News Summary
Las Vegas has been recognized as the best state for business climate in the western United States, driven by favorable tax policies and booming sports infrastructure. The Boyd Co. survey highlights Nevada’s appeal for corporate relocations, putting it third overall in the nation for business climate. The valuation of the Las Vegas Raiders has also soared, and preparations for events like the Las Vegas Grand Prix are expected to bring significant economic benefits, solidifying the city’s status as a leading sports hub.
Las Vegas has been ranked as the top state for business climate in the western United States, according to a recent survey by The Boyd Co. Location Consultants. This assessment, which included Fortune 1000 executives and was released in March 2024, highlights Nevada’s growing appeal as a destination for corporate relocations, particularly due to the state’s favorable tax policies and its rapid expansion in the sports sector.
In a broader view, Nevada secured the third spot overall for business climate, trailing only Texas and Arizona. This strong ranking is expected to enhance the state’s attractiveness for future investments and economic growth, especially as it continues to develop its sports infrastructure with new venues and teams.
One significant milestone in this growth trajectory was the Las Vegas Raiders‘ valuation, which reached $6.7 billion in 2024, placing the franchise at No. 11 on Forbes’ list of most valuable sports franchises. The Raiders, who now call Allegiant Stadium home, hosted Super Bowl LVIII in 2024, showcasing the stadium’s capacity to attract major events and boost the local economy.
Driving this sports expansion further, Marc Badain, the former president of the Raiders, currently operates as the president of the Oakland Athletics (A’s). The A’s are set to move to Las Vegas where they plan to construct a new stadium on the site of the former Tropicana Hotel on the Strip, a project Badain describes as an “amazing structure” that will redefine the landscape of the Strip.
Las Vegas Convention and Visitors Authority’s CEO, Steve Hill, underscores the city’s potential as a premier location for sporting events and festivities. Hill noted that the Raiders’ early commitment to Las Vegas was crucial in the city’s transformation into a recognized sports hub, a process that began prior to the arrival of the Golden Knights, who won the Stanley Cup in 2023 after only six seasons in the NHL.
As Las Vegas continues to cement its reputation in the sports arena, preparations for the Las Vegas Grand Prix, scheduled for November 2024, are underway. The event is on track to attract hundreds of thousands of attendees, building on the success of the 2023 race, which welcomed approximately 306,000 visitors. This influx contributes not only to the local culture but also to the economy, with visitors generating around $50 million annually for Allegiant Stadium alongside additional spending in hotels, restaurants, and gaming establishments.
This growth in sporting events is enhanced by the ongoing success of the Las Vegas Aces, part of the WNBA, which adds further vibrancy to the local sports culture. Badain emphasized that Las Vegas has “come out of nowhere” to become a top destination for professional sports.
With a regional population approaching 2 million, Las Vegas sees approximately 775,000 visitors who typically stay an average of 2.5 days, contributing significantly to the area’s economic footprint. The growing popularity of events and teams has catalyzed various infrastructure projects, including the UNLV Sports Innovation Initiative, which aims to foster advancements in sports technology and innovation.
In alignment with these developments, Clark County has initiated several projects related to sports innovation, modeling its approach after successful examples from cities like Austin and Silicon Valley. Newly passed legislation, known as the Apex Area Technical Corrections Act, is designed to enhance the autonomy of North Las Vegas, promoting infrastructure improvements and economic growth.
Additionally, a tax abatement initiative endorsed by Nevada’s Governor is projected to bring 696 jobs and an estimated $144 million in investments over the next decade, further enhancing the state’s business climate.
The growth trajectory in sports is also being propelled by The UFC, which has greatly bolstered Las Vegas’s image as a significant sports destination since its establishment in the city. Under the leadership of Dana White, the UFC has secured a $7.7 billion contract with CBS and Paramount+ to enhance its reach, reflecting the organization’s promising future.
In conclusion, with its strategic investments in sports infrastructure, favorable business climates, and continued growth in tourism, Las Vegas is poised to remain a leader among western states in both business and sports development.
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Additional Resources
- The New York Times: Bears vs Raiders
- Wikipedia: Las Vegas
- Las Vegas Magazine: Knights, Aces, Raiders
- Google Search: Las Vegas Sports
- NJ.com: Sports Bets Processing
- Google Scholar: Las Vegas Sports Development
- Las Vegas Magazine: Dana White and UFC
- Encyclopedia Britannica: UFC
- Las Vegas Magazine: Sports Wagering
- Google News: Las Vegas Sports Wagering
Author: STAFF HERE LAS VEGAS WRITER
LAS VEGAS STAFF WRITER The LAS VEGAS STAFF WRITER represents the experienced team at HERELasVegas.com, your go-to source for actionable local news and information in Las Vegas, Clark County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Electric Daisy Carnival, World Series of Poker, and Consumer Electronics Show. Our coverage extends to key organizations like the Las Vegas Chamber of Commerce and Three Square Food Bank, plus leading businesses in hospitality and entertainment that power the local economy such as MGM Resorts International, Caesars Entertainment, and Las Vegas Sands. As part of the broader HERE network, we provide comprehensive, credible insights into Nevada's dynamic landscape.
