Campaign Imminent: Las Vegas Convention & Visitors Authority approves largest-ever FY budget for 2022-23
Update: The Las Vegas Convention & Visitors Authority (LVCVA) just approved a $398m budget for the 2022-23 fiscal year, the largest spending plan in its 67-year history. This budget is 14% more than the $349m budget it had for its 2019 pre-pandemic fiscal year. The organization reigned in spending during the pandemic's worse days, so it's time for a return to heavier advertising. The LVCVA will focus on marketing Las Vegas for tourism and conventions.
Sellers should contact soon to secure ad dollars from upcoming work. The LVCVA tends to target Gen-Z and millennials primarily and Gen-X secondarily. Its target demographic has a strong male skew. The organization also targets companies in need of convention locations. The LVCVA currently utilizes digital, paid social, print, radio, OOH and local broadcast. It's also establishing local sponsorships with events such as the upcoming Formula One races (more below).
Agency & martech readers - Keep the LVCVA on your radar for future project-based work. It named Intersection as agency partner in June 2021 and retained advertising and marketing AOR R&R Partners shortly thereafter.
The article below was originally published on May 13:
The Las Vegas Convention & Visitors Authority (LVCVA) recently became a sponsor of the scheduled Formula One races in Southern NV; the organization will spend an expected total of $19.5m from 2023-2025. The LVCVA's officials hope F1 will bring tens of thousands of new visitors to the area, which could benefit Las Vegas's first-class casinos, entertainment, restaurants and retail stores. Sellers should keep the LVCVA on their radar, especially those able to offer localized ad space in and around Las Vegas. I expect the organization will also seek similar sponsorship opportunities in the future.
Per Pathmatics, the LVCVA has spent roughly $1.3m on digital ads YTD, 18% more than the roughly $1.1m it spent within the same 2021 timeframe. In 2021, the organization ended up spending roughly $2.9m on this channel, 15% less than the roughly $3.4m it spent in 2020. So far this year, the LVCVA has earned around 164.6m digital impressions via Instagram (51%), Facebook (23%), desktop video (11%), Twitter (7%), desktop display (5%) and mobile display (2%) ads.
This increase in digital spend paired with the reliance on paid social channels lead me to believe the LVCVA is targeting Gen-Z and millennials, but it does also target Gen-X. The organization's target demographic also has a strong male skew. Kantar data reports the LVCVA also invests in print, radio, OOH and local broadcast. As I briefly mentioned, the organization will likely continue seeking out local sponsorship opportunities, and sellers able to offer localized ad space in and around Las Vegas will have an advantage securing ad dollars.
Agency & martech readers - You may still have a shot at project-based work here, folks. Intersection became the LVCVA's agency partner in June 2021, and the organization retained advertising and marketing AOR R&R Partners shortly after.