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The Las Vegas Grand Prix would bring in more money than the Super Bowl
During the next season, the city of Las Vegas will host at least 2 major sporting events, namely: a Formula 1 Grand Prix on the one hand and the Super Bowl 2024 on the other.
According to early estimates, the race is expected to add more than $1 billion to the local economy, which could double the impact of the championship game hosted by the National Football League (NFL).
Yet, year after year, the race has become one of the most watched sporting events in the world.
7,700 jobs and $1.2 billion for the Las Vegas Grand Prix
It is on November 18, 2023 that the Grand Prix of Las Vegas will be held. This competition should create 7,700 jobs and add no less than $1.2 billion over a year to the local economy.
That’s what the CEO of the Formula One Group (Stefano Domenicali) and the CEO of the Las Vegas Grand Prix (Renee Wilm) said during a recent roundtable discussion on Monday, January 23. These initial estimates come from a report conducted by Applied Analysis.
In the very early 1980s, there was once a Formula 1 Grand Prix held in Las Vegas. However, it only lasted 2 seasons. The 2023 race marks the return of competition to the city for over 40 years.
Only $600 million for Super Bowl 2024
During the 2023-2024 season, quite a few other major sporting events are going to take place in Las Vegas. The highlight of this busy schedule is the Super Bowl, which will be played at Allegiant Stadium in February 2024.
Even though this is a big first for this must-see international competition, the economic impact of the arrival of Formula 1 must be greater than that of this NFL Championship final.
According to another study published by Applied Analysis, the latter event is expected to generate only $600 million in economic impact for Las Vegas, which is half of what the Formula 1 Grand Prix could bring. In addition, the Super Bowl is a one-time event, whereas the car race will return to the city every year.
An update on ticket sales
Not all tickets for the Las Vegas Grand Prix have gone on sale yet. Nevertheless, the first ones that were sold could not be purchased by Formula 1 fans in Asia and Europe because of the time difference, as they were acquired so quickly in America.
It is known that more tickets are to be released late next month or early March.
Otherwise, there are still very expensive packages offered by some casino operators. Wynn Resorts, for example, is marketing a $1 million package. Caesars Entertainment sells one for $5 million.
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