Las Vegas, known as Sin City, is about to become a major hub for sports. Over the next few months, this vibrant city will play host to some of the biggest sporting events in the world. Super Bowl LVIII will kick off on February 11th, followed by a thrilling Formula One race on November 18th. Fans can also look forward to cheering on the defending champion Golden Knights of the NHL and the Aces of the WNBA. But that’s not all. Las Vegas is attracting even more sporting excitement, with the Ultimate Fighting Championship gaining influence and the baseball team Oakland A’s making their way to the city. There are even talks of an NBA franchise joining the mix. And to top it all off, Las Vegas has secured the honor of hosting the NCAA Final Four games in 2028.
However, the crown jewel of Las Vegas’ sports ambitions is a groundbreaking $10 billion project set to be completed in 2028. This ambitious endeavor includes the construction of an NBA arena, a luxurious hotel and resort, and a game-changing high-speed rail system that will connect Las Vegas to Los Angeles.
“We are at the crossroads of a thriving economy that intertwines tourism, sports, and entertainment,” explains Bo Bernhard, vice president of economic development at the University of Nevada, Las Vegas. In an interview, he highlights the immense scale of this convergence, stating that it represents a staggering $13.7 trillion—an amount equivalent to 14% of the global economy. To put this into perspective, it’s roughly nine times the size of Big Pharma and nearly five times the size of the entire global automobile industry. In just four years, the global sports economy has seen exponential growth, skyrocketing from $2.3 trillion in 2019 to a whopping $2.65 trillion in 2023.
Bernhard himself is no stranger to the world of sports. As a former Division I athlete in baseball and soccer at Harvard University, he understands the value and impact of sports. Now, he is at the forefront of a sports-innovation movement originating from UNLV. This movement is revolutionizing how athletes train and redefining the way audiences experience sporting events.
Las Vegas is undeniably transforming into a powerhouse in the sports world. With a multitude of high-profile events already lined up and ambitious plans for the future, there’s no doubt that this city’s sports scene is only going to get bigger and better.
Las Vegas: A Hub of Innovation and Sporting Excellence
In the heart of south Las Vegas lies Black Fire Innovation, a cutting-edge facility spanning 100,000 square feet. This facility, overseen by Bernhard, has drawn comparisons to renowned innovation hubs such as North Carolina’s Research Triangle, the University of Texas at Austin, and Silicon Valley’s Stanford University.
While Las Vegas has long been associated with glitz and glamour, there is an emerging tech boom in southern Nevada. The region has witnessed a surge in artificial intelligence startups, complementing the strides being made in the athletic arena.
Partnered with industry giants like LG Electronics, Panasonic, Intel, and Caesars Entertainment, Black Fire serves as a breeding ground for revolutionary ideas. It has become a valuable resource for major sports franchises and colleges alike. In fact, it was Bernhard who received the crucial call from former Oakland Raiders owner Mark Davis in 2016 that paved the way for the team’s relocation to Las Vegas.
The impact of sporting events on the region’s economy is staggering. In fiscal 2022 alone, Las Vegas raked in a staggering $1.845 billion in revenue from these events. Looking ahead to 2024, UNLV’s Center for Business and Economic Research has already scheduled 39 significant events and tournaments in the area.
Bernhard expresses his unwavering belief in Las Vegas’ potential, likening its trajectory to that of pioneering cities like Detroit and Houston. He envisions the city becoming a powerhouse in its own right, driven by innovation and progress.
Las Vegas is not just about bright lights and entertainment; it is emerging as a hub of innovation and sporting excellence, poised to make a lasting impact on the global stage.
