The three-day Electric Daisy Carnival (EDC), Las Vegas held June 20-22, 2014 boosted the Clark County economy by an estimated $337.8 million, according to economic data provided to Insomniac by Beacon Economics, LLC.
The annual event held at the Las Vegas Motor Speedway has pumped almost $1 billion into the local economy since the festival made its debut in Las Vegas in 2011.
“I’m so excited that a culture which started out years ago with such humble beginnings has evolved into a festival capable of generating almost $1 billion for Las Vegas and the surrounding areas,” said Pasquale Rotella, Insomniac’s Founder and CEO. “It’s really overwhelming when I think about it, and I’m grateful that our fans love a city that I hold so close to my heart and now call home.”
Since EDC debuted in Las Vegas in 2011, the festival has seen unprecedented growth, generating over $959 million for the residents, businesses and local governments within Clark County. According to an annual economic impact report produced by Beacon Economics, the show has continually set both attendance and economic impact records year over year starting in 2011 when the festival produced an estimated $136 million for the Clark County area.
In 2012 EDC generated $207 million and continued to have an even larger impact in 2013 with over $278 million generated for the local economy. EDC Las Vegas, 2014 shattered the previous year’s numbers by creating a total economic impact of $337.8 million for Clark County – making the festival’s four-year impact an astounding $959 million.
The 2014 study, commissioned by Insomniac, determined that the impact of EDC’s attendee spending accounted for $256.6 million of the festival’s economic output. Festivalgoers’ direct spending totaled $156.6 million including $54.3 million in food and beverage, $30.2 million in accommodations, $23.5 million in gaming, $18.6 million in transportation, $16.8 million in entertainment and $13.2 million in retail spending. Insomniac spending was responsible for an impact of $81.2 million – excluding the cost of talent.
Guests traveled from all 50 states and 40 international countries, attending not only the festival but also Insomniac’s various nightclub and dayclub events during EDC Week. Nearly 96 percent of fans surveyed said they would recommend others attend EDC Las Vegas 2015.
The festival generated an estimated $19.9 million in tax revenues for state and local governments. This is equivalent to a year’s salary for more than 258 full-time fire and rescue positions in Las Vegas, representing more than one-third of all fire and rescue positions in the city. The event’s overall economic output supports the equivalent of 3,117 jobs and increased labor income by $136.6 million for workers in Clark County.
Beacon Economics estimated the amount of spending generated by EDC Las Vegas using data collected via a comprehensive survey of tens of thousands of attendees and data provided by Insomniac.
Plans for the 19th annual Electric Daisy Carnival and its return to the Las Vegas Motor Speedway will be announced on November 18th.
To keep up with the latest information including ticket announcements and festival news, please visit www.insomniac.com.
About EDC & Insomniac
Insomniac produces some of the most innovative, immersive music festivals and events in the world. Enhanced by state-of-the-art lighting, pyrotechnics and sound design, large-scale art installations, theatrical performers and next generation special effects, these events captivate the senses and inspire a unique level of fan interaction. The quality of the experience is the company’s top priority.
Throughout its 20-year history, Insomniac has produced more than 250 festivals, concerts and club nights for nearly 4 million attendees in California, Colorado, Florida, Nevada, New York, Texas, Puerto Rico, Mexico City and the United Kingdom. The company’s premier annual event, Electric Daisy Carnival Las Vegas, is the largest multi-day music festival in North America, and attracted more than 400,000 fans over three days in June 2014.
The company was founded by Pasquale Rotella, and has been based in Los Angeles since it was formed in 1993.
About Beacon Economics
Beacon Economics, LLC is one of California’s leading economic research and consulting firms, specializing in economic and revenue forecasting, economic impact analysis, economic policy analysis, regional economic analysis, real estate market and industry analysis, and EB-5 Visa analysis. The firm’s internationally recognized forecasters were among the first and most accurate predictors of the U.S. mortgage market meltdown that began in 2007 – and among a relatively small handful of researchers who correctly calculated the depth of the financial and economic crisis that followed. Known for delivering independent and rigorous analysis, Beacon’s clients range from the State of California to Fortune 500 companies to major cities and universities.