I’m still baffled as to why the city of Los Angeles wanted this economy boosting festival out so bad. According to an economic impact report that was just released by Beacon Economics, EDC that was held in Las Vegas for the first time and was expanded to three days, pumped more than $136 million into the Clark County economy.
The study, which was commissioned by the EDC producers, reveled 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.”
“Insomniac has the greatest fans in the world and according to the survey 98% of them plan on returning to what promises to be an even more impressive Electric Daisy Carnival 2012,” said Rotella. “I’m hopeful that after the success of Electric Daisy Carnival 2011, the 2012 show will attract more fans to Las Vegas to experience all that the City and our event has to offer.”
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.