Race organizers wheel out big names to tout virtues of NASCAR

The major leagues of car racing comes to Las Vegas next weekend. So race organizers rolled out former mayor and NASCAR fan Oscar Goodman along with Las Vegas native and big-time racer Kurt Busch on Thursday to extol the economic virtues of hosting a NASCAR race.

Citing Las Vegas tourism authority data, Las Vegas Motor Speedway officials said last year’s three-day NASCAR race weekend generated $240.6 million in spending in the Las Vegas area with 71 percent of the fans coming from out of town.

Chris Powell, the speedway’s president, said tickets for the main event, the Kobalt Tools 400 NASCAR Sprint Cup Series race, are sold to fans from every state and from 25-30 countries. Powell said NASCAR Sunday brings in 130,000 fans to the speedway and the visiting fan’s average stay is 3½ days. It’s NASCAR’s 16th visit to Sin City.

Speedway officials said Las Vegas Convention and Visitors Authority data showed 2012 spending was up $46 million from 2011, when the economic impact was $194.7 million. Race-related spending has increased annually for the past four years.

The first NASCAR race in Las Vegas generated $116.2 million in 1998, with the low number dropping to $97.1 million in 2001. Organizers said the total NASCAR spending in Las Vegas is more than $2 billion since 1998.

Powell said major fan feeder states are California, Utah and Arizona — and also the Midwestern states such as Ohio, Wisconsin, Minnesota and Iowa.

“A lot of fans have cabin fever and want to get out and go to some place warmer,” Busch said at a luncheon news conference at race sponsor Stratosphere.

The uptick in 2012 race spending stems from an increased number of race attendees staying in hotels with increased room rates and fans staying longer in town, LVCVA spokeswoman Courtney Fitzgerald said.

She said the total nongaming spending for 112,000 out-of-town NASCAR race visitors was $176.6 million, with the total economic impact (including gaming budget but not gaming spending) for those visitors hitting the $240 million mark.

Busch said the high number of out-of-town fans is evident on the Fridays before the big Sunday NASCAR race. Busch said he’s amazed by the high number of race fans who attend Friday time trials when racers vie for the Sunday pole position.

“This is a destination for race fans,” Busch said.

The fan spending numbers come from surveys of race fans as they enter the gates for the Sunday race, and includes attendee gaming budgets, Fitzgerald said. Out-of-town fans who are surveyed say how much they spend and the per capita spending is multiplied by the number of visitors, she said.

Many sports economists such as the University of Chicago’s Allen Sanderson are skeptical of the economic impact numbers offered by event organizers and public agencies. Sanderson said he has not seen the NASCAR race data from Las Vegas, but generally believes the net economic impact of big events such as NASCAR races is “off by a factor of five to ten.”

Sanderson said a lot of the money spent at corporate-owned hotels, restaurants and other businesses leaves the area to headquarters in out-of-region cities.

“A lot of the money exits the area,” he said.

But sponsors such as the Stratosphere said the NASCAR weekend is an economic windfall.

“It’s one of the biggest weeks of the year,” said Paul Hobson, Stratosphere general manager. “What we get with race fans is that they eat in restaurants and play in the casinos.”

Contact reporter Alan Snel at asnel@reviewjournal.com or 702-387-5273.

