All kinds of businesses feel the monetary benefits associated with the full strength of the meetings and conventions. The addressing of transportation and housing to food and beverages and entertainment has been done by all industries in obtaining a share of the pie. An amount of $66.8 billion is spent on the labor income in 2012 (Convention Industry Council, 2013). The help has been received from the industry of meeting and conventions with the provision of funding for paying the workers that serviced the attendees. The amount of $280 billion is the direct spending to the customers. To be able to realizing the true value, the multiplier effect should be applied. The multiplier effect can be defined as an economic effect, where increasing spending effect produces increased national income and consumption that is greater than the initially spent amount. The cities considers the multiplier effect to take into account the all indirect spending and the stimulating effect of having the conventions or meetings at that city. Therefore, considering the multiplier effect on the amount of $280 billion spent directly, the true impact can be somewhere around $393 billion (Meeting Planners International, 2014). This effect can add twice as much as spent through direct spending and is a game changer.
EDC effect on Las Vegas
The paper discusses the impact of Electric Daisy Carnival, also termed as E.D.C. on the economy of Las Vegas over past five years. This is an exemplar of the extent to which a meeting or convention can impact a city. The EDC, in 2014, has impacted with $337.8 million on the economy of Vegas.