Super Bowl could be Las Vegas’ first billion-dollar impact event

A Super Bowl in Las Vegas could become the first event ever producing more than $1 billion in economic impact on the community, an economic development expert said Thursday.

Jonas Peterson, president and CEO of the Las Vegas Global Economic Alliance, told a crowd of more than 150 that the explosion in popularity of sports in Southern Nevada and the new infrastructure that has been produced for sports assures that the city would enjoy an economic bonanza if the new Las Vegas stadium is awarded a future Super Bowl.

Peterson was the kickoff speaker for the first-ever Las Vegas Global Sports Business Summit at the Las Vegas Convention Center. The event, organized by the Las Vegas Convention and Visitors Authority and the Global Economic Alliance with 235 registered attendees, is a business tie-in to the LVCVA’s Ultimate Vegas Sports Weekend that will feature public rallies around weekend events for NASCAR, UFC, USA Sevens Rugby and the Vegas Golden Knights.

Peterson and Jeremy Aguero, principal for Las Vegas-based Applied Analysis, led a lineup of 25 mostly local speakers and panelists on all aspects of sports marketing, including branding, sponsorships and the future of sports business in Southern Nevada.

Peterson based his expectations of a Las Vegas Super Bowl on visitation results for the 2018 game at U.S. Bank Stadium in Minneapolis. He said the Super Bowl matchup between the New England Patriots and the Philadelphia Eagles drew 125,000 people to Minnesota.

The game also brought 310,000 to Las Vegas, most coming to gamble on the game and to enjoy special parties presented by resorts.

Southern Nevada is gearing up for a future with sports with new infrastructure — the $1.8 billion Las Vegas stadium and the $150 million Las Vegas Ballpark — as well as new hotels, Resorts World, the Drew and downtown’s Circa. He expects the need for access to resorts and venues to result in new investment in transportation.

Peterson suggested that the stunning success of the Golden Knights hockey franchise bodes well for the city’s future. The team has helped T-Mobile Arena become the top-grossing sports arena in the country.

The early returns on the effects of sports on Southern Nevada are encouraging, he said.

Calling sports “the purest form of economic development,” Peterson said the presence of major-league sports teams has resulted in new jobs and has improved the quality of life with family-friendly sporting events for entertainment as well as philanthropic contributions to the community by the teams.

Aguero provided some background history on the growth of professional sports over the years with the birth of UFC in Las Vegas, the success of the National Finals Rodeo over the years, the steadiness of minor-league baseball and the surprising growth of the NBA Summer League.

Aguero noted that attendance at Golden Knights games is the 17th highest in the National Hockey League despite T-Mobile Arena being the 30th largest NHL venue. Average attendance at games was 18,042 last season — and seating capacity is around 17,500 indicating supporters are more than happy to buy standing room to see the team live.

Aguero called the Las Vegas Aces WNBA team “second to none in community involvement” and that the Las Vegas Lights United Soccer League team has particularly connected with the Spanish-speaking community resulting in the sixth-best attendance numbers among USL teams.

While most of the speakers spoke glowingly of the city’s future with sports, some shared some reality checks.

Mark Prows, senior vice president of entertainment and operations at MGM Resorts International, talked about his company’s early adoption of sports with the MGM Grand Garden and the eventual investment in T-Mobile Arena.

He warned that while most existing sports franchises are in an upward trajectory, there’s a long list of failed franchises in the city’s history. He also noted that while Las Vegas is enjoying a burst of enthusiasm for sports, the city is still one of the smallest markets for professional sports with just more than 2 million Southern Nevada residents.

He also noted that sports teams have unique challenges in Las Vegas because of the abundance of shift work taking around one-third of the population away from games because of the times they go to work.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.

