LAS VEGAS (KTNV) — Las Vegas is the entertainment capital of the world and now it's becoming known for something many thought was impossible less than a decade ago. The city has become a dynamic sports destination impacting all of the valley and its economy.
Noting the significance of this shift, UNLV’s Center for Business and Economic Research, in partnership with UNLV Sports Innovation, explored the intricacies of Las Vegas’ sports economy in a new study.
According to researchers, as of April 2023, Las Vegas had 17 primary sports facilities and arenas that boasted a combined capacity of 285,173 seats. If eight additional planned or proposed facilities open, including a proposed new stadium for major league baseball's Oakland A's – the city will gain more than 120,000 new seats.
UNLV researchers also estimated that sporting events in Las Vegas generated $1.845 billion in economic activity from out-of-town visitors during the fiscal year 2022 alone — and forecasters anticipate an even greater return in the future.
Key takeaways from the “Sports economy in Las Vegas” white paper:
- Impressive Seating Capacity: Las Vegas’ capacity to seat nearly 300,000 fans across multiple professional sports venues highlights the city's readiness and ability to host major sporting events and accommodate large crowds.
- Abundance of Annual Sporting Events: Las Vegas is set to host a staggering 39 significant annual sporting events or tournaments through 2024. This robust calendar of sporting events further solidifies the city's reputation as a premier sports destination, attracting athletes, fans, and tourists from around the world.
- Growth in New Enterprises: The white paper highlights a correlation between the presence of professional sports teams with the growth of coaching instruction, which has increased 151% in Las Vegas, as an indicator of entrepreneurial activity.
- Projected Job Growth: Researchers conservatively forecast a 12.4% increase in employment within performing arts, spectator sports, and related industries from 2022 to 2030. This equates to approximately 2,944 permanent jobs, indicating a promising future for job seekers and individuals interested in career paths in the sports economy.
