LOS ANGELES, March 17, 2011 (GLOBE NEWSWIRE) -- Los Angeles-based Beacon Economics today released a comprehensive economic impact study of Insomniac's Electric Daisy Carnival (EDC) event, finding that the 2010 event boosted economic output in Los Angeles by almost $42 million, generating hundreds of jobs and millions in tax revenue for both local and state governments.
Electric Daisy Carnival will debut in Las Vegas on June 24 and 25, 2011.
The report, commissioned by Insomniac, found that the two-day event boosted output in Los Angeles County by $41,955,237 in total. EDC 2010 generated a demand for the equivalent of 354 full-time jobs, bringing in $14.6 million in income for workers in the region. EDC generated $3.1 million in tax revenues: local governments earned over $1.2 million in revenues, and $1.9 million went into the state budget. The report also found that Insomniac contributed a significant amount of expenditures to the local economy. Attendees generated significant demand for hotel rooms, occupying 15,665 hotel rooms on the first night of EDC, and 18,429 on the second night.
"I always knew that Insomniac's events brought jobs and revenue that benefit the communities that host our shows, but until this study was completed I only had estimates," said Pasquale Rotella, CEO of Insomniac. "My passion is creating wonderful experiences for music fans, so to learn that my passion also creates jobs, fills hotels and provides a substantial economic benefit to local governments and businesses – that just makes it all sweeter."
Beacon Economics estimated the amount of spending generated by EDC 2010, using data collected via a comprehensive survey of more than 5,000 attendees and data provided by Insomniac, found that both local residents and visitors from other counties, states and countries spent a significant amount of money in connection with the event.
"If calculated using a similar methodology, our analysis shows that EDC 2010 had a larger economic impact than other major events in Los Angeles County, including X Games 16, the 2011 NBA All Star Game, and the 2010 E3 Expo," said Beacon Economics founding principal Christopher Thornberg. "In just two days, this event filled over 34,000 hotel rooms and boosted economic output by almost $42 million. It's really very impressive."
The EDC event in Las Vegas this summer is anticipated to have an even greater economic impact for the State of Nevada, due to the 100,000 fans that are likely to travel from destinations across the globe to attend the event.
"We expect that Las Vegas and Clark County will experience an even greater increase in revenue than the numbers presented in this report," said Rotella. "Many more fans will be traveling from across the globe to Las Vegas for EDC 2011, which means they will need to book hotel rooms, rent cars and will likely sightsee and eat at some of the great restaurants Vegas has to offer. You put these factors together and the economic benefit to the City of Las Vegas and to Clark County really starts to add up fast."
Editor's Note:
Please visit www.insomniac.com and click on the "News and Reviews" tab to view the entire report.
About Insomniac Events
Insomniac produces innovative concerts and music festivals enhanced by state-of-the-art lighting design, large-scale art installations, interactive circus and theatrical performances, and audience participation. Fan safety and the quality of our fan's experience are the company's top priorities. Insomniac's premier annual event, Electric Daisy Carnival, is one of the biggest music festivals in the United States. Insomniac has produced more than 250 music events for more than 2,000,000 concertgoers in California, Nevada, Colorado, Texas, Florida, and Puerto Rico. Founded by Pasquale Rotella, Insomniac has been based in Los Angeles since it started in 1993.