Super Bowl 58 in Las Vegas: A Game-Changing Opportunity for Gambling and Businesses
Las Vegas is no stranger to hosting major events, but the upcoming Super Bowl LVIII is set to be a game-changer for the city. With legendary boxers Floyd Mayweather Jr. and Manny Pacquiao’s super-fight in 2015 already bringing in an estimated economic impact of over $150 million, the Super Bowl is projected to make an even bigger difference. The weekend of the Super Bowl is always a good one for business in Las Vegas, but having “The Big Game” actually take place in the city is expected to draw an additional 500,000 people.
The influx of visitors will undoubtedly have a significant impact on various aspects of the city. Street traffic will be more congested, hotel availability will be limited, and rates will soar. Tickets for the game are already reaching record numbers on the resale market. Entry into clubs and invitations to private parties will be expensive and elusive. Even securing a reservation at a popular restaurant is proving to be a challenge.
According to the Las Vegas Convention and Visitors Authority (LVCVA), the spending from Super Bowl week is expected to bring in an additional $600 million to $700 million compared to a typical week in Las Vegas. This economic impact will be felt not only at Allegiant Stadium through ticket sales, concessions, and merchandise, but also at nearby casinos along The Strip. However, the effect is not limited to these specific areas. The length of time that people are in the city for the Super Bowl, including the participating teams, NFL employees, and media, will make the impact more similar to that of a convention rather than a singular event.
Local businesses have been preparing for this opportunity for months. Tao Group Hospitality executives have been having weekly calls about the Super Bowl for the past six months. This event signifies the coronation of Las Vegas as a sports powerhouse. While the city has always been an entertainment tourist destination, the financial boost from its sports-related growth is significant. The repeal of the Professional and Amateur Sports Protection Act in 2018 allowed Nevada to become the only state with legalized sports betting, and this has not hurt the sports betting industry in Las Vegas. MGM Resorts International launched BetMGM, an online sports gambling platform, and opened physical sportsbooks throughout Nevada and other states where sports betting was legalized. The Super Bowl is consistently their most-bet event every year, and BetMGM has increased its staffing at physical sportsbooks in Las Vegas to handle the anticipated volume.
The interest in Las Vegas as a host for major events has risen as the NFL and other professional sports leagues become more involved in the gaming industry. Lance Evans, chief revenue officer of BetMGM, believes that each of the leagues has shown interest in coming to the destination. If the activity at BetMGM and other sportsbooks in Las Vegas is as high as anticipated, it will only give professional sports leagues more reason to continue embracing the gambling capital of the world.
While the casinos and hotels will undoubtedly benefit from the Super Bowl, other businesses on and surrounding the Las Vegas Strip will also see an uptick. Clubs, bars, restaurants, and other establishments are expected to experience booming business. With many people in town for leisure purposes, there will be higher expenditure due to this being a bucket-list trip for many attendees. Walter Cortez, a host at Wynn Nightlife, expects all businesses to be busy during this time. His job as a personal concierge has become significantly busier, as planning everything from travel to reservations has been more challenging.
The impact of Las Vegas hosting the Super Bowl extends even to strip clubs. These establishments have seen an influx of out-of-town strippers auditioning for prime shifts during the Super Bowl weekend. Crazy Horse 3, located near Allegiant Stadium, expects to have between 400 and 500 strippers working throughout Super Bowl Sunday and the following night. Many other strip clubs are expanding their hours, hosting Super Bowl-themed watch parties, and preparing for a higher number of customers.
The overall impact of Las Vegas hosting the Super Bowl and becoming a legitimate sports hub goes beyond the immediate financial gains. The hope is that this growth will lead to increased tax revenue, job creation, and stability for the economy. With the city proving its preparedness and ability to handle major events, Las Vegas’s role in the sports world is set to continue growing.
In conclusion, Super Bowl LVIII in Las Vegas presents a game-changing opportunity for gambling and businesses in the city. The estimated economic impact is expected to be significant, with an additional 500,000 people traveling to Las Vegas for the event. Local businesses have been preparing for months to maximize this opportunity. The growth of Las Vegas as a sports hub is undeniable, and the interest from professional sports leagues and the gaming industry continues to rise. Strip clubs, clubs, bars, and restaurants are all expected to see increased business during the Super Bowl weekend. The long-term impact on the city’s economy, through tax revenue, job creation, and stability, is also anticipated. Las Vegas has proven its readiness to host major events, ensuring its continued growth in the sports world.