Sponsored content writing for the 2018 Destinations issue of Worth magazine
This 8-page advertorial was sponsored by the Las Vegas Convention and Visitors Authority to highlight the city as a thriving destination for travel, as well as sports ventures and a conference hub. The special insert appeared in the summer 2018 issue.
You don’t know Vegas. We’re all familiar with the dazzling neon of the Strip, the famed dining experiences, the iconic performers. But beyond the bright lights, this Nevada metropolis is thriving—in business, sports and more. Here’s how Las Vegas has become a powerhouse in more ways than one.
The Sports Business. Perhaps no city was hit harder than Las Vegas during the recession of 2008–2009. But a decade later, southern Nevada is on an upward tick, experiencing healthy growth in housing and a resurgent business climate. Along with Seattle, Las Vegas was one of only two metros in the country to see home prices grow by double digits in 2017. According to Bloomberg News, the issuance of single-family building permits is at a 10-year high. And the unemployment rate in the Las Vegas area is under 5 percent, down from a high of almost 14 percent during the recession.
The biggest economic driver for Las Vegas has long been hospitality. In 2017 alone, tourism represented 53 percent of the region’s economic output. It also supported 41 percent of the workforce. But those numbers alone don’t tell the full story: As entertainment options in Vegas have become increasingly varied and family-oriented, the reasons why visitors come here have
diversified.
A diverse economy. If there’s one thing Vegas knows how to do well, it’s hospitality. Thanks to the booming local tourism industry, the city has become easily accessible via flights through McCarran International Airport. And, with nearly 150,000 rooms in the city, securing lodging is a breeze. For these reasons and more, the city leads as a powerhouse location for trade shows, conventions, corporate retreats, meetings and more. “Today’s travelers are looking for experiences that build memories,” says Rossi Ralenkotter, the CEO of the Las Vegas Convention and Visitors Authority. “Businesses in the Las Vegas community are creating attractions that far exceed people’s expectations.”
In 2017, Las Vegas set record convention attendance, with more than 6.6 million visitors throughout the year. Applied Analysis, the leading source for quantitative analysis on the statistics of Las Vegas, estimated that convention travelers supported $9.8 billion in economic output throughout the local economy.
Culture and lifestyle. You can’t talk about Las Vegas without mentioning its vibrant culture and lifestyle. More than 42 million visitors explore the city every year, and that figure is likely to increase as new construction rises. “Las Vegas uses every available tool to ensure we continue to offer guests experiences they simply can’t have anywhere else,” says LVCVA’s Ralenkotter. “We’re called the Entertainment Capital of the world for good reason, and ever-changing entertainment offerings play a huge part in attracting both new and repeat visitors.”
Between the MSG Sphere Las Vegas (in partnership with the Las Vegas Sands Corp.) set to start construction later this year and momentum on the Genting Group’s Resorts World Las Vegas, billions of dollars are slated for tourism-related projects in the years to come.
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