LAS VEGAS — Elvis-themed racing gear. New Year’s Eve fireworks. A chapel wedding for an F1 champion. Las Vegas was expected to host its first-ever auto racing event. Formula 1 as only Vegas can do, and fans were not disappointed.
Where else could reigning champion Max Verstappen have donned an Elvis-inspired suit, only to be outdone by F1 champion Jacques Villeneuve who got married in one of the city’s famous chapels? The stars were also in attendance, with Justin Bieber waving the chequered flag and Brad Pitt, Rihanna and Shaquille O’Neal spotted in the VIP section, among others.
An estimated 315,000 spectators attended, with qualifying rounds and various events followed by the race and a huge fireworks display on November 18.
Hotel officials reported 100 percent occupancy for what is traditionally one of the quietest weeks of the year. The typical F1 visitor profile is the city’s most upscale properties, such as Caesars Palace, MGM Resorts’ Bellagio and Wynn Hotels.
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The economic impact on the city has already been estimated at $1.2 billion, but final figures will not be revealed until the end of the year. Las Vegas Convention and Visitors AuthorityThe organisation’s November report (LVCVA) will be published in late December and will include visitor volumes, hotel occupancy rates and the average daily rate paid by F1 visitors.
“I thought the benefits of this were obvious from the beginning, and we’ve seen that over the last few days,” Steve Hill, president and CEO of the LVCVA, told the Las Vegas Review Journal. “This is a record weekend for Las Vegas from an economic standpoint. It’s going to generate a lot of tax revenue, and the properties around the track have done exceptionally well.”
Formula One is the world’s most popular annual sports series and the most prestigious motor racing competition in the world. The 2023 series runs from March to November in 20 different countries. F1 owner Liberty Media has far exceeded its planned $500 million budget for the first-ever Las Vegas race and signed a three-year deal, then agreed in early 2023 to support the race for 10 years, according to various reports.
Contact Steve Hill at (702) 892-0711