Owing to the Las Vegas GP, MGM Resorts was able to capitalize on the incoming traffic and record their highest-grossing weekend in history. The group of resorts introduced special packages that allowed for easier accessibility for fans of the sport, which in turn allowed the group to make a massive profit during the “greatest show on earth.”
Founded in 1986, the 37-year-old group has one of the highest net worth in the hospitality sector in the world, with its valuation standing at around $13.7 Billion. The famous group of resorts often plays host to some of the biggest events on the planet, but a report from Asgam.com reveals the Las Vegas GP earned them their highest revenue.
Opinion: the Las Vegas GP was F1’s best race of the season. Despite a poor start, the Vegas race was a major triumph against some major odds → https://t.co/WLt0okDz0U pic.twitter.com/LA7g0cuwLR
— Top Gear (@BBC_TopGear) November 22, 2023
With thousands of fans traveling to Sin City, MGM Resorts introduced several packages for them to not only ease the fans’ access to the weekend but also for their own financial gain. A total of three packages were on offer, starting from the PG1 Main Grandstand ticket package, which cost $2,827 per person. Next was the Bellagio Fountain Club package, which carried a price tag of $11,247. The most expensive was the Paddock Club package, priced at $16,860 per person.
All three packages included four-day tickets alongside comped meals, suites, and other relevant commodities, but a three-day stay was payable extra in all scenarios. Speaking about the revenue, the representatives said that they did not expect the monetary flow to be as high as it was, especially since it wasn’t their first time hosting a mega event.
Las Vegas GP exceeded the expectations of MGM Resorts
MGM’s CFO, Jonathan Halkyard, detailed the insights of the group’s highest-grossing weekend of all time, as he said many people in the group expected a huge turnout for the race. “We had very high expectations for what this event would be in Las Vegas and in particular because it was during what is normally one the slowest, if not the slowest, weekends in Las Vegas.” Over 300,000 people attended the Las Vegas GP, with MGM Resorts hosting more than 50% of them.
Despite being held during one of the slowest months of the year, the Las Vegas GP weekend was the highest-grossing weekend for hotel revenue in the company’s history.
It is also likely to drive November to become the all-time record month.
Hard to argue the F1 impact. pic.twitter.com/YoMe38NDEj
— Vincenzo Landino (@vincenzolandino) November 30, 2023
F1 invested nearly $500 million in organizing the grand spectacle with the hopes of generating a revenue of around $1.2 billion from the weekend. What started on a dismal note ended in the best way possible, owing to one of the most entertaining races of the season, much to the delight of the F1 and MGM group. With little investment to be made in the future, most of the revenue will go solely into the group’s profit column. As such, they want the event to keep coming back to Sin City so they can enjoy making huge profits.
