The city of Las Vegas is set to experience a major economic boost with the upcoming Las Vegas Grand Prix, according to a recent study. The inaugural event, which will take place on the famous Las Vegas Strip as the penultimate round of this year’s F1 season, is expected to bring in nearly $1 billion in visitor spending.
According to a recent economic impact study conducted by Applied Analysis, the Las Vegas Grand Prix is expected to bring in a substantial amount of revenue for the city. The report estimates that the event will generate $966 million in visitor spending, as well as $316 million in costs for operations and support. This could prove to be a significant financial boost for Las Vegas, which is known for its thriving tourism industry.
Las Vegas Grand Prix CEO, Renee Wilm, revealed that the first wave of tickets for the event were sold almost exclusively to Americans, but the event is expected to draw a diverse crowd of spectators from around the world. The famous Las Vegas Strip will make up a large part of the circuit, with cars set to speed past the numerous glamorous hotels roadside. Ticket packages for the event have been revealed in stages, with options ranging from grandstand seats to VIP experiences.
In order to host the grand prix, a number of infrastructural works will be necessary, including the installation of barriers around the designated course. Wilm stated that “We understand the importance of minimising disruptions to the community during the event, and we are working to ensure that the necessary preparations are made in a timely and efficient manner.”
The Las Vegas Grand Prix is anticipated to attract a substantial number of spectators over the course of the event. With an estimated 100,000 people in attendance each day, from the first practice on November 16th to the final race on November 18th, this event is expected to be well-attended. Upon completion, Las Vegas will join Miami and the Circuit of the Americas as one of only a few American locations to host a Grand Prix, solidifying its place as a leading destination in the international motorsports scene.
Overall, the Las Vegas Grand Prix is set to be a major economic boost for the city, bringing in significant visitor spending and solidifying Las Vegas’ place as a major player in the international motorsports scene. The event is expected to draw a diverse crowd of spectators from around the world, and the famous Las Vegas Strip will make for a spectacular backdrop for the race. With necessary infrastructural works being done in a timely and efficient manner, the event is set to be a success for the city and its residents.