As much as the upcoming Las Vegas GP is hyped and anticipated, there is ample anger amongst the civilians of the city including many business owners. This is all due to the disruption the civilians have been facing for months. One such businesswoman named Pamela Vasil opened up in Kym Illman’s video to share the financial hit she had to endure due to this race.
Speaking about it, Vasil, who works as a manager in Jay’s Market shared, “We’re down maybe by two million at this point in sales since the construction they have been working on since summer.”
With this, she also added on how her business was affected due to the traffic blockade, “They tore up the road, they closed the entrance, they closed the other entrance.” Notably, Vasil mentioned that she might have to remain closed on the upcoming Saturday.
“At 12:01 AM on Saturday, I think we’re going to have to close, which means there will be no sales. This is devastating,” she further asserted. As she mentioned the financial hit she has taken, there are opposite projections that say that Lewis Hamilton, Max Verstappen and Co. are indeed going to benefit the local economy.
How can F1 boost the local economy by hosting the Las Vegas GP?
According to multiple reports, the Las Vegas GP is set to bring at least a billion-dollar business into the Sin City. Going by the estimates, it will add around $1.3 billion, all in its first year, which is three times more than Miami.
Speaking on this, Jeremy Aguero, an expert in Applied Analysis said as per newslv3.com, “F1 will be the single largest event that Las Vegas has ever had, by a huge margin. You’re talking about 150,000 people of some of the most affluent travelers anywhere in the world descending on Las Vegas.”
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Apart from this, Vincenzo Landino, a renowned sports analyst also mentioned how Austin had an economic windfall after F1 arrived in the city in 2022. In F1’s stay in Austin for over a decade, they had over $7 billion of businesses including 64,000 jobs.
Nevertheless, it is ironic how few businesses are experiencing economic downfall while F1 promises otherwise. However, F1 would like to focus on the upcoming race as they had a huge investment in building up this race from scratch.
