LAS VEGAS, NV--(Marketwire - Oct 2, 2012) - The three-day Electric Daisy Carnival (EDC) held at the Las Vegas Motor Speedway in June 2012 pumped an estimated $207 million into the Clark County economy, according to an economic impact report released today by Beacon Economics, LLC.
The study, commissioned by the producers of Electric Daisy Carnival, revealed that 90% of the attendees traveled from outside the Las Vegas area, combining with the local market for spending of more than $103 million, a 45.4% increase over 2011. This included more than $28.3 million spent in accommodations, $19.8 million in transportation, $19.6 million in dining, $17.2 million in gaming, $10.5 million in entertainment and $7.9 million in retail.
In 2011, EDC attracted an astounding 230,000 fans to the Las Vegas Motor Speedway, and a post-EDC study by Beacon Economics revealed that 98% of them planned to return to Las Vegas for the event in 2012. Not only did they return, but they brought their friends, setting a new record in 2012 with a total attendance of more than 320,000 fans coming to the Las Vegas Motor Speedway for the EDC experience over three days, following a sellout at 345,000 tickets.
"Our team worked day and night to ensure that this summer's festival was the most ambitious to date and the fans responded overwhelmingly, traveling to Las Vegas earlier and staying longer," said Pasquale Rotella, President and CEO of Insomniac. "For the second year in a row our fans' loyalty has helped support the Las Vegas community by generating millions in tax dollars and providing jobs. Las Vegas has embraced us and I'm excited to continue our work together."
During EDC 2012, Las Vegas saw revenues spike as Insomniac expanded EDC to include the first ever "EDC Week." EDC Week included special pool parties and nightlife events surrounding the festival as well as the inaugural EDMbiz Conference, which hosted industry professionals for three days of seminars and panel discussions.
"The activities surrounding the festival weekend brought fans to Las Vegas for several days before and after the event, so they were still able to get a taste of the EDC experience even if they did not have tickets to the sold-out main event," said Rotella.
The week-long activities drew more visitors to the area for an extended period of time resulting in $70.6 million more in output, 618 more full-time equivalent jobs, $28.5 million more income for Clark County workers, and an estimated $4.2 million in state and local taxes than the year prior. Daily attendance peaked at 82,000 in 2011 while the 2012 festival sold out with daily attendance peaking at 115,000 revelers.
The festival created an estimated $13.1 million in tax revenue for state and local government, the equivalent of 2,018 full-time jobs, bringing in $84 million in income for workers in Clark County.
"We are very pleased with the production and growth of EDC," said Pat Christenson, president of Las Vegas Events. "EDC created a new business conference and significantly increased festival attendance. Insomniac continues to raise the bar with their unique sensory spectacle."
Beacon Economics estimated the amount of spending generated by EDC Las Vegas using data collected via a comprehensive survey of more than 22,000 attendees and data provided by Insomniac.
Plans for the 17th annual Electric Daisy Carnival and its return to Las Vegas Motor Speedway, including the return of the highly acclaimed EDMbiz Conference, will be announced in the near future.
To keep up with the latest announcements and news, please visit www.electricdaisycarnival.com and www.insomniac.com.
Editor's Note:
Please visit www.insomniac.com and click on the "NEWS" tab to view the entire report.
About Insomniac
Insomniac produces innovative music festivals and events featuring immersive multisensory environments enhanced by state-of-the-art lighting and sound design, large-scale art installations, interactive circus and theatrical performances, boundary-pushing special effects and pyrotechnics, and fan participation. The quality of our fans' experience is the company's top priority. Insomniac's premier annual event, Electric Daisy Carnival, is one of the largest, most spectacular music festivals in North America. Insomniac has produced more than 250 music events and for more than 3 million attendees in California, Nevada, Colorado, Washington, Texas, Florida, New York, and Puerto Rico. Founded by Pasquale Rotella, Insomniac has been based in Los Angeles since it started in 1993.
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About Beacon Economics
Beacon Economics, LLC is an independent economic research and consulting firm with offices in Los Angeles and the San Francisco Bay Area. We deliver economic analysis and data sites that help clients make informed, strategic decisions about investment, growth, revenue, policy, and other critical economic and financial issues. Our nationally recognized forecasters were among the first to predict the collapse of the housing market and foretell the onset and depth of the economic downturn that followed. Our core areas of expertise include economic and revenue forecasting, market and industry analysis, economic impact studies, economic policy analysis, and international trade analysis.
Contact Information:
For More Information:
Alison Monaghan
Kirvin Doak Communications
702.737.3100
Erika Raney
Insomniac Communications & CSR Director