Muhammad Saad Ullah, las vegas f1.pptx ENVIRONMENTAL ECONOMICS

ENVIRONMENTAL ECONOMICS ENVIRONMENTAL ECONOMICS ENVIRONMENTAL ECONOMICS

1. The Economic Benefits of Sporting Events Case Study: 2023 Las Vegas Grand Prix Muhammad Saad Ullah(BE-613)

2. Why Chose these events specifically Large scale events Global coverage Millions of fans Huge economic benefits Social impacts The 2023 las Vegas Race in particular as it was the first event of its kind taking place in las Vegas

3. Sporting Events as Economic Catalysts Boost tourism and hospitality Infrastructure development Job creation Increased global visibility

4. 2011 ICC World Cup – Economic Impact Tourism Surge: Over 2 million visitors; hotel occupancy rates soared. Broadcast Revenue: Estimated $2 billion in global broadcasting rights. Infrastructural Development: Stadium upgrades and transport enhancements. Boost to Local Businesses: Restaurants, travel agencies, and retailers benefited.

5. 2022 FIFA World Cup – Economic Impact Infrastructure Investment: $200 billion spent on stadiums, metro systems, and city enhancements. Tourism Boom: 1.4 million visitors attended, boosting hospitality and retail. Job Creation: Over 1.5 million jobs in construction, hospitality, and services. Advertising and Branding: Enhanced Qatar’s global image as a tourism destination.

6. 2023 Las Vegas Grand Prix Formula 1 race held on the Las Vegas Strip, featuring iconic locations such as the Bellagio fountains and Caesars Palace. The circuit spanned 3.8 miles, with 14 turns, including high-speed straights and sharp corners, challenging both drivers and engineers. Over 100,000 spectators attended the race weekend, including international visitors, celebrities, and influencers.

7. Economic Impact: Total Economic Impact: Approximately $1.5 billion, surpassing the economic impact of Super Bowl LVIII. Visitor Spending: Generated $884 million in overall visitor spending, with attendees spending 3.6 times more than typical visitors. Tax Revenue: Produced $77 million in state and local taxes, the highest for any event in Las Vegas history. Job Creation: Supported approximately 2,200 jobs through infrastructure development, with $52 million in wages to local workers.

8. Long-Term Benefits: Strengthened Las Vegas’ reputation as a global entertainment hub. Improved infrastructure and increased international tourism.

9. Insights of the event Common Patterns: Infrastructure upgrades benefit the host region long-term. Tourism surges during events have ripple effects on local economies. Global visibility attracts future investments and events. Unique Challenges: Balancing costs with sustainable economic benefits. Managing environmental and social impacts.

10. Conclusion Sporting Events as Economic Drivers: Generate revenue and employment. Encourage global partnerships and tourism. Leave lasting infrastructural and economic legacies. Call to Action: Strategic planning is essential to maximize benefits and minimize costs.

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