Prince Harry's penis is being hailed as a HERO by Vegas officials ... 'cause experts say the free worldwide publicity Sin City enjoyed from the naked billiards scandal is worth roughly $23 MILLION.
The Las Vegas Convention and Visitors Authority issued a report, in which it says the pictures of Harry romping around his hotel room with a hot naked lady has reached an estimated 154 MILLION PEOPLE worldwide since TMZ broke the story back in August.
The agency says it's unable to track how much tourism has been generated due to the publicity ... but LVCVA Board Chairman Tom Collins is clearly optimistic ... saying at a recent board meeting, "God bless Prince Harry. He made us a bunch of money."
FYI -- The LVCVA had launched an advertising campaign for the city earlier in the summer warning tourists to "know the code" ... what happens in Vegas stays in Vegas.
When someone broke the code and shared the pics of the naked Prince, some officials felt the timing couldn't have been better.