The 2023 Las Vegas GP had enormous hype building up to the race. Organizers and F1 tried to put up a huge show, to boost revenue and earn back the amount of money that was put in, and it was deemed a success after the weekend ended. Additionally, the Nevada Government, got a huge injection of money in the form of taxes, more than any other event in Vegas’ glittering history.
According to Joe Pompliano, the Nevada Government earned $77 million in tax revenue from the Las Vegas GP weekend. This is a huge economic boost for the State government, which can put that money to use for the betterment of Nevada and Las Vegas itself.
F1, who want Vegas to stay on the calendar for several more years, will also be happy to know that their event was not just successful for them, but for the local authorities themselves.
In total, the economic impact was reported to be $1.5 billion with visitor spending valued at $884 million. Another monumental milestone for F1, commercially, was the average spending of a tourist. Tourists who visited Vegas for F1, spent $4,100 over the course of 4 days on average, which is roughly 3.6 times the amount any other tourist spends in Las Vegas.
There was a lot of controversy and doubt leading up to the Las Vegas GP. But once the race started, the F1 community realized that the hype was worth it. Glitz and glamour aside, the race on its own was a spectacle.
Las Vegas GP: A Spectacle for F1
Red Bull’s Max Verstappen was the most dominant driver in 2023, winning 19 out of 22 races of the season. However, looking at the 2023 Las Vegas GP as a standalone outing, it would be tough to decipher that. Verstappen emerged victorious yes, but there was a lot of competition.
The Las Vegas GP also provided fans with another aspect of racing they crave – overtakes. The race had a staggering 99 overtakes, which is the most recorded in a dry race since the 2016 Chinese GP.
Charles Leclerc took pole position ahead of Carlos Sainz and Max Verstappen respectively. Unfortunately, Sainz’s penalty sent him down to P12 and Verstappen was right on Leclerc’s tail from the get-go. However, there were multiple lead changes in the race, with Verstappen, Leclerc, and Perez fighting at the front. Down the grid too, there was a lot of action, contributing to those 99 overtakes.
The money and commercial value aside, Las Vegas has turned out to be a huge asset for Liberty Media and F1. It has become a track they want on the calendar for the foreseeable future.
