Super Bowl Forecast To Deliver Huge Payday to Las Vegas Casinos

Article by : Erik Gibbs Feb 12, 2024

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As the highly anticipated Super Bowl LVIII descends upon Las Vegas, the city is gearing up for the colossal clash between the San Francisco 49ers and the Kansas City Chiefs on Sunday. The Las Vegas Super Bowl Committee projects a massive influx of 450,000 visitors to Sin City for the grand occasion.

The excitement isn’t limited to just bettors and sports enthusiasts; even pop sensation Taylor Swift is anticipated to grace the event. This is going to help Las Vegas casinos see an exponential increase in traffic.

According to research conducted by the Las Vegas Convention and Visitors Authority (LVCVA), each average visitor is expected to contribute a substantial $150 per day towards their gambling endeavors in the city’s renowned casinos.

This forecast suggests that casinos are poised to reap significant profits, potentially reaching a staggering $67.5 million, all thanks to the surge of sports fans descending upon the city on the eventful Sunday.

The LVCVA anticipates that Las Vegas is poised to generate additional revenue through various channels, including expenditures on food, beverages, accommodations and game-related merchandise.

Visitors are expected to contribute a substantial $215 million to these sectors, culminating in an estimated total economic impact of approximately $500 million, as indicated by official estimates.

To put this into perspective, the economic impact of the Las Vegas F1 Grand Prix in 2023 was reportedly $1.2 billion despite having a slightly smaller attendance of 300,000 people. It’s worth noting that the F1 event spanned multiple days, contributing to its robust economic footprint in the city.

Anticipation for Super Bowl betting is on the rise nationwide, with projections indicating an uptick in participation. The American Gaming Association (AGA) forecasts that approximately 68 million Americans will collectively wager $23 billion on the Super Bowl this year, reflecting a notable 35% surge from the previous year.

The distribution of bets is expected to manifest across various channels, with around 46% of wagers placed online, 36% comprising casual bets among friends and an additional 24% allocated to squares or pool competitions.

Curtis Dubay, Chief Economist at the US Chamber of Commerce, emphasizes that it significantly magnifies an already substantial impact. An analysis by Wells Fargo supports this notion, suggesting that the Super Bowl is poised to serve as an economic boon for the local economy.

The expected surge in tourism spending is anticipated due to visitors from around the world converging on the metro area to witness the game, whether at the stadium or various establishments like bars, restaurants, or casinos.