LAS VEGAS (KTNV) — Putting on a Super Bowl in Las Vegas is going to take a super effort and money. The Las Vegas Convention and Visitors Authority has taken the first step and executed a sponsorship agreement with the Las Vegas Super Bowl Host Committee.
Steve Hill, LVCVA CEO and president, says Las Vegas can possibly bring in nearly $700 million hosting the event, and that the committee is prepared to make it one of the best Super Bowls ever.
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The board approved the sponsorship agreement with the Las Vegas Super Bowl Committee, which will fund the host committee for the 2024 NFL Super Bowl that will be held at Allegiant Stadium on Feb. 11.
The host committee estimates the expenses will be about $60 million for the event, which includes contingencies. They expect that amount to go down with some sponsorship, hoping to receive about $20 million, leaving the LVCVA with a net cost of approximately $40 million.
Hill says the city will benefit significantly from this event.
“We know that it will be a half a billion dollars more in economic impact, we also know that it will be more tax generated than the $40 million room tax that we will use to fund this so we think it will generate $65 [million] to $70 million in incremental taxes with that investment,” said Hill.
He says the LVCVA and Las Vegas have been preparing for this day to come for decades. He says ever since the stadium was built, they had the idea of being able to host and make this one of the best super bowls yet.
“Vegas is a platform for putting on major events like this and this city is great at it, so it is plenty of time for us to get ready and it is going to be a spectacular Super Bowl,” Hill said.
Hill also discussed the importance of having large conventions in the valley and says although CES was cut down by a day, they still had a great turnout. He also met with the CEO of the National Association of Broadcasters, and he says they will be committed to hosting their show in the valley in April.