Will Las Vegas’ Big Bet On Sports Like The Super Bowl Pay Off?

Las Vegas’ evolution is ever apparent as it gears up for Super Bowl 58. What was once considered a sports pariah is now hosting the biggest U.S. sporting event of the year, and the event comes less than three months after the city held a Grand Prix Formula One race. That’s not all — Las Vegas now boasts two new entertainment facilities, the Sphere and Allegiant Stadium, adding new offerings like A-list performers.

The total number of visitors climbed to 40.8 million in 2023. Beyond all the fun and gambling, the region has also become popular with relocating businesses and homebuyers. However, there are some significant risks with being a desert city that could hinder Las Vegas’ growth as the planet warms. CNBC traveled to Vegas and met with locals and experts to learn more about Sin City’s explosive growth.

Chapters:
1:39 Chapter 1. Business boom
6:48 Chapter 2. Why Las Vegas?
9:49 Chapter 3. An investing hub
13:01 Chapter 4. Challenges

Produced and Shot by: Natalie Rice
Edited by: Evan Lee Miller
Narration by: Robert Ferris
Animation: Jason Reginato
Senior Managing Producer: Tala Hadavi
Additional Camera by: Andrew Evers, Jacob Jimenez, Oscar Molina
Additional Footage: AP Photos, Getty, Las Vegas Super Bowl Committee
Additional Sources: UNLV, Southern Nevada Water Authority, BuildCentral

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Will Las Vegas’ Big Bet On Sports Like The Super Bowl Pay Off?

[CNBC]

Note: This video is only available for viewers in the U.S.

[Portland_jake]

“All our cooks are working 2 jobs, because they want to”
Yea ok… we all know you pay them $10/hr and rent cost $2k/month. That’s the reason they’re working 2 jobs. Not because they enjoy working 80hrs a week.

[Oceanatornowk]

This guy talking about how he used to not be able to see his daughter then saying that his employees have to have two jobs is as comical as it is rage inducing

[Cyrus]

Two main issues with Las Vegas:
1. Corruption/Management
2. Urban planning

[floridasportsworld]

I lived in Las Vegas for 7 Years! From 2012 to 2019 and the high turnover rate, unemployment, job layoffs etc. hurt the locals. The locals can barley afford to go on the strip for leisure and fun. Clark county does not invest in the locals or the schools, its really sad. Off the strip life living in Las Vegas is really like a small town where everyone knows everyone. Tons of single moms who were ex cocktail waitresses, bottle girls or show performers. Tons of Gambling addicts, ex street walker lizard lot workers, drug addicts, alcoholics etc. you name it. Vegas is not for the weak its a tough city and I enjoyed living in Las Vegas. It has now embarked on a complete corporate takeover where it is not that affordable for the average citizen. I remember back in the 90s and early 2000's, Clubs were free, drinks were free, 2 for 1 buffets. Buffets for 10 bucks, drinks for 2 bucks. clubs were 20 bucks max. Vegas used to be super fun, but around 2015ish it really started to get corporate and bouge. Vegas will be for the rich elites soon. I remember when you could park for free in any parking garage and just explore the strip, it was super fun. Now you have to pay extra resort fees, pay for parking at the casinos when it was once free, but hey life changes and nothing ever stays the same. I get it, sports, gambling, rigging games etc. All about money over people. Profits over people.

[AndreBeverly]

Now imagine if the city was smart enough to build a transit system to around the city to then have a Union Station that works with Brightline.

Imagine a station right next to Allegiant Stadium and by Old Las Vegas.Renewable Energy is a must as solar power should be utilized.

[ATLOffroad]

I loved living in Summerlin from 2006-13. All the State Parks, National Parks, and public hiking trails within a 5 hour drive was a huge plus. The downsides of living there were the public schools, crime, and summer heat. From June to September going outside was unbearable. I do think Vegas has become too big for its infrastructure.

[hitardo]

It is funny to hear some people advocate for low or no taxes at all, but afterwards state that the lack of Government support in some areas (water or energy supply, child care, school, transport, etc...) is limiting the growth capacity of the city.

To be clear: I am not saying that high taxes equals high quality public services! It does not work this way.
The main thing is: taxes have to increase as the city expands, and more services are demanded by that increase.
Hence, with time, Las Vegas - and its cities - will have to increase taxes.

[samboni]

Vegas is a great place for large events. There are thousands of hotel rooms surrounding stadiums. The school system is still not good though.

[safcjcp]

Someone should tell the restaurant owner his employees aren’t working 2 jobs because they want to but because they aren’t paid a living wage

[FinancialEducation]

I have been living in Las Vegas since 2015. These are the pros and cons IMO
Pros are - Great for starting and building a business, low taxes and unlimited amount of great shows, restaurants etc. Another one is great family communities such as Henderson and Summerlin.
Cons are - Real estate prices have gone up a lot and likely will continue to as we are starting to run out of land due to Mountain ranges surrounding the entire city. Traffic is getting worse each year it seems.
Are things perfect in Vegas? No. Are they way better than most places. Absolutely.

[pzdfv]

I've been to LV multiple times but moved to Phoenix. Phoenix has everything Vegas has but with a more diverse economy. Phoenix still has a $10 table game on Saturday afternoon.

[cashflow]

I bought VICI reit 2 years ago that has property in Las Vegas. So far so good. Pays a nice dividend too.

[Davinoadam]

I moved to Vegas in ‘07 and still love living here.

[DOMZDAYZ]

“The thing that really attracts people here… is the closets”

I burst out laughing 😂

[ganjacats]

Im a native, have lived here all 28 years of my life. All I’m going to say is that while everything looks good from the outside, this city is has passed its prime. This will forever be a great vacation destination, but I don’t think it’s wise to start a family here. Crime is getting worse each month, there’s not enough water, traffic is awful, and the summers are getting hotter. Worst of all, schools are not getting any funding. When economic hardship hits the country, Vegas gets its worst because it’s super reliant on tourism.

[Re-blli]

I have never been to the US and I dont know how it actually feels to be there... But I have to say, it is cool to see things develop so much in such a short time. Everything's got its pros and cons but I hope things work out well at the end!

[spastikman]

I'm so disappointed with Las Vegas' lack of foresight in terms of urban planning. The Strip is basically a straight line which millions of people spend hours walking, and traffic is an utter nightmare. I can't think of another city that would benefit so greatly from a rapid transit system. They should have built this a decade ago.

[hellobot]

Over a billion dollars on a ball yet no way to end homelessness there in that city and make it affordable?

[aandwdabest]

Vegas know they can’t rely on gambling forever (looking at you Macau), so they branched out to become an all out one stop destination of everything entertainment. Which is awesome if you ask me.