Formula One officials declared the Las Vegas Grand Prix a resounding economic success in November.
On Wednesday, a representative at the Las Vegas Chamber of Commerce meeting highlighted the substantial economic impact on the valley during a historically less popular weekend for the destination.
According to the Las Vegas Convention and Visitors Authority, a post-race survey of 6,000 individuals indicated that 52.8% of locals support the return of Formula One to Las Vegas for the next nine years.
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Additionally, the survey unveiled that two-thirds of drivers reported that road closures during the event affected their commutes.
The construction timeline for race preparations will be streamlined in the upcoming year, reducing the period from nine months to three months.
“We embarked on this project without a playbook, fully aware of its logistical challenges. Despite the uncertainties, our vision for the town materialized into an incredibly successful race,” explained a Grand Prix representative.
Future Road Closures
Construction crews have initiated the dismantling process for the contentious temporary bridge used during the Formula 1 Las Vegas Grand Prix on Flamingo Road over Koval Lane.
This marks the final temporary structure from the 2023 Grand Prix to be taken down.
Business owners in the vicinity express their satisfaction with the removal, citing a decline in business since the bridge’s installation.
Demolition work commenced on Sunday night at 9 p.m. and is anticipated to conclude by February 1 at 9 p.m.
Throughout the 12-day project, traffic on both Koval Lane and Flamingo Road near the intersection will be completely halted. Additionally, the bridge itself will remain inaccessible during the demolition.
Originally installed to alleviate traffic, the temporary vehicle bridge became the sole entrance inside the track on race days.
The county decided to keep the bridge standing post-race to conduct a traffic study, assessing its potential permanence.
Simultaneously, preparations for the 2024 F1 Las Vegas Grand Prix are already in progress.
Utility work prompts single lane closures on Koval Lane between Harmon Avenue to Westchester Drive from Sunday night through Thursday, between 9 p.m. to 6 a.m.
The Formula 1 races in Las Vegas attracted 145,000 unique visitors, each spending an average of over $4,000, which is 3.6 times more than the typical Las Vegas tourist.
“When considering the live entertainment tax, retail sales tax, and room taxes based on this spending level, the financial impact is substantial,” a Grand Prix representative noted.
The 9% live entertainment tax contributes to the state’s general fund, benefitting community initiatives, such as education, capital improvements, and transportation.
Regarding the reported losses by seven businesses near the race circuit, F1 officials acknowledged ongoing discussions with these establishments and outlined plans to establish a program for the upcoming year.
This program aims to engage and involve small businesses in the area, allowing them to partake in the economic success generated by the races.
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Most Successful F1 Race of 2023
While the 2023 Formula 1 Las Vegas Grand Prix may have posed challenges for some Las Vegans, it proved to be a significant financial success for Nevada.
F1 declares the Las Vegas Grand Prix as their most prosperous race of the 2023 season.
“When you examine those figures, it’s more than half a billion dollars in economic impact. Considering the ripple effect, with wages, salaries, and various vendors being paid, the overall figure exceeds $800 million,” stated Jeremy Aguero, Principal at Applied Analysis.
These figures are derived from a preliminary economic impact report for F1, with expectations of seeing an increase in the final numbers.
F1 executives disclosed this report on Wednesday at the Vegas Chamber’s Preview Las Vegas Event.
Let’s delve into some key figures from the success of the 2023 Formula 1 Las Vegas Grand Prix.
F1 reports an impressive sale of 316,000 Las Vegas Grand Prix tickets. The event generated $60 million in Visitor Tax revenue.
Applied Analysis Principal Jeremy Aguero emphasized the significant economic impact, noting, “those numbers, when you look at it, it’s more than half a billion dollars in economic impact, and we think about that ripple effect, with many of these contributions being wages, salaries, or payments to various vendors. That number is over $800 million overall.”
This information is derived from a preliminary economic impact report by F1, with expectations that these figures will continue to rise.
During the announcement at the Vegas Chamber’s Preview Las Vegas Event, F1 executives highlighted the race as their most successful of the 2023 season.
Additionally, F1 Las Vegas Grand Prix set records as the most-watched race of the season, reaching 2.7 billion people worldwide.
The high viewership is particularly remarkable as it occurred after Max had already won the driver championship, showcasing the enduring demand and interest in the Las Vegas Grand Prix.
Acknowledging the challenges faced by locals during the 2023 event, F1 Las Vegas Grand Prix CEO Renee Wilm and COO Betsy Fretwell expressed understanding of the frustrations caused by road closures.
They outlined plans for improvements, including a reduction in construction time from 9 months to 3 months for the 2024 Las Vegas Grand Prix, scheduled for November 21-23.
You’ll check back here regularly to stay updated on the news.
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