Since the early 1970s, Venezuela has sought foreign investors for the construction, rehabilitation, and management of top-ranking hotels. As Venezuela's economic restructuring progresses, the tourism sector is expected to undergo privatization. Tourist attractions include Angel Falls, the many remembrances of Bolívar, numerous beach resorts, and the duty-free shopping and superb water sports facilities of the Isla de Margarita.
The most popular sports are baseball, football (soccer), bullfighting, cockfighting, horse racing, and water-related activities. Cultural life in the national capital offers, among other attractions, the Ballet Nuevo Mundo de Caracas. A valid passport and visa issued by a Venezuelan consulate are required for entry into the country.
The number of foreign visitors in 2000 was an estimated 469,047. Tourism receipts totaled $1.1 billion. That year there were 76,016 hotel rooms with 164,698 bed-places.
In 2002, the US Department of State estimated the cost of staying in Caracas at $248 per day.