F1 News
This is the financial impact F1 had on Las Vegas
- GPblog.com
The F1 drivers had to get used to it, but the glitz and glamour of the Grand Prix paid off. In fact, the race last November had a huge financial impact on the Nevada city.
The Las Vegas Grand Prix drew criticism. For instance, it would not be about the racing there but all the pomp and circumstance surrounding it. In the end, Sunday's race was one of the most spectacular races of the 2023 season.
This is the financial impact of the Las Vegas GP
Besides the fact that the Grand Prix provided a fun spectacle for Formula 1 fans, the city itself gained a lot from it. Returning for the first time since 1982, F1 has provided an economic impact of some 1.5 billion dollars. This is reported by Clark County, the county that Las Vegas falls under.
More than half of this came from visitors to the race weekend, which is $884 million. Visitors to the race weekend spent an average of about $4100 per person, separate from the tickets.
Organising the Grand Prix also cost a lot of money, as a lot had to be done to Las Vegas' infrastructure. This, in turn, generated a total of 7000 jobs, with some $52 million being paid out in wages. The event also brought in another $77 million in taxes.