Las Vegas GP organisers say F1 race generated $934m in revenue for the area

Las Vegas Grand Prix organisers have revealed that final 12 months’s Formulation 1 race generated $934million in income.

Figures revealed within the GP’s financial impression evaluation confirmed the competition is the most important recurring occasion in Las Vegas with a race week attendance of 306,000, of which 175,000 had been from out-of-town.

Spending figures revealed that on common these guests spent $2400 throughout their go to – practically twice the typical spent by guests to Vegas on accommodations, meals and drinks throughout their keep.

The report additionally exhibits that it generated $45m in taxes, of which $15.5m shall be spent on faculties throughout the Nevada state.

The second instalment of the Las Vegas race, which was received by George Russell, attracted a tv viewers of 56.1m and generated an estimated $6billion in publicity income.

The manager abstract mentioned: “The mix of general customer spending and F1 investments into infrastructure and occasion operations throughout 2024 generated $934million in financial exercise all through the Southern Nevada neighborhood.

“The financial impression of event-specific customer spending totalled $556m. Guests that traveled to Las Vegas and attended the occasion stayed 3.7 nights on common and spent greater than $2400 on non-race-related expenditures, together with lodge rooms, meals and beverage, native transportation, procuring, playing and leisure.

“To be clear, the $2400 per customer doesn’t embody the price of Las Vegas Grand Prix tickets; fairly, it displays the direct financial advantages to Las Vegas from customer expenditures exterior the race itself.”

The constructive monetary report comes after the circuit introduced plans for a brand new Grand Prix Plaza – North America’s largest immersive F1 fan expertise – which is able to open on 29 March 2025.

Will probably be hosted in F1’s paddock constructing and have three sights, together with an interactive museum, F1 simulators and a kart observe on a part of the Las Vegas Strip Circuit.

“Grand Prix Plaza represents a major funding in the way forward for Formulation 1 in Las Vegas,” mentioned Emily Prazer, president and CEO of Las Vegas Grand Prix, Inc. and chief industrial officer for F1.

“These new sights will provide unprecedented entry to F1, giving many followers their first up-close take a look at a Formulation 1 automobile earlier than stepping right into a racing simulator and even karting on a portion of the Las Vegas Strip Circuit.

“As a part of our steadfast dedication to Las Vegas, we’re thrilled to supply considerably discounted pricing to locals in order that Grand Prix Plaza is an simply accessible neighborhood asset all 12 months lengthy.

“Grand Prix Plaza is without doubt one of the jewels of F1 in North America, and we all know it’s going to present entry and experiences that may develop the game’s fanbase.”