F1 News
Las Vegas GP pushes the Super Bowl: 'It's real win on slowest week'
Formula 1 has become the biggest annual event in Las Vegas, according to the study of Applied Analysis. Over the course of the weekend, 306,000 people visited the city, leading to $934 million in revenue the previous year. F1 could also nearly match the biggest event in the country, the Super Bowl, in that regard.
The research could reveal some interesting insights. For instance, the average visitor spend around $2400 on expences including hotels, food, and entertainment. The direct economic impact was $213 million for the city, while in taxes, the city could generate $45 million for state and local governments.
The total economic impact of the 2024 Grand Prix ($934 million) was lower than the very first edition's in 2023 ($1.5 billion). However, that is largely down to the fact that constructions took place entering the inaugural event in the '23 season, therefore, less money had to be invested in the 2024 edition.
Moreover, the Grand Prix's economic impact just fell short of one of the (if not the biggest) US-based events, the 2024 Super Bowl's impact on the city, that was hosted at the Allegiant Stadium, which reached a $1 billion.
Las Vegas GP happy with statistics after pushing Super Bowl LVIII
"When you think of mega events in southern Nevada, this rises to the top. It’s not only here annually, but it’s here in what is traditionally the slowest week for Las Vegas of the year. It’s a real win to know that it’s on the calendar in a meaningful way at a time when Las Vegas can benefit from it," the senior vice president for corporate affairs at the Las Vegas Grand Prix, Lori Nelson-Kraft, told The Athletic on the impact of the event.
There were 9000 fewer visitors the previous year than at the first event, however, more visited Las Vegas from outside of the city. According to Nelson-Kraft, hotels were filled up more in 2024. The next F1 Grand Prix will take place in the Nevada-based city on 22 November, 2025.
This article was written in collaboration with Kimberley Hoefnagel
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