Las Vegas Strip casino executives are optimistic, if cautious, about the 2024 Formula 1 Grand Prix. While they do not expect a repeat of the smash success of the inaugural 2023 event, they do expect a significant positive impact on revenue, not just on the Strip, but all over the city.
Tom Reeg, CEO of Caesars Entertainment, offers a realistic perspective on the event. “We expect to be down a few million dollars from last year across our eight Strip properties.”
This prediction comes after the previous year’s impressive performance, when the event generated $18 million more for Caesars compared to the same weekend in 2022.
On the other hand, Bill Hornbuckle, president and CEO of MGM Resorts, expressed cautious optimism. Initially, it reported slower demand for hotel bookings.
However, he later revised his position, stating: “What we saw in terms of games and gaming revenue relative to last year’s event is on par with and may even surpass last year’s.”
Recent performance of Las Vegas Strip casinos
It’s worth noting that some Las Vegas Strip casinos could benefit from a boost in revenue. Caesars Entertainment, for example, reported a 5.2% drop in year-over-year revenue during the third quarter of 2024.
However, the company recorded records in food and beverage sales and occupancy. In contrast, MGM revealed modest year-over-year growth of about 1% for its Strip properties over the same period.
Blake Sartini, CEO of Golden Entertainment, highlighted the collaborative efforts to expand the event’s reach. “There was a concerted effort among casino owners to work with tourism leaders to provide an entertainment-filled weekend,” he explained.
“We are in offensive mode and anticipate a much better weekend for us as we continue to implement our plan for specific events.”
Expanding economic impact and fan experiences
Tourism authorities and local businesses are actively working to distribute the economic benefits of major sporting events in the gambling capital of the world.
Steve Hill, CEO of the Las Vegas Convention and Visitors Authority (LVCVA), emphasized the importance of additional events, such as the NFL game between the Las Vegas Raiders and Denver Broncos, scheduled for the Sunday after the race.
“Properties outside the Formula 1 circuit did not do well during the last race. Having an NFL game that weekend will serve these outlying properties well.”
To complement the main event, several experiences are being offered to visitors. This includes F1-themed activations at the Raiders’ Allegiant Stadium. Additionally, there is the F1 Las Vegas Grand Prix Fan Experience and other exhibits in the T-Mobile Zone at the Sphere and Paddock Club.
Therefore, these attractions aim to enrich the fan experience and potentially increase visitor flow and spending across the city.
