Pennzoil 400 NASCAR Race Revs Up Las Vegas Economy, Generates $166M Impact
Posted on: February 22, 2020, 12:30h.
Last updated on: February 21, 2020, 03:32h.
The Pennzoil 400 NASCAR race held this weekend at the Las Vegas Motor Speedway generates a substantial impact on the local economy.
Research from the Las Vegas Convention and Visitors Authority (LVCVA) reveals last year’s race delivered a roughly $166 million economic impact on Southern Nevada. More than 100,000 fans descend on the region for the three-day event.
“NASCAR in Las Vegas has one of the greatest impacts of any event, not just sports, on the Las Vegas economy,” speedway president Chris Powell told the Las Vegas Review-Journal.
Applied Analysis analyst Jeremy Aguero said that while NASCAR has seen a slight decline in television ratings and track attendance in recent years, the Pennzoil 400 still delivers a significant impact on Las Vegas.
“There’s been some decline, but it’s still big for economic activity for Southern Nevada,” Aguero explained. “Special event visitors do spend their money differently.”
NASCAR has enjoyed decades of success in Las Vegas. The Pennzoil 400 has been held annually at the racetrack since 1998.
In 2018, NASCAR announced a second annual race in Las Vegas with the introduction of the South Point 400. The event is the first race of the Cup Series playoffs in the round of 16.
NASCAR, like other major professional sports in the US, is hoping to cash in on the continued expansion of sports betting. The series launched live betting last fall for the playoffs – most appropriately at the South Point 400.
If you look at the stats, at the amount of passing, green flag passes, number of winners, and teams in victory lane – it makes for super in-race betting options,” NASCAR Managing Director of Gaming Scott Warfield told Casino.org.
Previously, sportsbooks tended to keep it simple with NASCAR. Bet offerings included race winner, most laps led, and driver head-to-head propositions.
The circuit has also partnered with Penn National Gaming for a free-to-play app, with a chance to win $50,000 each week. The app puts six drivers into six groups. Players who correctly predict which driver finishes first among the group, plus the car that finishes the overall race first, land an entry into a pool to win $50,000.
As for tomorrow’s Pennzoil 400, Kyle Busch is the favorite at +125. He’s followed by Kevin Harvick (+150), Brad Keselowski, and Martin Truex Jr. (+170), and Daytona 500 winner Denny Hamlin (+185).
Las Vegas native Kurt Busch has 31 victories to his resume, but none have come at the Las Vegas Motor Speedway. He, of course, hopes to change that on Sunday.
“I’m just going to be bluntly honest: Vegas kicks my butt every time I go there,” Busch said this week. “I don’t know what it is, but the track and I have not figured out how to dance with each other.”
Busch is a distant +2500 to win the Pennzoil 400. A $100 bet and Busch victory nets $2,500. Defending champion Joey Logano is at +700.
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