F1: Las Vegas GP to add $1.2B to economy vs. $113M for Chicago NASCAR race
Formula 1’s return to Las Vegas will be a major job creator and add more than $1 billion to the local economy, likely doubling the impact of the 2024 Super Bowl.
The $1.2 billion estimate is derived from an economic impact report conducted by Applied Analysis and includes $966 million in forecast visitor spending, along with $316 million from ancillary and support costs.
Meanwhile the Chicago NASCAR Cup street race, NASCAR says its first-ever street race in Grant Park in July could infuse $113 million into the local economy.
The races on July 1 and 2 should also attract many people from out of town — 65% of the expected 100,000 attendees — and finally lift the town from its pandemic slump, filling up downtown hotel rooms and broadcasting scenic parts of downtown across the world to millions.
“For us, being in Chicago is incredibly important,” NASCAR Chicago Street Race President Julie Giese told the Sun-Times Editorial Board on Tuesday.
It underscores just how important it is for a city to get an F1 race vs. a NASCAR or IndyCar race.
Mark Cipolloni reporting for AutoRacing1.com