Vegas has always been known as the entertainment capital of the world, but recently it has seen stiff competition from notable gaming meccas such as Macau and even more recently Dubai. However, while the likes of the Venetian in Macau seem to be struggling, for the most part, Las Vegas is still a force to be reckoned with according to recent published statistics.
Reports were released at the end of July that showed revenues were up 5.3% on last year, mainly due to a strong July that was driven by 50,000 people descending upon the Strip for a furniture expo. In total over 300,000 people attended the Las Vegas Market Show, which has got stronger each year regarding attendance levels.
Expos such as these have become a vital cog in the money making process of Vegas. With over 5 million convention attendees in 2014 this figure is set to rise even further in 2015. Conventions are now an integral part of Vegas’ tourism industry. Some of the most notable include the International Consumer Electronics Show, National Automatic Merchandising Show and CHAMPS Trade Show to name but a few.
There were over 22,000 conventions held in Vegas last year, and although the previous number of 5 million attendees has been reported, this is just the tip of the iceberg when it comes down to how much it pumps money into the local economy. Vegas’ gaming revenues came in at over $6.4 billion in 2014, and for many of the convention attendees, they either stay at nearby casinos, eat at restaurants, buy merchandise, pay for tickets, play at the casinos or go to some of the busiest clubs on the Strip. In short, each convention equals millions for the Las Vegas economy.
The aforementioned stats are extremely promising numbers as the city is on course to have a strong year. The figures are also closely linked to major sporting events that have been held at the likes of the MGM Garden Arena showcasing several UFC events in 2015 as well as the high profile superfight between Manny Pacquiao and Floyd Mayweather Jr.
Vegas was due a good hand after suffering from the emergence of online casinos, which forced some of the independent casinos on the Strip to close. The online market is worth over $13.8 billion in the United States alone, which has impacted the Vegas casinos greatly. With many online providers using live dealers to welcome new customers as well as featuring some of the newest DC and Marvel-themed games, online gaming portals have evolved rapidly. Thus, events like the aforesaid expos have helped casinos diversify their portfolios and stay in business. And ultimately help drive the Vegas economy, offsetting the losses they incurred from the uprising of their online counterparts.
Las Vegas welcomed 41.1 million people to Nevada in 2014. Experts predict that this is due to surpass that figure by the end of 2015 due to the many successful expos, sporting events and concerts the city is holding this year.
