Formula 1 will close down the legendary Las Vegas Strip for the second time this weekend to host a Grand Prix that has already set records in one of the world’s most famous cities.
Last year, the city attracted 40.8 million visitors and is already renowned for hosting major entertainment and sporting events and its famous casinos and hotels.
Therefore, it may come as a surprise that the return of Formula 1 to Nevada, after a 41-year hiatus, had such a tremendous impact.
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An economic impact report released several months after the 2023 race revealed that it produced a net economic impact of $1.5 billion, marking it as the most profitable event in Las Vegas history, according to analysts.
Attendees spent 3.6 times more than the typical visitor, contributing to a substantial economic impact of $884 million.
Additionally, the race brought in $77 million in tax revenue, setting a record for the city and surpassing the revenue from the Super Bowl, which took place in Las Vegas just over two months later.
Similar to the previous year, attendance is anticipated to reach around 300,000 fans throughout the three-day event.
The 3.8-mile layout, consisting of 17 corners, meanders past iconic Las Vegas landmarks, including the Venetian, the Bellagio Fountains, and the Eiffel Tower in Paris.
Notably, it includes a thrilling 1.2-mile stretch along the Strip. This course has proven to be effective, delivering one of the year’s most exciting and overtaking-friendly races, and will remain unchanged for the upcoming event.
Race organizers facilitated approximately 2,200 jobs for the construction of the course and the permanent pit paddock.
Nonetheless, the Las Vegas Convention and Visitors Authority anticipates generating at least $250 million in revenue this year, even without those jobs.
While local businesses reported losing millions last year due to continuous construction that hindered customer access, this time, there has been minimal criticism regarding the disruptions
Las Vegas Grand Prix has pledged $1 million in cash to local nonprofit organizations and another $1 million in event tickets to recognize residents who have made significant contributions to the community, including local educators, Make-A-Wish patients, and others.
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The drivers will skip the elaborate opening ceremony and won’t be emerging from boxes this time.
Instead, according to Renee Wilm, the CEO of the LVGP and a longtime Liberty Media employee, they’ll be enjoying a private dinner in the paddock on Wednesday night.
For fans who aren’t attending, there’s a complimentary off-site fan zone this year. Additionally, there are 10,000 more general admission tickets available in three new fan zones, some of which feature unassigned, bleacher-style seating.
This year, there are more single-day tickets offered instead of the usual three-day packages. Plus, all valve covers are now securely fastened to prevent a repeat of the Ferrari incident that extended a practice session until 4 a.m.
Wilm mentioned that the adjustments were made to cater to spectators looking to enjoy the event without facing the high costs seen in its inaugural year, when Las Vegas had the highest prices in the F1 calendar. Single-day general admission tickets are available starting at $99.
In addition, the Ferrari Challenge will be a support event, giving fans the opportunity to enjoy more than just the F1 races.
Music lovers on the T-Mobile and Heineken Silver stages can expect performances by global stars such as Ludacris, Alesso, OneRepublic, Snakehips, and Vandelux.
The race will continue to start at 10 p.m. local time, as this is the usual kickoff for major events in Las Vegas. However, the practice schedule has been changed so that sessions will no longer start at midnight.
This adjustment also enables spectators to return to their hotels in time to enjoy popular musical performances later in the evening.
Additionally, promoters have introduced community watch parties, the F1 fan experience, and “Graduates on the Grid,” a program that will enable UNLV engineering students to explore Grand Prix Plaza and engage with F1 teams.
It’s unclear whether Max Verstappen has developed any appreciation for the event, but the Red Bull driver heads into Saturday night’s race with a commanding lead in the driver standings as he aims for a fourth consecutive title.
Following an impressive victory in Brazil two weeks ago, Verstappen holds a 62-point advantage over McLaren’s Lando Norris with just three races left in the season.
With only 86 points available from these final three races, if Norris fails to outscore Verstappen by at least three points in Las Vegas, Verstappen will secure the championship.
You’ll want to check back here regularly to stay updated on the news.
