LAS VEGAS (FOX5) -- The Las Vegas Convention and Visitors Authority on Tuesday approved committing $40 million towards hosting Super Bowl 58 in 2024.

According to the LVCVA, while it it is anticipated that the host Super Bowl city needs to raise $60 million total through its host committee duties, the group believes it will have the opportunity to raise $20 million through sponsorships. Thus, the board unanimously approved $40 million for funding of the Host Committee efforts.

When it was announced in December that Las Vegas would host Super Bowl LVIII (58), LVCVA CEO Steve Hill told FOX5 the game would bring $70 million in state and local tax revenue and drive $500 million more dollars into the Las Vegas Valley's economy than a regular Super Bowl week.

Super Bowl 58 will be held at Allegiant Stadium, the home of the Las Vegas Raiders, on Feb. 11, 2024.

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