Insomniac Events - The three-day Electric Daisy Carnival held at the Las Vegas Motor Speedway in June 2011 pumped more than $136 million into the Clark County economy, according to an economic impact report just released by Beacon Economics, LLC.
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The study, commissioned by the producers of Electric Daisy Carnival, revealed that the festival generated an estimated $8.9 million in tax revenue for state and local government, the equivalent of 1,400 full-time jobs, bringing in $55.5 million in income for workers in Clark County.
“When we decided to produce Electric Daisy Carnival in Las Vegas we anticipated that Las Vegas would experience a significant economic boost as many of our devoted fans are willing to travel to experience the show,” said Pasquale Rotella, president and CEO of Insomniac. “Electric Daisy Carnival, Las Vegas was successful for two reasons: One, because our fans were able to experience a truly magical show; and, two, as this report confirms, we were able to generate $136 million to benefit the local economy. Both are equally rewarding.”
Beacon Economics estimated the amount of spending generated by EDC Las Vegas using data collected via a comprehensive survey of more than 12,000 attendees and data provided by Insomniac.
“Through our research we found that both local residents and visitors from other states and countries, spent a significant amount of money in connection with EDC 2011,” said Beacon Economics founding Partner Christopher Thornberg. “We estimated the overall economic impact to be over $136 million. Local attendees were responsible for approximately $5 million of the economic impact, non-local attendees were responsible or $109 million and Insomniac was responsible for $23 million.”
Attendees generated significant demand for hotel rooms, spending more than $19.5 million for accommodations throughout the three-day event, in addition to $16.8 million on food, $10.5 million on transportation, $9.3 million on entertainment, $7.8 million on gaming, and $7.2 million in retail purchases.
Recognized as North America’s largest electronic music festival, EDC will return to the Las Vegas Motor Speedway on June 8-10, 2012, as a Las Vegas Signature Event.
“The positive economic impact that Electric Daisy Carnival created was felt significantly this summer in Las Vegas,” said Pat Christenson, president of Las Vegas Events. “We’re thrilled to work with Insomniac on their return and continued presence in our community.”
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