Since its opening in 2020, AREA15 has significantly contributed to the local economy of Las Vegas, offering a unique blend of immersive entertainment, art, and technology that attracts visitors from across the world.
Below is an estimated breakdown of the quantified impact that AREA15 has had on Las Vegas, including benefit titles, descriptions, beneficiaries, and estimated financial impacts.
Estimated Quantified Impact of AREA15 on Las Vegas
| Benefit Title | Description | Beneficiary | $ Value Impact | Notes |
|---|---|---|---|---|
| Increased Foot Traffic and Tourism | AREA15 has attracted approximately 2 million visitors annually, driving increased foot traffic to local businesses, hotels, and restaurants. | Local Businesses (Retail, Dining, Hotels) | $31–37 million annually | Based on visitor spending of $60–$70 per person on retail, food, drinks, and hotel stays, with a notable impact on nearby businesses. |
| Direct Revenue from AREA15 | Revenue generated directly by AREA15 through ticket sales for immersive experiences, events, and retail operations. | AREA15 (business) | $19–25 million annually | Estimated from ticket prices for attractions like Omega Mart ($30–$45 per ticket), live events, retail sales, and other experiences. |
| Job Creation (Direct Employment) | AREA15 has created employment opportunities in customer service, event management, creative design, and technical roles. | Local Workforce | $10–12 million annually | Estimated salaries for 200–300 employees, with average wages ranging from $30,000–$50,000 for full-time and part-time staff. |
| Indirect Job Creation | Increased foot traffic at and around AREA15 has led to job creation in nearby restaurants, transport services, and retail businesses. | Local Workforce | $2.5–3.5 million annually | Includes additional staffing for businesses that benefit from increased footfall, such as restaurants, shops, and transport services. |
| Increased Retail and Hospitality Spending | Visitors to AREA15 often engage in additional spending at nearby hotels, restaurants, and retail stores. | Local Retailers, Hotels, Restaurants | $15–19 million annually | Based on visitor spending of $35–$55 per person in local hospitality and retail sectors, driven by both locals and tourists. |
| Support for Local Artists and Creators | AREA15 provides a platform for artists, designers, and technologists to showcase their work, contributing to the growth of the creative economy in Las Vegas. | Local Artists, Creative Economy | $1.2–2.5 million annually | Includes commissions for art installations, technology-driven exhibits, and ongoing collaborations with local creatives. |
| Tourism Boost | AREA15 has contributed to Las Vegas' status as a leading destination for immersive entertainment, driving additional tourism revenue for the city. | Local Tourism Industry | $6–9 million annually | Estimated based on tourists visiting AREA15 and spending on accommodation, food, entertainment, and transport services. |
| Cultural Programming and Events Revenue | Revenue generated from special events, festivals, and live performances hosted at AREA15. | AREA15 (business), Local Performers | $4–5 million annually | Includes revenue from ticket sales, partnerships, and sponsorships for concerts, themed events, and cultural festivals. |
| Property Value Uplift | The presence of AREA15 has increased property values and commercial real estate demand in the surrounding area. | Local Property Owners | $10–15 million total increase | Estimated based on rising property values due to increased foot traffic, tourist interest, and business activity in the nearby area. |
| Community Engagement and Social Impact | AREA15 serves as a cultural hub, providing a platform for community events, workshops, and educational experiences, fostering inclusivity and social engagement. | Local Residents, Community Groups | Non-monetized | Significant social impact through engagement with local artists, performers, and community members, although difficult to quantify in financial terms. |
Summary of Key Economic Impacts
Total Estimated Annual Economic Impact: £71–93 million annually
- This includes direct revenue, job creation, increased local spending, tourism, and property value uplift.
Job Creation:
- 200–300 direct jobs at AREA15, with additional jobs created indirectly in local businesses (restaurants, retail, hospitality) as a result of increased visitor numbers.
Retail and Hospitality Impact:
- Visitors to AREA15 contribute significantly to retail and hospitality spending, driving revenue for nearby hotels, restaurants, and shops, especially in the area surrounding the complex.
Tourism Impact:
- AREA15 has attracted both domestic and international tourists, increasing tourism revenue through additional hotel stays, dining, entertainment, and transport spending.
Property Value Uplift:
- The success of AREA15 has contributed to the rise in property values in the surrounding area, making it a prime location for further commercial and retail development.
Support for the Creative Economy:
- AREA15 has created numerous opportunities for local artists and creatives to showcase their work, providing financial support and a public platform that enriches the local cultural landscape.
Notes:
- Visitor Numbers: Estimates based on approximately 2 million visitors annually.
- Spending Estimates: Calculated using industry averages for visitor spending in immersive entertainment venues and local economic impact studies from similar locations.
- Property Value Impact: The property uplift is based on the increased foot traffic and desirability of the area surrounding AREA15, particularly for commercial and real estate development.
Conclusion:
The quantified impact of AREA15 demonstrates its role as a key driver of economic growth and cultural enrichment in Las Vegas. With its combination of immersive entertainment, art, and technology, AREA15 has successfully contributed to the city’s diversification, helping to shift its focus beyond traditional gambling and nightlife offerings.
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