F1 is once again taking over the iconic Las Vegas Strip this weekend, hosting the Las Vegas GP which has already set new records for one of the world’s most renowned cities.
Considering Las Vegas welcomed 40.8 million visitors in 2023 and is globally celebrated for its major entertainment and sporting events, alongside its iconic casinos and hotels, the massive impact of Formula 1’s return to Nevada after a 41-year hiatus might seem unexpected. Formula 1 Las Vegas Grand Prix generated $1.5 billion, surpassing the $1 billion impact of Super Bowl LVIII.
As the first F1 race in Las Vegas and the first time F1 served as a promoter, the event overcame initial challenges and took place during a typically quiet weekend, offering the city six times more exposure than usual. The race also contributed $77 million in local taxes, including $22 million earmarked for schools, while the newly established Grand Prix Plaza facility promises to deliver long-term benefits to the city.
So here are the few things that we can expect at the Las Vegas Grand Prix this weekend.
Minimal infrastructure development
One reason for the reduced economic expectations this year is the absence of significant infrastructure work. In contrast to last year, when the 3.8-mile resort corridor circuit required repaving to meet F1 standards and a new pit building was erected, this year’s race involves far less construction. The repaving alone cost around $50 million, while the pit building came with a price tag of approximately $260 million, not including the $240 million spent to secure the land in 2022.
“The economic impact is certainly going to be lower than it was a year ago, but that has a lot to do with the capital construction associated with the project being substantially less,” Aguero said. “We are now benefiting from all of the capital construction that took place last year.”
Cheaper ticket prices
F1 released single-day tickets for various general admission and grandstand areas last month, with prices starting at $99. The Flamingo general admission section, the most affordable, sold out within a week. Additionally, three-day tickets for the Heineken general admission, Flamingo general admission, and Sphere Zone have all been sold out.
A special three-day ticket, offering access to Thursday and Friday practices as well as Saturday night’s race, was released at a discounted rate, featuring F1 star Lewis Hamilton’s number. Fans can purchase a weekend ticket in the West Harmon zone at a 44% discount, with prices starting at $672, excluding taxes and fees.
Championship on the line
Unlike last season when Max Verstappen and Red Bull had already clinched their championships, this season a lot is at stake as both titles are still up for grabs. The championship scenario is likely to make the event more attractive for the fans. Verstappen will aim to secure his fourth consecutive driver’s title. Meanwhile, Ferrari, McLaren, and Red Bull remain in contention for the Constructors’ Championship.
“And where is there a better place to celebrate and have a party than in the entertainment capital of the world?” Las Vegas race director Wilm said. “We are very excited to see what turns out on track, and if Max does take the championship, then he’ll have a pretty terrific celebration waiting for him.”
The Las Vegas Grand Prix is set to take place from 21 Nov to 23 Nov.
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Mohd Faisal Hakak is a sports author from Kashmir. He likes to keep tabs on the sporting world with a keen interest in football, motorsports, NBA, and other marquee sports. He is a science graduate from Islamia College Srinagar.
