Formula 1 Makes the Vegas Economy Go Brrr 🏁
“What Verstappen’s in Vegas stays in Vegas, Max Verstappen wins the Las Vegas Grand Prix!”
The other big winner: Las Vegas and its economy, according to the 2023 Las Vegas Grand Prix (LVGP) Debriefing released last month.
The highlights from the event, which cost ~$500 million to put on, are impressive:
- The total economic impact totaled $1.5 billion, including $884 million in visitor spending
- The race generated $77 million in tax revenue for state and local government – more than any other event in Las Vegas history
- Grand Prix visitors spent more than $4,100/trip (3.6x the typical traveler)
- The event created 7,300 jobs (race-related construction and event operations), and workers earned $52 million in wages
Formula 1 returns to the Las Vegas Strip on Nov. 21-23, 2024, with higher stakes.
Liberty Media, which recently acquired Quint Events, has designed a new VIP experience, including a three-day F1 Garage pass listed at $38,150 with access to the paddock, a pit lane walk, podium access to celebrate with the top three finishers, and more.
While the first iteration of the LGVP was wildly successful for Las Vegas and its economy, they likely will need to spend more money on race-related infrastructure in subsequent years to ensure the track meets F1 standards. Verstappen called the race a “99 percent show and 1 percent sporting event” while also complaining about the lack of corners and grip on the track.
