The debut Las Vegas Grand Prix in November marked a triumph in the sporting arena, featuring an exhilarating showdown between Red Bull and Ferrari. Subsequently, fans reveled in the three-day spectacle orchestrated and endorsed by F1 and the FIA. Nevertheless, amid the thrill for racing enthusiasts, a different narrative unfolded for nearby businesses. Despite the event’s success, numerous local establishments are stepping forward, claiming substantial financial losses reaching millions of dollars.
These businesses attribute their economic downturn during the Grand Prix weekend to Formula 1 and the Las Vegas Convention and Visitors Authority (LVCVA). Consequently, the businesses are currently pursuing compensation from F1.
According to recent reports from LVsportsBiz.com the owners have come forward, citing instances of the financial impact they’ve experienced. They attribute this impact to road closures and disruptions in usual tourist movements and visitor patterns.
In contemplation of the situation, Wad Bohn, a local business owner, shared his frustration. He claimed that the F1 activities nearby were the reason for his 2022 revenue drop from $8.5 million to about $4.2–$4.3 million. While elaborating he said, ” What they did was they came in, tore everything up, ran the race, and got the hell out of dodge.”
Not just Bohn, but other business owners like Randy Martin also voiced their viewpoints. Martin expressed that, in his opinion, the entire business community has been deceived and fooled. Nevertheless, as a result of this realization, a representative of discontented businesses presented their case before the Clark County Commission on Tuesday.
The spokesperson informed the county commissioners that the businesses are not inclined towards pursuing a class-action lawsuit. Instead, their focus is on seeking compensation for the losses suffered due to the F1 race.
How did the F1 Las Vegas Grand Prix fare as a complete event?
The anticipation for the 2023 season was high for the Las Vegas Grand Prix, but its prelude was overshadowed by considerable negativity from the local community. This was notably evident due to disruptions caused by roadworks, including the covering of the sphere.
Additionally, there was substantial skepticism surrounding the event’s expensive nature, with ticket prices soaring to as high as $1600. Moreover, the race weekend even got off to a rough start.
After Carlos Sainz’s Ferrari hit a loose drain cover during the first practice session, not only was that session called off but the one held later in the day was held without spectators, much to the fury of the fans. Moreover, reigning champion Max Verstappen‘s provocative comments further added fuel to the fire.
However, as the race weekend unfolded, the narrative gradually shifted towards a more positive direction. Fans experienced great excitement during the intense final-lap duel between Charles Leclerc and Sergio Perez.
Consequently, some on-site fans expressed positive views about the overall events. Remarkably, Formula 1 itself gained significant rewards for the extensive efforts put into this grand event, acquiring $1.2 billion.
Furthermore, due to the success of this event, F1 has earned the backing of Las Vegas authorities, allegedly finalizing another 10-year contract. However, the realization of F1’s ambitions depends on the authorities effectively managing and avoiding any further dissatisfaction among the local community.
