Errors and mishaps in customer relations have marred Formula 1’s return to Las Vegas. However, Despite these problems, Sin City’s $500 million gamble ultimately paid off.
In just under a decade, Las Vegas has transformed from a desert town known for its casinos, food and live entertainment to a home to six minor league teams, four major league sports teams (including MLB Athletics), a major sports organization in the Ultimate Fighting Champion and four major sports venues host events such as NCAA tournament games, NFL Pro Bowls and, most recently, Super Bowl LVIII.
F1 and its owner Liberty Media hosted an exciting event on Saturday evening, one of the best races of the season. The event was a flashy international spectacle that could only take place in Las Vegas. However, construction work and preparations for the F1 race have caused traffic problems, frustrating residents. Additionally, initially exorbitant prices and temporary stands and panels blocking views of landmarks such as the Bellagio Fountains and the Mirage Volcano drew criticism from residents and visitors. Despite the negative reviews, the race became an instant success.
Max Verstappen, the eventual winner, criticized race organizers and F1 management in a viral 2-minute video of the pre-race press conference. However, he then sang “Viva Las Vegas!” ” and became an instant Las Vegas convert. The song dedicated to Elvis Presley, which later became an unofficial anthem of the city, celebrated its 18th triumph this season.
Verstappen said he would have to analyze the rest of the season before declaring Saturday night the best race of the year, but he smiled and said: “It was a fun race. I liked that.»
Sergio “Checo” Péreza Red Bull teammate, even proposed that the F1 season finale take place in Las Vegas.
How much money did the F1 race bring to the city?
Officials at the Formula 1 Grand Prix of Las Vegas described the event as a revolutionary racing experience that set a new standard of excellence in entertainment and racing. The race attracted a crowd of 315,000 fans on the Las Vegas Strip and generated an economic impact estimated at $1.2 billion.
According to Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority, the impact of Formula 1 will make November 2023 the best November in the city’s history. Hill also stated that the race will result in a record economic and fiscal impact estimated at more than $100 million in tax revenue for the benefit of the Las Vegas community.
Renée Wilm, CEO of the Las Vegas Grand Prix thanked the community for their contribution to making the race happen.