Organizers Release EDC Economic Impact Study | Arts & Culture
An economic report released by event organizers shows an economic impact of more than $136 million from last year’s Electric Daisy Carnival.
The three-day music and arts festival held at the Las Vegas Motor Speedway in June 2011 made a large effect according to a report by Beacon Economics, LLC.
The study, commissioned by the producers of EDC, showed that the festival generated an estimated $8.9 million in tax revenue for state and local government.
“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.
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.
“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,” said Beacon Economics founding Partner Christopher Thornberg.
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.
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.”
Early-bird tickets for the 16th Annual Electric Daisy Carnival sold out in less than 36 hours. The second allotment will be released for purchase on January 3, 2012. There will be a layaway payment option available at that time, as well as the opportunity to purchase hotel packages. A very limited quantity of single-day tickets will be available at a later date.