Formula 1 races are among the newest additions to the so-called "Entertainment Capital of the World", with the first one taking place in 2023. As the new report shows, it pays off handsomely.
The 2024 race had total economic impact of 934 million dollars. The only event that matched this was the Super Bowl. But while the game for NFL's ultimate prize is held in a different city each year, an F1 race is an annual event.
The Vegas Grand Prix greatly boosted tourism. 57% out of the 306,000 total attendees were from out of town. The average atendee stayed 3.7 and spent 2,400 dollars - and that's excluding the race tickets. That's 2,400 dollars per person spent in local restaurants, shops, entertainment venues and, let's be honest, on poker tables and other options that the many Vegas casinos offer.
The increasing interest in Formula 1 in the US also reflected in hotel occupancy. For the first race in 2023, 80% of Las Vegas hotels were occupied. In 2024, that number rose to 87%.
The current deal that keeps Las Vegas on the Formula One calendar expires after this season. But given the numbers above, it would be a surprise if a new (and perhaps even improved) deal wasn't signed soon.