The return of Formula 1 to Las Vegas will be a huge job creator and add over $1 billion to the local economy, likely doubling the impact of the 2024 Super Bowl.
The Las Vegas Grand Prix, scheduled for November 18, could generate 7,700 jobs and inject US$ 1.2 billion over the course of a year to the local economy. F1 CEO Stefano Domenicali and Las Vegas Grand Prix CEO Renee Wilm made the remarks to a panel, citing that the sport is considering Las Vegas to become its permanent home in the United States.
The information comes after Formula One Group – the operator of the Formula One racing series – recently said it expects just one iteration of the Las Vegas race to generate up to $500 million in sales.
The $1.2 billion estimate is derived from an economic impact report conducted by Applied Analysis and includes $966 million in anticipated visitor spending, along with $316 million in ancillary and support costs.
Las Vegas Grand Prix could become bigger than the Super Bowl
The Las Vegas Grand Prix – F1’s first stop in the region in more than four decades – is just one of a series of events scheduled for the coming months that analysts say will increase visits to the Strip, driving more guest stays in hotels and visitors to the casinos.
That schedule culminates with Allegiant Stadium hosting the Super Bowl in February 2024. While it will be a huge event and the first time the NFL championship game has been played in Las Vegas, the economic impact of F1 will be less than the decision.
Applied Analysis conducted an economic impact study for the Super Bowl, noting that it will generate $600 million in economic benefits for the city or half of what the F1 race will provide. Furthermore, the Super Bowl is a one-time event, while Formula 1 plans to return to Las Vegas in the coming years.
“Super Bowl will be for a year, but we’re going to stay for a long time,” said Domenicali. “We’re going to have an ongoing banner here in the city, and we’re going to mark not only the week of the event, but we’re going to mark F1 in Las Vegas as a place where we’re going to develop the sport.”
According to Applied Analysis, the Las Vegas Grand Prix will create more than 7,000 jobs, along with $361 million in salaries that will be tied to those roles.
Las Vegas Grand Prix Tickets
Tickets for the F1 race are not yet sold out, but Wilm notes that the initial batch made available to the public was consumed so quickly that fans in Asia and Europe missed out due to time zone differences.
Another larger batch of tickets is scheduled to hit the market later next month or early March. Fans can always turn to Strip casinos, many of which offer expensive jackpot packages.
Wynn Resorts, for example, is marketing a package for the race for $1 million. Not to be outdone, Caesars Entertainment is selling a special plan for the Formula One race estimated at $5 million.
