FORMULA 1
How much money did Las Vegas make with the Formula 1 race? Estimated economic impact
The Las Vegas Grand Prix was arguably the most anticipated (and hyped) F1 race of the year, and after a 40-year non-racing hiatus, it didn’t disappoint.
Mistakes and mishaps in customer relations marred the return of Formula One to Las Vegas. However, despite these issues, the $500 million Sin City gamble ultimately paid off.
In just under a decade, Las Vegas has transformed from a desert city known for its casinos, food, and live entertainment to a home for six minor league teams, four major league sports teams (including the MLB’s Athletics), a major sports organization in the Ultimate Fighting Champion, and four large sports venues hosting events such as NCAA tournament games, NFL Pro Bowls, and, most recently, Super Bowl LVIII.
F1 and owner Liberty Media hosted an exciting event on Saturday night, one of the season’s best races. The event was a flashy international spectacle that could only be pulled off in Las Vegas. However, the construction and preparation for the F1 race caused traffic problems, frustrating locals. Moreover, the initially exorbitant prices and temporary grandstand and signage blocking views of landmarks such as the Bellagio fountains and the Mirage volcano drew criticism from residents and visitors alike. Despite the negative reviews, the race became an instant hit.
Max Verstappen, the eventual winner, criticized the race organizers and F1 management in a viral 2-minute video from the pre-race press conference. However, he later sang “Viva Las Vegas!” and became an instant Las Vegas convert. Elvis Presley’s dedicated song, which later became an unofficial anthem of the city, celebrated his 18th triumph this season.
Verstappen said he would need to analyze the rest of the season before declaring Saturday night the best race of the year, but he smiled and said: “It was a fun race. I enjoyed it.”
Sergio “Checo” Perez, a teammate of Red Bull, has even proposed that the season finale of F1 should take place in Las Vegas.
How much money did the F1 race bring to the city?
Formula 1 Las Vegas Grand Prix officials described the event as a groundbreaking racing experience that set a new entertainment and racing excellence standard. The race attracted a capacity crowd of 315,000 fans to the Las Vegas Strip and generated an estimated economic impact of $1.2 billion.
According to Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority, the Formula 1′s impact will make November 2023 the best November in the city’s history. Hill also stated that the race will drive an estimated record economic and fiscal impact of over $100 million in tax revenue to benefit the Las Vegas community.
Las Vegas Grand Prix CEO Renee Wilm thanked the community for their contribution to making the race a reality.