Business Videos
Impact of parking fees on visiting the Las Vegas Strip
There are no data showing a relationship between Strip resort and parking fees and the number of out-of-state visitors to Las Vegas. But there are data showing a relationship between Strip parking fees and the number of local visitors to the the Strip. ‘’As a local, I find myself picking hotels I visit for dinner or entertainment, based on whether they charge for parking or not,”’ said David Perisset, the owner of Exotics Racing. ‘’It is not a matter of money, more of principle.’’ A 2018 survey by the Las Vegas Global Economic Alliance found 36.9 percent of Clark County residents reported avoiding parking at Strip casinos that charge for parking. 29.1 percent reported avoiding using any services from a Strip casino that charges for parking.
MGM's sports betting deals
MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.
Faraday puts Las Vegas land on the market
Nearly two years after Faraday Future bailed on its North Las Vegas auto factory, the company has put its land up for sale. (Michael Quine/Las Vegas Review-Journal)
El Cortez owner Kenny Epstein on running the iconic property
Kenny Epstein, owner of the El Cortez Hotel in downtown Las Vegas, talks about Jackie Gaughan mentorship and answers rumors about bodies in the basement at the mob-era casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
LVCVA recommends construction of underground people mover
The Las Vegas Convention and Visitors Authority announced the recommendation for an underground people mover for the convention center. The system would have the potential to expand and connect Downtown and the resort corridor all the way to McCarran. (Michael Quine/ Las Vegas Review-Journal)
LVCVA/Boring Company Press Conference
The Las Vegas Convention and Visitors Authority announced a collaboration with Elon Musk's The Boring Company to develop and operate an autonomous people mover system for the Las Vegas Convention Center District.
International Pizza Expo includes green and gluten free
The International Pizza Expo at Las Vegas Convention Center included companies focused on vegan and gluten free, and plant-based pizza boxes. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
International Pizza Expo kicks off in Las Vegas
The first day of the International Pizza Expo at Las Vegas Convention Center is everything Pizza. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
T-Mobile program aids guests with sensory needs
A program at T-Mobile Arena is designed to provide a more sensory friendly experience for guests.
Photo Booth Expo
Danielle May talks about how Simple Booth transformed her Volkswagen bus into a business.
Nevada Gaming Commission's highest fines
The highest fines assessed by the Nevada Gaming Commission, according to commission Chairman Tony Alamo: 1) Wynn Resorts Ltd., $20 million, 2019 2) CG Technology (then known as Cantor G&W Holdings), $5.5 million, 2014 3) The Mirage, $5 million ($3 million fine, $2 million compensatory payment), 2003 4) Stardust, $3 million, 1985 5) Santa Fe Station, $2.2 million ($1.5 million fine, $700,000 compensatory payment), 2005 6) Las Vegas Sands, $2 million, 2016 7) CG Technology, $1.75 million, 2018 8) CG Technology, $1.5 million (also $25,000 in escrow for underpaid patrons), 2016 9) Caesars Entertainment, $1.5 million, 2015 10) Imperial Palace, $1.5 million, 1989 11) Peppermill Casinos, $1 million, 2014
Tiny Pipe Home vs Shipping Crate
A Tiny pipe home was displayed at the International Builders Show this week in Las Vegas.
Auto repair shortage affects Las Vegas
The auto repair industry is facing a national shortage of workers.
Franchising industry booming
Experts say Las Vegas is a hotbed for the franchise industry.
Africa Love owner talks about his store in Las Vegas
Mara Diakhate, owner of Africa Love, gift and decor store, talks about his store in Las Vegas. (Bizuayehu Tesfaye/ Las Vegas Review-Journal) @bizutesfaye
Developer gets approval to build homes at Bonnie Springs
The Clark County Planning Commission has approved a plan to build 20 homes on the site of Bonnie Springs Ranch. (Michael Quine/Las Vegas Review-Journal)
Dig This opens new location In Las Vegas
Remember when you were a kid and played with construction toys in the sand box? Dig This Las Vegas has the same idea, except instead of toy bulldozers, you get to play with the real thing. (Mat Luschek/Review-Journal)
Town Square developer Jim Stuart building again in Las Vegas
Las Vegas’ real estate bubble took developers on a wild ride, something Jim Stuart knows all too well. (Las Vegas Review-Journal)
Salon opens at Veterans Village
T.H.E. Salon, owned by Nicole Christie, celebrated their opening at the Veterans Village with a ribbon cutting ceremony.
Southwest Airlines considering Las Vegas-Hawaii flights
Southwest Airlines CEO Gary Kelly says the airline is "very focused" on Hawaii. Hawaiians have a strong presence in Las Vegas.The city’s unofficial status is “Hawaii’s ninth island.” In 2018, at least 2,958 people from Hawaii moved to Nevada. Of those, 88.7 percent moved into Clark County, according to driver license surrender data. According to the Las Vegas Convention and Visitors Authority, 310,249 people came to Las Vegas from Hawaii in 2018.
Fewer Nevadans are celebrating Valentine's Day
Fewer Nevadans are celebrating Valentine's Day. About 1.2 million Nevadans are expected to celebrate this year, a 5 percent drop from 2018. A growing number of people consider Valentine’s Day over-commercialized. Others weren’t interested in the holiday or had nobody to celebrate with. But spending is expected to rise. Those who do celebrate are buying for more people. The average American is expected to spend about $162 this year for Valentine’s Day, a 57 percent jump from a decade prior. Katherine Cullen, director of industry and consumer insights at NRF
Foreclosures of mansions in Las Vegas
Las Vegas was ground zero for America's foreclosure crisis after the housing bubble burst. (Eli Segall/Las Vegas Review-Journal)
Rick Helfenbein talks about the impact of tariffs on the clothing industry
MAGIC fashion convention showcases men's clothing trends
The MAGIC fashion convention has come to Las Vegas at the Mandalay Bay Convention Center to showcase some of the hottest clothing trends for men. (Nathan Asselin/Las Vegas Review-Journal)
Allegiant Air flight attendants learn how to handle a water landing
Field instructor Ashleigh Markel talks about training prospective flight attendants for Allegiant Air getting live training with a raft for a water landing at the Heritage Park Aquatic Complex in Henderson on Monday. (John Hornberg/Las Vegas Review-Journal)
Smith & Wollensky CEO Michael Feighery speaks
Smith & Wollensky CEO Michael Feighery speaks about the new Smith & Wollensky restaurant coming to the Grand Canal Shoppes at The Venetian in Las Vegas.
Smith & Wollensky CEO Michael Feighery speaks
Smith & Wollensky CEO Michael Feighery speaks about the new Smith & Wollensky restaurant coming to the Grand Canal Shoppes at The Venetian in Las Vegas.
Smith & Wollensky CEO Michael Feighery talks about Las Vegas return
Michael Feighery, CEO of Smith & Wollensky Restaurant Group, discusses the restaurant's upcoming return to the Las Vegas Strip.
Apartments to Come to Hughes Center
Developer Eric Cohen discusses his current building project at the Hughes Center office park in Las Vegas, Thursday, Jan. 31, 2019. Caroline Brehman/Las Vegas Review-Journal
Stratosphere to rebrand to The STRAT
The Stratosphere, a 1,150-foot-tall property in Las Vegas will be renamed The STRAT Hotel, Casino and Skypod.
TOP NEWS
Home Front Page Footer Listing