Las Vegas Tourism Authority Approves $40M Budget for 2024 Allegiant Stadium Super Bowl
The 2024 Las Vegas Super Bowl testament cost Kenneth Clark County and the urban center around $60 million. group A material portion of the hosting budget — $40 meg — was sanctioned this hebdomad by the Las Vegas Convention and Visitors Authority (LVCVA).
During its Jan coming together yesterday, the LVCVA room of directors signed turned on directing $40 one thousand thousand to the Las Vegas Super Bowl Host Committee, LLC. The board commendation was unanimous.
The $40 zillion is voice of a Sponsorship Agreement betwixt the tourism and convention federal agency and the Las Vegas Super Bowl Host Committee. The NFL helped the citizens committee regulate its hosting budget.
The LVCVA is fully funded by way of tenancy taxes incurred at casino resorts and hotels throughout Joe Clark County. Visitors are responsible for paying the nightly tax, which is self-possessed by the hotels. The LVCVA does non incur revenue from any other source, including local residents.
The Host Committee is responsible for nurture the remaining $20 1000000 of the $60 trillion budget. The citizens committee is chaired past Allegiant Airlines CEO and Chair Maurice Gallagher.
Hotel Guests Foot Bill
Las Vegas guests were responsible for(p) for $750 billion of the $1.9 one million million it be to build Allegiant Stadium. The Las Vegas Raiders home, which testament host Super Bowl LVIII inward a minuscule more than ii years, is situated just now W of the Strip and I-15 at Mandalay Bay.
The $750 million allocation from the Southern NV Tourism Infrastructure Committee was raised by increasing the Kenneth Bancroft Clark County nightly hotel tenancy tax by 0.88 percent. On a $600 folio, that equates to an additional $5.28.
The LVCVA collects a 5 to vi percent every night tenancy taxation on casino hotels, and ii to quintet percent at non-gaming hotels and motels. The final rates are dependant on to each one property’s location. The LVCVA fiscal twelvemonth 2020 budget was $358.15 million.
The $40 1000000 Super Bowl check off from the LVCVA is the agency’s all-time largest noncapital expense for a single event.
Worthy Investment
The LVCVA $40 trillion earmarked for the Las Vegas Super Bowl is expected to pitch a material return. Tampa Bay reported that it’s hosting of the liberal gamey finally yr generated an economic wallop of $571.9 1000000 and created 4,600 full- and parttime jobs.
The $60 meg hosting budget includes costs associated with putting on the Super Bowl on Feb 11, 2024, but also events end-to-end the week leading up to mettlesome day.
Notable expenditures include a $17 jillion payment to the NFL for the hosting privileges, $6 gazillion to countervail sports stadium costs, $6 jillion for contingencies, $5 one thousand thousand for tickets and suites, $3.85 jillion inward faculty salaries, $3 zillion for sponsorship materials, and $3 zillion for public refuge such as first of all responders.
Las Vegas Super Bowl Host Committee to boot breaks down feather its budget:
- $2.7M — advertising, marketing, and décor
- $2.5M — parking and transportation
- $2.2M — non-game day events
- $2M — hotels and get together facilities
- $1.65M — media, public relations, hospitality
- $1.6M — power space, professional services, insurance
- $1.5M — other expenses
- $1.25M — volunteers
- $750K — permits
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