The organization behind the Las Vegas Grand Prix has revealed that the event generated approximately $934 million in revenue in 2024. This was only the second edition of this street race, which returned to the Formula 1 calendar in 2023. The ticket prices were steep, but the average visitor also spent a fortune over the weekend.
An economic impact analysis of the Las Vegas Grand Prix was recently published. The figures show that the event generated nearly $934 million – about €875 million – in revenue. Moreover, the Formula 1 festival is now the largest recurring event in Las Vegas. During a race week, the number of visitors rises to 306,000.
Affluent Tourists
The spending figures of the visitors are the most impressive. A racing fan traveling to the Las Vegas Grand Prix spends an average of $2,400 on hotel rooms, food and drink, transportation, and entertainment during their visit. This amount is separate from the expensive tickets for the Grand Prix. Yet, it is almost double what a tourist spends during a ‘regular’ weekend in the gambling city. The report also mentions that this second edition generated $45 million in taxes, of which $15.5 million will be spent on schools in the state of Nevada.
The financial report comes after the circuit announced plans for a new Grand Prix Plaza. This new attraction will open at the end of March in the current paddock building. It will feature three attractions, including an interactive museum, Formula 1 simulators, and a go-kart track on part of the circuit. The founders refer to it as ‘North America’s largest Formula 1 fan experience’.
