The Formula 1 Las Vegas Grand Prix is expected to be the biggest event to ever come to Las Vegas. The inaugural Formula One Las Vegas Grand Prix is projected to have an overall economic impact to the tune of almost $1.3 billion.
The figure for the race taking place Nov. 16-18 comes from an economic impact report conducted by Applied Analysis and announced by Las Vegas Grand Prix CEO Renee Wilm on Monday during Preview Las Vegas at the Las Vegas Convention Center.
It includes $966 million in projected F1 visitor spending and $316 million in event operations and support costs. Wilm noted that the race is expected to see around 100,000 attendees daily for practice and qualifying rounds and for the grand prix race itself.
This year’s race is expected to be made up largely of domestic tourists, but a larger contingent of international visitors is expected to attend future races.
“The truth is that we sold out so quickly on the first wave that the European and our Asian fans didn’t even get the chance, due to the time zones, to participate,” Wilm said.
The next round of ticket sales, one with a larger allotment, is expected to begin in late February or early March.
A similar economic impact study was conducted by Applied Analysis for the Super Bowl taking place in February 2024 at Allegiant Stadium in Las Vegas. That report showed that the NFL’s championship game and events tied to it would leave an economic impact of $600 million.
Formula One President and CEO Stefano Domenicali pointed out that unlike the Super Bowl, the race is slated to occur annually in Las Vegas for the foreseeable future and won’t be a one-time deal.
Domenicali said Las Vegas is the perfect market for F1 and will serve as its home in North America.
He said this race is getting a lot of hype from drivers, and they’re already preparing with race simulators.
Wilm said fans are excited, too, with demand for tickets off the charts.
The Las Vegas Grand Prix is set to take place November 16-18, with the race on the 18th.
“Super Bowl will be for one year, but we’re going to stay for a long time,” Domenicali said. “We are going to have a continuous flag here in the city, and we are going to mark not only for the week of the event, but we are going to mark F1 in Vegas as a place where we will develop the sport.”
The race is expected to employ over 7,700 people in total, with $361 million in salaries and wages tied to those jobs, according to the report.
Wilm said this track will have one of the longest straightaways on the racing schedule, which should make for some great racing action.
The race will be 50 laps, and cars will hit speeds over 210 miles per hour.
“We want to make sure it’s completely done, fully vetted, operational, ready to go in advance of the race weekend,” said Renee Wilm, Chief Executive Officer of Las Vegas Grand Prix, Inc. “We are leaving nothing to chance.”
In spring, resurfacing will begin for the nearly 4-mile Formula 1 track, but Formula 1 Chief Executive Officer Stefano Domenicali expects a lot of the work to be ready at the last minute.
“That’s part of the game,” Domenicali said. “But there is an incredible professionality here that we found in the committee working with us, that’s really what we needed.”
The economic impact of Formula 1 is estimated to be nearly $1.3 billion. That doubles the estimated economic impact of Super Bowl LVIII. The National Football League’s championship game is set to kick off in Allegiant Stadium in 2024.