[CES2024] Casino city Las Vegas transforms into hub for high-tech and sports industries

By Kim Joo-heon Posted : January 9, 2024, 14:59 Updated : January 10, 2024, 08:42
MSG Sphere in Nevada YONHAP PHOTO
MSG Sphere in Nevada [YONHAP PHOTO]

[This on-site report was originally written by Aju Business Daily reporter Kang Il-yong]

LAS VEGAS -- Las Vegas is transforming from a Casino town into a hub for high-technology through the Consumer Electronics Show, the world's largest annual consumer electronics exhibition. The city is attracting tourists from all across the United States, Europe, and Asia through the global event.

The Consumer Electronics Show (CES) is an opportunity for global tech companies and related government-operated organizations to present their products and services, and attract foreign investors' attention. In CES 2024, scheduled to be held in Las Vegas from January 9 to January 12 (local time), a total of 4,314 companies will participate.

In 1905, Las Vegas was a small city in the Nevada desert only with some 100 people. After Nevada's legalization of gambling in 1931, Las Vegas became the world's most popular entertainment city. When it became a host city for the first CES in 1978, the city was upgraded into a MICE (Meetings, Incentives, Conferences, and Exhibitions) powerhouse. MICE is a type of tourism that gathers large groups for travel and events.

Beyond the Casino and MICE industry, Las Vegas is also nurturing sports businesses. The city has secured about 300,000 tourists for three days through the "F1 Grand Prix," an international single-seater racing event. New York-based entertainment company Madison Square Garden Entertainment invested about $2.3 billion to build Sphere, a round-shaped music and entertainment arena with a total capacity of 18,600 seats. The iconic auditorium is located 0.8 miles east of the Las Vegas Strip and its outer wall screen area is equivalent to the size of two and a half football fields (54,000 square meters).

Meanwhile, 789 companies (18.3 percent) from South Korea will take part in CES 2024 to showcase their capabilities in artificial intelligence, consumer electronics, and mobility services. The number of participating companies has increased by about 170 percent compared to 469 in 2023.
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