According to reports the 2023 Formula 1 Las Vegas Grand Prix generated an economic impact of $1.5 billion, surpassing the recent NFL Super Bowl in February 2024.
Last year’s event was the first of its kind in F1.
Not only did GP racing roar down the Las Vegas strip for the first time (disrupting disgruntled locals), but it was the first event that F1 acted as a promoter for.
Despite multiple teething issues last year, the financial benefits of F1 in Las Vegas were staggering.
Speaking to Sky Sports, Lori Nelson-Kraft, the Senior Vice-President of Corporate Affairs at the Las Vegas GP said “[the race] truly put Las Vegas on the world stage in a way that we had never experienced.
“That weekend before Thanksgiving [the fourth Thursday in November] is typically the slowest weekend in Las Vegas.
“So strategically, having the race on that calendar date is really a good move for Las Vegas.
“And the Las Vegas Convention and Visitors Authority even commented post-race that the inaugural year publicity and coverage for Las Vegas just in that race week alone was six times more publicity than Las Vegas typically received in a given year.
“We did produce an economic impact report on the heels of the inaugural year that came in at $1.5bn.”
According to Forbes, Super Bowl LVIII generated $1 Billion in economic impact for Las Vegas.
With the NFL being America’s greatest love in terms of sport and the Super Bowl its biggest game, F1 had an almighty effort to far outweigh that impact.
F1 making long-term benefits to Las Vegas
F1’s impact goes beyond the single week of the year it brings its star drivers and teams to Las Vegas.
The economic boost made last November brings tax benefits to the city which are being put into the education sector.
Moreover, Liberty Media’s acquisition of the site where you’ll find Grand Prix Plaza brings with it year-round benefits.
Nelson-Kraft confirmed the race in 2023 generated “$77m in taxes locally and throughout the state.
“That even surpassed what the Super Bowl generated for Las Vegas as a single event this past year. And of that $77m, $22m of that went directly to our schools.”
Super Bowl LVIII generated $33.6m in tax revenues for the area.
Nelson-Kraft added, “With Liberty Media having bought the land and constructing what is Grand Prix Plaza, that’s a 300,000 square foot facility that is used for the race but it’s also now a year-round facility that we’re utilising to book events and hold conferences and do community events.”
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