Drivers Didn’t Enjoy the Las Vegas GP, but F1 Found a Golden Opportunity
Despite Facing Criticism on Multiple Fronts, the Revenue From the Las Vegas GP Is Undeniable
Sin City’s Incredible Profit
According to a report released by Clark County, Nevada, the inaugural Las Vegas Grand Prix made waves not only in the world of F1 news but also in the realm of economic impact. The numbers are staggering, with the event bringing in over $1.5 billion in revenue for the city. But what does this mean for the future of the Grand Prix?
Las Vegas has released a 40-page report breaking down the economic impact of last year’s Formula 1 race.
Here are the highlights:
• The total economic impact has been measured at $1.5 billion, including visitor spending of $884 million.
• The race generated $77 million in… pic.twitter.com/oLe67Sbk6V
— Joe Pompliano (@JoePompliano) April 1, 2024
The Success Story Unfolds
There were doubts and worries about how the Las Vegas Grand Prix would affect the city. But in the end, the race weekend was a huge success. Everything from the opening ceremony to the unusual driver parade captured the attention of fans around the globe.
The event not only showcased the excitement of Formula 1 racing but also attracted a brand new group of people to visit the famous Las Vegas Strip.
The economic impact of the Grand Prix was significant. Visitors poured in, spending a whopping $884 million, with the typical attendee shelling out $4,100 per trip—3.6 times more than the average Vegas visitor.
Additionally, Formula 1 invested $88 million in public infrastructure improvements, further bolstering the local economy. The event also supported over 7,300 jobs, ranging from race-related infrastructure to event operations.
The sphere makes the Las Vegas’s F1 track look like a video game 🤯pic.twitter.com/7mZMRmgSKH
— Joe Pompliano (@JoePompliano) November 18, 2023
With a projected 10-year agreement in place, the Las Vegas Grand Prix promises to be a lucrative venture for all parties involved. The city (through the Las Vegas Convention and Visitors Authority) pays $6.5 million each year to Formula 1 to hold the race, which means a guaranteed income for both sides.
Driver Discontent
The glitz and glamour of Las Vegas couldn’t mask the exhaustion and dissatisfaction felt by some drivers. The grueling F1 schedule, which saw them travel from Qatar to Las Vegas, resulted in severe jet lag and physical strain. Many drivers like Kevin Magnussen and Sergio Perez lamented the toll it took on their bodies and performance.
🗣️ | 🇧🇭 Checo on the awkward moment with Bruce Buffer at the Las Vegas GP drivers’ parade
“I remember the moment, basically I wasn’t told what to do, I really just be there with all the drivers and I thought there would be a normal presentation and parade. And then all of a… pic.twitter.com/K1wQKk42rM
— RBR News 🇳🇱🇲🇽 (@redbulletin) February 28, 2024
On top of that, some drivers weren’t fans of all the glitz and glam surrounding the F1 race. They felt like the focus was more on the show than the actual racing.
To make matters worse, F1 rumors said some drivers were told they had to attend a party for the F1 president, which they weren’t happy about. All this added up to a grumpy bunch of drivers who weren’t too thrilled with the whole F1 Las Vegas experience.
Author: Sin City Sniper
Author: Sin City SniperBusting bookmakers and taking their money is his greatest joy in life. He’s been around the block more than once, knows the players both on and off the field of battle, and uses his experience to serve the bookies a heaping plate of humble pie washed down by a warm glass of their salty tears. You can find him in any number of Vegas books, sniping weak lines and getting paid to do it.
The opinions and view here expressed are the author’s own and do not necessarily reflect the view of Point Spreads or any of its affiliates. Point Spreads is not responsible and does not verify for accuracy any of the articles and content pieces included herein; moreover, besides being solely the opinion or views of the authors, these content pieces are not intended to malign any religion, ethnic group, club, organization, company, individual, anyone or anything.
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