ad-high_impact_4
Business
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Motel 8 on south Strip will become site of hotel-casino
Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.
Project billed as one of the world's largest marijuana dispensaries plans to open Nov. 1
Planet 13 co-CEO Larry Scheffler talks about what to expect from the new marijuana dispensary, Thursday, July 19, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Oasis Biotech opens in Las Vegas
Brock Leach, chief operating officer of Oasis Biotech, discusses the new plant factory at its grand opening on July 18. (Bailey Schulz/Las Vegas Review-Journal)
UNLV Tech Park innovation building breaks ground
Construction on the first innovation building at the UNLV Tech Park is underway. (Bailey Schulz/Las Vegas Review-Journal)
Caesars Forum Meeting Center
Caesars broke ground Monday on its $375 million Caesars Forum Meeting Center (convention center) just east of the High Roller observation wheel. (Caesars Entertainment)
Technology reshapes the pawn shop industry
Devin Battersby attaches a black-colored device to the back of her iPhone and snaps several of the inside and outside of a Louis Vuitton wallet. The device, installed with artificial intelligence capabilities, analyzes the images using a patented microscopic technology. Within a few minutes, Battersby receives an answer on her app. The designer item is authentic.
Recreational marijuana has been legal in Nevada for one year
Exhale Nevada CEO Pete Findley talks about the one year anniversary of the legalization of recreational marijuana in Nevada. (K.M. Cannon/Las Vegas Review-Journal)
Young adults aren't saving for retirement
Financial advisors talk about saving trends among young adults. (Bailey Schulz/Las Vegas Review-Journal)
President Trump’s tariffs could raise costs for real estate developers, analysts say
President Donald Trump made his fortune in real estate, but by slapping tariffs on imports from close allies, developers in Las Vegas and other cities could get hit hard.
Las Vegas business and tariffs
Barry Yost, co-owner of Precision Tube Laser, LLC, places a metal pipe into the TruLaser Tube 5000 laser cutting machine on Wednesday, June 20, 2018, in Las Vegas. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Nevada Film Office Connects Businesses To Producers
The director of the Nevada Film Office discusses its revamped locations database and how it will affect local businesses. (Bailey Schulz/Las Vegas Review-Journal)
Opendoor isn't the typical house flipping company
Unlike most house flippers, the company aims to make money from transaction costs rather than from selling homes for more than their purchase price.
The Venetian gondoliers sing Italian songs
Gondolier Marciano sings a the classic Italian song "Volare" as he leads guests through the canals of The Venetian in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal)
Building In Logandale
Texas homebuilder D.R. Horton bought 43 lots in rural Logandale. (Eli Segall/Las Vegas Review-Journal)
Indoor farming in Southern Nevada
Experts discuss Nevada's indoor farming industry. (Bailey Schulz/Las Vegas Review-Journal)
Former Fontainebleau could have become a Waldorf Astoria
Months after developer Steve Witkoff bought the Fontainebleau last summer, he unveiled plans to turn the mothballed hotel into a Marriott-managed resort called The Drew. But if Richard “Boz” Bosworth’s plans didn’t fall through, the north Las Vegas Strip tower could have become a Waldorf Astoria with several floors of timeshare units. (Eli Segall/Las Vegas Review-Journal)
LVCVA CEO Rossi Ralenkotter announces plans to retire
Rossi Ralenkotter, CEO of the LVCVA, on Tuesday confirmed a Las Vegas Review-Journal report that he is preparing to retire. Richard N. Velotta/ Las Vegas Review-Journal
Cousins Maine Lobster to open inside 2 Las Vegas Smith’s stores
Cousins Maine Lobster food truck company will open inside Las Vegas’ two newest Smith’s at Skye Canyon Park Drive and U.S. Highway 95, and at Warm Springs Road and Durango Drive. Cousins currently sells outside some Las Vegas Smith’s stores and at Fremont Street and Las Vegas Boulevard. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas home prices to continue to rise, expert says
Lawrence Yun, chief economist at the National Association of Realtors, gives homebuyers a pulse on the Las Vegas housing market. (Eli Segall/Las Vegas Review-Journal)
NV Energy announces clean energy investment
The company is planning to add six solar projects in Nevada, along with the state's first major battery energy storage capacity. Bailey Schulz/Las Vegas Review-Journal
3 Mario Batali restaurants on Las Vegas Strip to close
Days after new sexual misconduct allegations were made against celebrity chef Mario Batali, his company announced Friday that it will close its three Las Vegas restaurants July 27. Employees of Carnevino Italian Steakhouse, B&B Ristorante and Otto Enoteca e Pizzeria, all located in The Venetian and Palazzo resorts, were informed of the decision Friday morning. Bastianich is scheduled to visit the restaurants Friday to speak to employees about the next two months of operation as well as how the company plans to help them transition to new positions.
Nevada has its first cybersecurity apprenticeship program
The Learning Center education company in Las Vegas has launched the first apprenticeship program for cybersecurity in Nevada. It was approved by the State Apprenticeship Council on May 15. (K.M. Cannon/Las Vegas Review-Journal)
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like