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June 13, 2013

IPW 2013 expected to generate $350 million in future Las Vegas travel


LAS VEGAS - After hosting a record-breaking IPW event this week, the Las Vegas Convention and Visitors Authority (LVCVA) and U.S. Travel Association have announced IPW, the travel industry's premier international marketplace and the largest generator of travel to the U.S., will return to Las Vegas in 2020.


"We plan on breaking more IPW records in 2020 by bringing even more international delegates and media to Las Vegas than ever before," said Clark County Commissioner Tom Collins, chairman of the LVCVA Board of Directors. "As the Entertainment Capital of the World, the energy and excitement that can only be found in Las Vegas is a huge draw for the delegates of IPW as seen by the records we set this week."


The U.S. Travel Association announced record-setting attendance at the 2013 IPW marketplace, with more than 6,000 delegates from the U.S. and 70 other countries, 1,300 exhibitor booths, 1,300 international and domestic buyers and nearly 500 media. Las Vegas was well represented at IPW with 230 representatives from 90 Southern Nevada companies participating. The event is expected to generate more than $3.5 billion in future travel to the U.S., with an estimated $350 million of that coming to Las Vegas over the next three years, according to U.S. Travel. In addition, this year's event is estimated to generate nearly $8 million in non-gaming economic impact for Las Vegas. 


"IPW is a tremendous opportunity to showcase Las Vegas to the world, and we delivered an event that set the benchmark higher than ever," said Las Vegas Mayor Carolyn G. Goodman, member of the LVCVA Board of Directors. "The collaborative efforts by all the partners involved were a key ingredient to our success." 


As the host city for IPW, Las Vegas receives tremendous exposure with travel buyers from across the globe. Las Vegas is a key destination for international travelers. Currently, 17 percent of Las Vegas visitors are international, and during the next decade, the LVCVA's goal is to increase the number to 30 percent. International visitors stay longer and spend more money, generating approximately $7.6 billion for our local economy and supporting nearly 66,000 local jobs.


"Hosting IPW 2013 has been incredibly significant to MGM Resorts International and Las Vegas, as international visitation becomes more and more important to this destination," said Chuck Bowling, president and chief operating officer of Mandalay Bay. "We have booked business, made new relationships and strengthened existing ones. We are thrilled to know now we'll have this important group back in 2020 and will look forward to once again rolling out the red carpet."


The travel and tourism industry is the lifeblood of Las Vegas' economy, supporting nearly 383,000 jobs and generating more than $45 billion in local economic impact. Las Vegas hosted a record 39.7 million visitors in 2012. 


"As host for IPW, Las Vegas provides travel decision makers and influential stakeholders the opportunity to experience the very best the destination has to offer," said Tom Jenkin, president of operations for Caesars Entertainment Corporation. "Such memorable experiences help keep Las Vegas top of mind when it comes time for them to recommend travel and meeting destinations to their clients. IPW 2013 also has allowed Caesars Entertainment to showcase our newest projects, from the LINQ and Las Vegas High Roller to Nobu Hotel at Caesars Palace as well as The Quad and Gansevoort Las Vegas, to key constituencies that can generate future business for our company."


Hosting industry events such as IPW is part of the LVCVA's strategy to showcase the destination and its continuous evolution.  Since the last IPW in 2008, more than $26 billion has been invested into the destination. By the time IPW returns in 2020, billions more will have been spent on new resorts, attractions and the LVCVA's Las Vegas Global Business District.


IPW 2020 will be the fifth time Las Vegas has served as host city. Las Vegas hosted IPW in 1982, 1989, 2008 and 2013.