Las Vegas Events will take a loss to keep the National Finals Rodeo in Las Vegas, and the rodeo riders will get more prize money.
A new 10-year deal between Las Vegas Events and the Professional Rodeo Cowboys Association takes effect this year and inflicts an intentional $2 million annual loss for Las Vegas Events, which is a local agency tasked with bringing events to the city.
Prior to the new agreement, Las Vegas Events profited about $1 million per year for the popular annual rodeo, which fills otherwise empty hotel rooms for about two weeks each December, during one of the slowest periods for Las Vegas casinos.
The National Finals Rodeo has become so popular, though, that Las Vegas Events had to agree to take a loss to keep it, otherwise, another city would host it and its annual infusion of local revenue for the city’s restaurants, taxi companies, hotels, and attractions.
The Las Vegas Convention and Visitors Authority agreed to offset the anticipated $2 million annual loss to Las Vegas Events.
While Las Vegas Events gets less, the rodeo’s professional riders will take home more, with the purse rising from $6.5 million to $10 million, ensuring each of the event’s 120 riders gets at least $10,000 for participating, while making the winner wealthy.
Held at the Thomas & Mack Center, the National Finals Rodeo drew a record 177,565 attendees last year and draws about 40,000 more staying at Las Vegas hotels and casinos while the event is in progress.
