"There cannot be a great city without incorporating the arts," Las Vegas Mayor Oscar Goodman told the packed ballroom, while touting the city's arts district and plans for a "world class" performing arts center.

The study, called "Arts & Economic Prosperity III," was conducted in 156 communities and regions in the country, including Las Vegas.

Statistics show that the local nonprofit industry, comprised of more than 40 organizations, generates 5,828 full-time equivalent jobs, more than $105 million in resident household income, more than $8.4 million in local government tax revenues and more than $9.6 million in state government tax revenues.

Breaking down the $204 million figure, the study showed that $134.6 million was spent by arts audiences, with an average of $27.57 per person for hotels, restaurants, parking, souvenirs, refreshments and other costs, and $69.6 million was spent by arts organizations in the community.

According to the study, nonlocal attendees spent almost twice as much as local attendees.

The study "alters the perception that the arts are a luxury," said Randy Cohen, vice president of Policy and Research at the Americans for the Arts.

Nationally, the report said, the nonprofit arts business generates 5.7 million jobs and $166.2 billion in total economic activity each year.