LAS VEGAS (KTNV) — While the 2023 Formula 1 Las Vegas Grand Prix may have been a headache to some Las Vegans, we learned it was a monster money maker for Nevada.
F1 says the Las Vegas Grand Prix was their most successful race of the 2023 season.
"I mean those numbers, when you look at it its more than half a billion dollars in economic impact and we think about that ripple effect, the fact that many of these were wages and salaries or you had all kinds of vendors that were getting paid, that number is over $800 Million overall," Applied Analysis Principal Jeremy Aguero.
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That's just based on a preliminary economic impact report for F1 though. They expect those numbers to rise.
F1 executives announced this report Wednesday at the Vegas Chamber's Preview Las Vegas Event.
Here's a breakdown of some of the numbers.
F1 says they sold 316,000 tickets for the Las Vegas Grand Prix.
Each race guest spent on average $4,100, which is four times that of an average visitor to Las Vegas.
They also brought in $60 million in Visitor Tax revenue.
"When we see things like up on the screen behind us, again in term as record setting tax impact," said Aguero.
Also during Wednesday's presentation, we learned hotel room revenue was up 34% this November compared to last November, plus Clark County had an all-time high in gaming revenue at $152 million year-over-year.
F1 says the Las Vegas Grand Prix was their most watched race of last season, reaching 2.7 Billion people worldwide.
"This is particularly unusual because by this point in the season, Max had already won the driver championship and to still have this level of viewership just shows the incredible demand and interest in the Las Vegas Grand Prix," F1 Las Vegas Grand Prix CEO Renee Wilm.
However, Wilm and F1 Las Vegas Grand Prix COO Betsy Fretwell say they saw and understand locals' frustration on the roads for several months last year. They plan to make changes this year.
They say last year, there were 9 months of construction, but this year there will only be 3 months, that's because much of that work is now done and will stay in place.
The 2024 Las Vegas Grand Prix is about 10 months away. It'll take over Las Vegas again November 21 - 23.
