Formula One race car racing along the iconic Las Vegas Strip on the 20th was another reminder of the major changes that had occurred in the city’s economy.
In less than 10 years, the desert city long known for its casinos, fine dining and live entertainment has become home to four major league sports teams, six minor league teams, a major sports organization and the Ultimate Fighting Championship . , and four major stadiums that have hosted NCAA Championships,nflThe Pro Cup and the 58th edition will be held in February next yearSuper BowlWaiting for the competition.
The city is also set to become one of the first choices for NBA expansion teams and MLS teams, with at least six more venues in the planning stage.
“Ten years ago, the league wasn’t even looking at us. Now it feels like we’re the hottest girls in the league,” said Woods, director of the Center for Business and Economic Research at the University of Nevada, Las Vegas. dance floor.”
Is Las Vegas a sports capital? This is a potentially attractive development that could lead to urban expansion and a broader economic base; However, it also comes with growing pains.
The initial economic impact of the Formula 1 Las Vegas Grand Prix and the February 2024 Super Cup is estimated at $1.3 billion and $500 million respectively.
That total would be equal to all sporting events contributing to the metro area from July 2021 to June 2022, according to an economic impact study released this summer by the Center for Business and Economic Research at the University of Nevada’s Lee School of Business. Las Vegas. Estimated to be 1.8 billion yuan.
However, big events bring big challenges. Construction and preparations for the F1 race caused traffic jams and worried locals. Longtime residents and visitors are also angry over exorbitant prices and the possibility of temporary bleachers and signs obscuring views of everything from Bellagio’s fountains to the Phantom Volcano.
“There are questions about whether we have adequate infrastructure to handle larger and larger events,” Woods said. “How can we make this project beneficial to a community that will soon have 3 million residents and 50 million visitors, and benefit everyone?” ,
Initially, it may seem that not everyone benefits equally from a dual commitment to sport. While reviewing the intensity of sports in the Las Vegas area, Woods and his team noticed a troubling trend: “sports desert,” or a lack of facilities.
They found that some communities, particularly those that have been historically disadvantaged, may not have equal access to parks, local sports businesses and facilities. Woods said more research is needed to confirm the preliminary findings.
●As long as you build it, they will come
Sports roots in Las Vegas run deep for decades, with a history dating back to the heyday of boxing and the rise of sports betting in the 1950s and 1960s. Super Bowl Sunday and the March Madness tournament typically bring casinos and sportsbooks.
But for decades, national AmericansoccerThe NFL and other leagues have been opposed to placing sports teams in Las Vegas, possibly due to the deep roots of the gambling industry in the city. The city was also unable to run tourism advertising during the Super Bowl.
By 2017, this sentiment began to change, including from NFL Commissioner Goodell, as the NHL and the Oakland Raiders planned to open local offices.