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Las Vegas Grand Prix CEO claims race will have $1.2B economic impact

Las Vegas Grand Prix is over, and it was a huge success, according to city officials and those from the organization.
Las Vegas Grand Prix CEO claims race will have $1.2B economic impact
Posted at 6:05 PM, Nov 20, 2023

An event years in the making came to a dramatic end Saturday night on the Las Vegas Strip.

In a jubilant statement after the race, Formula 1 Las Vegas Grand Prix officials called the event "an unprecedented racing experience that created a new standard of entertainment and racing excellence."

Race officials reported a "capacity crowd" of 315,000 fans descended on the Las Vegas Strip this week and said the event brought "an estimated economic impact of $1.2 billion."

Formula 1's impact will make November 2023 the city's "best November in history," said Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority.

"The benefits of this race are both profound and broad and will drive record economic and fiscal impact of more than $100 million in tax revenue to the Las Vegas community," Hill stated.

Las Vegas Grand Prix CEO Renee Wilm thanked the community for their efforts in helping to make the race a reality.

"To Las Vegas, from the bottom of our hearts, we thank you for embracing our shared vision of bringing Formula 1 back to this community and showing racing fans around the world what makes this community so special," Wilm stated. "We are more excited than ever for the 2024 Las Vegas Grand Prix."

After the race, CEOs of the Strip's "Big Three" resort companies echoed Wilm's sentiment.

"Las Vegas Grand Prix has set the new standard for Formula 1 racing, and we are glad to have been a part of the event’s immense success," said Caesars Entertainment CEO Tom Reeg. "Everything in Las Vegas is larger than life, and the show that the LVGP and the drivers put on this weekend reflected the best of our legendary city."

Las Vegas was arguably the most anticipated (and hyped) F1 race of the year. But things got off to a rocky start, and at least one class-action lawsuit would be filed before weekend's end.

As has now been widely reported, the first round of qualifying ended after just nine minutes on Thursday. Then, scores of fans were disappointed by the organization's decision to remove them from the circuit before the second round began.

SEE MORE: Formula 1 fans file lawsuit against Las Vegas Grand Prix

F1 now faces a lawsuit over the decision — and it's worth noting, Thursday was the day the organization offered Nevada residents $200, single-day tickets. Race officials did attempt to make up for the disappointment with a $200 voucher for F1 merchandise.

A near constant poo-pooing of the event from eventual race-winner Max Verstappen also made headlines throughout the weekend.

While the weekend may not have gone off without a hitch, Hill has maintained the view that Formula 1's benefits will outweigh the difficulties.

"We celebrate the successes of this inaugural race and look forward to what the LVGP has in store for years to come," Hill stated.

Formula 1 is already accepting deposits on next year's Las Vegas Grand Prix, scheduled for Nov. 21, 22 and 23.

This story was originally published by Alyssa Roberts at Scripps News Las Vegas.

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