Will Las Vegas' billions in sports investments yield a return?

In less than a decade, Las Vegas has acquired professional sports teams from the National Football League, the National Hockey League, Women's National Basketball Association, and the United Soccer League, shifting its reputation from gambling and debauchery to a more respectable image.

And a Major League Baseball team is on the way.

The multibillion-dollar Formula 1 race, $2.3 billion entertainment venue called the Sphere, and the upcoming Super Bowl 58 on Sunday are among the broad developments in Sin City.

Las Vegas Convention and Visitors Authority CEO Steve Hill stated in August 2023 that the city's supply of fun is not a concern, as they plan to keep adding to it and are confident that people worldwide will continue to come.

The Super Bowl will be held at Allegiant Stadium, a $2 billion venue built for the NFL's Las Vegas Raiders, which opened in 2020 and has a capacity of 65,000 people. This stadium has allowed the city to host major events, including sold-out concerts by Beyoncé and Taylor Swift in 2023, and now, the biggest U.S. sporting event of the year.

The NFL's presence in Las Vegas, recognized as a maturity milestone, is not the only factor. We have 50 significant events annually at Allegiant Stadium.

The 2023 impact report by the Las Vegas Raiders states that 1.52 million incremental visitors were attracted to the area due to Allegiant Stadium, with 88% of them citing it as the main reason for their visit.

The economic impact of the stadium is over $2.29 billion, according to the report.

In 2023, the number of visitors in Las Vegas increased by 5.2% compared to the previous year, although it is still below the pre-pandemic levels.

The region's unique opportunities have attracted not only tourists but also thousands of businesses, job seekers, and homebuyers.

Eric Fernwood, co-founder of Fernwood Real Estate Investment Group, stated that Las Vegas has shifted away from its reputation as a "Sin City" and is now perceived as a more desirable and safe place to live with reasonable costs.

Some challenges, including climate change, water scarcity, and the need for more funding for social programs including child care, may hinder the growth of this desert city, experts warn.

Watch this video to learn more.