The Formula 1 Las Vegas Grand Prix will bring a global spotlight to the Strip this November.getty images
No. 7: Las Vegas
Score: 52.6
In the grand scheme of things, Las Vegas is a young sports business market: Other than the 40-year-old Class AAA Las Vegas Aviators, the city’s oldest professional team is just six seasons old. If we had done this project 10 years ago, would Sin City have even cracked the top 25?
Sports properties (13): Teams sold 71% of their available seats over the past five seasons, more than all but one market (Minneapolis-St. Paul) in our top 50 ranking. Since 2017, Las Vegas has added franchises from the NFL, NHL, WNBA, NLL, AHL, XFL and USL, among others.
Sponsor footprint (21): Most of the busiest sponsors are in the gambling industry, with MGM Resorts and Caesars being the most active. Allegiant Air holds the Raiders’ stadium naming rights, and Credit One Bank has naming rights to the WTA stadium in Charleston, S.C.
Facilities: A staggering $3 billion has been spent building new and/or renovating venues since 2017, collectively adding 104,000 seats to the city’s entertainment venue inventory and an additional 1.5 million in annual ticket sales. An NBA-ready arena is under construction by Oak View Group (should the league place a team there), and stadium negotiations are ongoing to lure the Oakland A’s and an MLS team.
Events: This fall’s first Formula One race on the Strip is among the industry’s most anticipated events this year. Additionally, the NCAA had never accepted a bid from Las Vegas to host a championship until it recently awarded 10 such events through 2028, including the 2026 Division I Men’s Frozen Four and 2028 Division I Men’s Final Four. Other recent top-tier wins included the NFL Draft and Pro Bowl, NHL and WNBA all-star games, the Toyota U.S. Figure Skating Championships and next year’s Super Bowl.
Economics: The market has more hotel rooms (162,000) than any city in our survey, with an average nightly rate of $137 that is far lower than other Western markets in our top 50 (whose rates range from $160 to $292). Additionally, the room tax on the Strip is 13.38% — only Phoenix (12.57%), San Diego and Orlando (both 12.5%) are lower among our top 25 markets. And Nevada has no individual or corporate income tax.
What they’re saying: “From a meetings and events perspective, Las Vegas continues to be an extreme value. … In hindsight, it’s crazy that people thought Las Vegas couldn’t be a major sports town.” — D.B.
