Another Electric Daisy Carnival economic impact report—and another reason for LA to kick itself for essentially giving Las Vegas the country’s largest electronic music festival.
According to Beacon Economics, which tabulated an extensive report on the money generated from the June 21-23 event (based on surveys conducted by Insomniac Events, the producer of EDC), the financial output of the three-day festival came to an estimated $278 million, which eclipses 2012’s haul of $206 million.
Which means that since EDC moved to an open-armed and economically battered Las Vegas in 2011, after controversy and political pressure compelled Insomniac to cut ties with the Los Angeles Memorial Coliseum, its longtime partner, the total windfall for Clark County has been projected at $620 million.
The $278 million estimate included: $132 million in visitor spending — with 95 percent of EDC 2013’s 345,000 attendees coming from outside Clark County (of which 57 percent hailed from California alone) — which broke down to an average $405 per visitor per day, including dining, transportation, hotel rooms, gaming, entertainment (EDC ticket sales notwithstanding) and retail.
Locals spent roughly $4.6 million in town for and during the event, and Insomniac itself spent nearly $32 million, which included payment for police working the event, as well as permanent improvements to the Las Vegas Motor Speedway host venue. Overall, the state and local government garnered $17.4 million in tax revenue.
Today’s report release is the icing on the good-news cake for this year’s edition, which scored unanimous praise in late June for its improved execution and expanded production, the latter no doubt spurred by growing competition in the music festival field. The Vegas festival remains the flagship EDC — Insomniac also produces the event in Orlando, New York/New Jersey, Chicago, Puerto Rico and London — and the most successful electronic dance gathering in the U.S. It drew 15,000 more people over one weekend than Ultra Music Festival 2013 did in two. EDC also draws more attendees per day than Coachella, Austin City Limits and Lollapalooza.
Tickets went on sale for EDC 2014, which returns to the Speedway June 20-22, on Monday. EDC Week takes place throughout Las Vegas from June 17 to June 23.