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Study Finds Insomniac's 2011 Electric Daisy Carnival Las Vegas Generated More Than $136 Million in Three Days for Clark County(November 10, 2011)
LAS VEGAS, NV -- (Marketwire) -- 11/10/11 -- 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.
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."
"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.
Please visit www.insomniac.com and click on the "News and Reviews" tab to view the entire report.
About Insomniac Events
Insomniac produces innovative music festivals and events enhanced by state-of-the-art lighting design, large-scale art installations, interactive circus and theatrical performances, and audience participation. Fan safety and the quality of our fans' experience are the company's top priorities. Insomniac's premier annual event, Electric Daisy Carnival, is one of the biggest music festivals in the United States. Insomniac has produced more than 250 music events for more than 2,500,000 concertgoers in California, Nevada, Colorado, Texas, Florida, and Puerto Rico. Founded by Pasquale Rotella, Insomniac has been based in Los Angeles since it started in 1993.
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About Beacon Economics
Beacon Economics, LLC is an independent economic research and consulting firm with offices in Los Angeles and the San Francisco Bay Area. We deliver economic analysis and data sites that help clients make informed, strategic decisions about investment, growth, revenue, policy, and other critical economic and financial issues. Our nationally recognized forecasters were among the first to predict the collapse of the housing market and foretell the onset and depth of the economic downturn that followed. Our core areas of expertise include economic and revenue forecasting, market and industry analysis, economic impact studies, economic policy analysis, and international trade analysis.
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