Economic Impacts of NASCAR and Casinos on Las Vegas
Las Vegas is the gambling mecca and perhaps the biggest tourist center in the world. Many visitors would find it synonymous with world-famous casinos and high-stakes gambling. However, in recent years, another force has been driving success in this city – NASCAR.
This article will take a closer look at the historical background, growth, and economy of these events in Las Vegas. We will also explore the main casino sponsorships of NASCAR races.
Economic Benefits of Casinos
In Vegas, casinos have proved to be one of the main economic engines. For reference, gaming resorts have generated 8.8 billion dollars in gaming revenue just in 2023! In addition to gambling, these venues are also used for hosting special events and races.
Today, casinos in Las Vegas have evolved to offer a wide array of entertainment such as:
- Music concerts
- Magic shows
- Sporting events
- eSports competitions
- UFC fights
Going beyond traditional gambling, was in a way a necessity, especially today when virtual casinos are accessible online. Even Canadians can play at casinos with easy payouts and cash out their winnings within hours. These operators also offer a range of payment methods such as Crypto, Skrill, and Debit cards, which add to the convenience of the gaming experience for players. This shows how casinos worldwide have evolved from traditional activities to more modern features with online payments and live shows.
The NASCAR History in Las Vegas
NASCAR made its Sin City debut in 1996, and to this day the races are held at the Las Vegas Motor Speedway. This racing facility is even set to host several NASCAR events in 2024, including the popular NASCAR Cup Series. The track is near the MGM Grand Garden Arena, which is a symbol of MMA and hosts many UFC events. So, if you are up for seeing some spectacular bouts you can swing by.
Over time, NASCAR became very popular among racing fans. As per recent reports, the race broadcasted on Fox channel held at the Las Vegas Motor Speedway during the 2024 Cup Series had about 4 million 359 thousand viewers. This is 9% higher than the Spring Race in 2023. Moreover, the event peaked at 5,204,000 viewers, making it the most-watched sports show of the week.
The Economic Benefits
NASCAR races contribute greatly to the Las Vegas economy. Primarily, the tourists who come to watch these events boost the hospitality industry, including bars, hotels, and restaurants. Back in 2022, the NASCAR event had around 58,975 flocking to Nevada and boosting its economy by $98.6 million.
Additionally, visitors like to spend money on different goods and services. For example, in 2019, Las Vegas had a non-gaming revenue of $166 million. And this is just from the Pennzoil 400 event! The same thing happened last year in Chicago when the event boosted the town’s economy by $109 million.
The NASCAR Sponsors
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The allure and format of NASCAR make it an ideal sport for branding opportunities. As such the symbiosis between casino brands and this sport is all too real. In other words, they help each other grow and indirectly help Vegas.
The casinos take an active role in promoting NASCAR events by offering packages and discounts. This greatly appeals to the race fans at their venues. Besides that, they are also hosting themed parties, offering NASCAR-themed slots, and even sponsoring their teams. Here are the two main sponsors of this sports organization.
The South Point Hotel and Casino
The South Point has been a key sponsor of the Las Vegas Motor Speedway for many years. Namely, in 2018, the venue became the title sponsor of the Monster Energy NASCAR Cup Series race at LVMS. This happened after a multi-year deal that resulted in the event naming it South Point 400.
The owner of South Point, Michael Gaughan has long been the driving figure in the motorsports industry and has been sponsoring races at the LVMS since 1998. Michael also backed his son, Brendan Gaughan in the NASCAR Camping World Truck Series and the NASCAR Xfinity Series.
This partnership symbolizes a long and solid link between South Point and LVMS. Furthermore, the sponsorship revenue is projected to be around $1 Million a year. This just shows how big South Point’s investment is in Las Vegas Motor Speedway’s NASCAR events.
At the same time, those who book their attendance can enjoy one of several NASCAR Race Packages. The pricing range is between $500 to $1700 and depends on whether you are selecting a 2-day, 3-day, or weekend package.
Wynn Resorts
WynnBET has also signed into a multi-year national sports betting partnership with this organization. As an official partner, the betting site is set to promote sports betting experiences for racing fans across the United States.
However, it’s more than just that. The partnership grants Wynn Resorts access to exclusive data, which means they get to generate more accurate odds, and even unique bet types both pre-race and in-play bets.
Experience the Thrill of Las Vegas and NASCAR
The popularity of Las Vegas casinos and NASCAR has never been greater. So, if you are planning on having a vacation, Las Vegas is the place to go. You can enjoy yourself in the South Point hotel and watch the NASCAR games via one of their packages. Moreover, those who prefer to stay at home can see the event via one of WynnBET’s services. The options are truly endless in the Sin City.
