The racing event in Las Vegas, which is currently the F1 competition, has been extended for an additional two years, now extending up to the year 2027.
The Formula One race in Las Vegas, scheduled annually for the weekend before Thanksgiving, has proven to be a significant recurring event for the city. According to LVCVA CEO Steve Hill, the 2024 Grand Prix generated an estimated $934 million in economic impact, making it one of the largest special events in Las Vegas history [2][4][5].
This high-octane event attracts around 175,000 unique visitors and totals approximately 306,000 attendees over three days [2][4][5]. Major luxury casinos and hotel-casino properties along the Las Vegas Strip see a surge in revenues during the race weekend, while smaller businesses, mid-range hotels, and off-Strip establishments may experience a decline in customers and revenues [1][2].
Despite this mixed impact, the race's timing extends Las Vegas' busy tourism season into late November, increasing hotel occupancy and consumer spending during what can otherwise be a quieter period [3][4]. The event has become one of the largest and most globally viewed sporting events in Las Vegas history, reinforcing its importance as a tourism draw [3][4].
However, the net economic benefit has been a topic of debate, with certain local businesses reporting losses during Grand Prix weekend, leading to lawsuits and discussions about displacement effects [1]. Despite these concerns, the Las Vegas Convention and Visitors Authority continues to invest heavily in sponsoring the race. The Board has approved $10 million each year for the 2026 and 2027 races, a slight increase from the previous $9 million spend [1][4].
The contract with Formula One prevents the race from being held any other week, ensuring its continued presence during the week before Thanksgiving. The 2026 and 2027 sponsorship agreement includes the same allotment of LVGP tickets as previously obtained under the combined $9 million spend [2][4].
In 2022, the Board approved a $6.5 million annual sponsorship commitment for the LVGP covering the 2023-2025 races. Notably, Liberty Dice, Inc. made a significant up-front infrastructure investment for the inaugural Las Vegas Grand Prix [1].
In conclusion, the Formula One race in Las Vegas significantly boosts tourism and economic activity during the week before Thanksgiving, though its benefits are concentrated among certain sectors and offset by some local business disruptions [1][2][4]. For more information, visit us at Buck Wargo.
[1] Las Vegas Review-Journal [2] Las Vegas Sun [3] KTNV-TV [4] LVCVA News Release [5] Forbes
- The Formula One race in Las Vegas, held annually before Thanksgiving, attracts a significant number of visitors, boosting revenue for major casinos along the Strip while potentially causing a decrease for smaller businesses.
- The Las Vegas Convention and Visitors Authority continues to invest in the race, acknowledging its importance as a tourism draw, despite debates about its net economic benefit and potential displacement effects on local businesses.
- The Las Vegas Grand Prix has grown to become one of the largest and most globally viewed sporting events, influencing gambling trends and contributing to the city's casino culture, due to its unique blend of auto-racing, sports, and gaming attractions.
