come, so we can prepare for it,” said Brian Slipock, owner of Jackson’s Bar and Grill.
The restaurant and bar located on the corner of Flamingo Road and Jones Bouelvard has been a local favorite for decades. Slipock says business stays busy and anticipates this year could be the most eventful and profitable yet.
“Anytime there’s an event in Vegas, it’s beneficial for Vegas and it’s beneficial for us,” Slipock said.
The LVCVA’s report showed the city has experienced dramatic growth with the addition of new resorts, convention space, professional sports teams, and venues.
“We believe there will be a ripple effect of these large-scale events,” said Lori Nelson-Kraft, senior vice president of communications for the LVCVA.
Commissioned by the Las Vegas Convention and Visitors Authority, the report shows that visitors to the city were responsible for over $79 billion in economic impact last year, a 25 percent increase from the previously-held record in 2019.
Visitor spending last year reached a record $45 billion, a 24 percent increase from 2021, and a 22 percent increase from 2019.
“What our economic impact report showed in southern Nevada is that the visitor spend was over $1,000 per visitor,” Nelson-Kraft said.
That money, combined with hotel tax dollars, trickles down into our schools, transportation, road improvements and more.
“Our visitors will be going into our local communities. They want to go where locals go. So, you will see a lot of businesses benefit,” Nelson-Kraft said.
