F1’s Presence Bumped an Average Tourist’s Spend to $4000 at the Las Vegas GP

Annoyance on prioritizing a “show” from drivers and delays were the general themes of the inaugural Las Vegas GP in 2023. Still, once racing began, people forgot about everything else and enjoyed one of the most exciting outings of the year. The locals, however, were still far from impressed as they did not see the upside to their city hosting this event. An update from TikToker Vegas Starfish answers their concerns as Las Vegas saw an economic boost thanks to this 4-day event.

The average money a tourist spends saw an increase, leading to a positive economic impact on city overall. An average F1 tourist spent over $4000 in four days. This amount is 3.6 times more than what a normal tourist would spend on a 4-day trip.

 

Even the socio-economic impact saw a rise in numbers. Over 17,000 man-hours were spent in preparation for the grand event and in compensation, $52 million was spent on additional wages.

F1 organizers paid a huge amount to make the race successful. It all started with them purchasing land worth $240 million, and ended with the city earning more than $1.5 billion overall. Ticket prices were a concern at one point, and the organizers brought them down by nearly 50% to fill in the stands. Still, overall, the race is believed to have been a success.

One of the things that made the race so successful, were the overtakes. There were 99 overtakes at the 2023 Las Vegas GP which was the most in an F1 race since China 2016.

Las Vegas GP could be much more than just a ‘show’

While the first edition of the race had a lot to do with show and pomp, the Las Vegas GP can be much more than that. Given it takes place in the back end of a season, it would play well for many teams. All the teams are generally done with the upgrade packages on their cars, meaning they run at their best. Additionally, the fast nature of the track adds to the value of racing on and around the Strip. Hence, the final American race on the calendar attracts a lot of strengths of other teams.

Aside from that, the Las Vegas GP could also be an exciting venue for teams battling for the championship. 2023’s race did not have a clear favorite throughout the weekend. If there are drivers who head into the race competing for the title, fans could be in for a tremendous battle.

Lastly, a positive race could also play a key role in helping F1 consolidate the US market. It is no secret that F1 wants to grow its presence in the States, and a positive economic impact in Las Vegas could help them achieve the same. If the race can continue bringing in the big bucks for the city, turning down proposals for other races in the country will become a tougher task.