F1 News: 2024 Las Vegas GP added almost $1B in revenue to city

The second annual economic impact report for the Formula 1 Las Vegas Grand Prix has been released and last year’s race added almost $1 billion to the Las Vegas economy.

Editor’s Note: By Comparison, last weekend’s IndyCar race in St. Petersburg added a measly $60 million to the local economy. That number is inflated because the report says 165,000 attended the race on Sunday – the real number was a small fraction of that

Figures published in the Las Vegas GP’s economic impact analysis showed the contest is the largest recurring event in Las Vegas with a race week attendance of 306,000, of which 175,000 were from out-of-town.

Related Article:  F1 News: 2024 Las Vegas GP was a huge success, nothing like it

Applied Analysis, a Nevada-based data research firm, reported a $934 million economic impact resulting from F1 in 2024. For comparison, the inaugural event in 2023 kicked off with a larger impact approaching $1.5 billion, according a report presented by Clark County last year.

Once race week hit in November 2024, F1 said they saw a net visitor spending amount of about $336 million, with a total economic impact of $556 million when you apply spending from sources like other businesses and employees. By comparison to 2023, net visitor spending was $501 million with a total impact of $884 million.

F1 said visitor spending supported leisure and hospitality businesses the most, but this also rippled through the local economy and supported neighborhood businesses like grocery stores, medical facilities and auto shops when employees spent their wages.

The executive summary (see below) said: “The combination of overall visitor spending and F1 investments into infrastructure and event operations during 2024 generated $934million in economic activity throughout the Southern Nevada community.

“The economic impact of event-specific visitor spending totalled $556m. Visitors that traveled to Las Vegas and attended the event stayed 3.7 nights on average and spent more than $2400 on non-race-related expenditures, including hotel rooms, food and beverage, local transportation, shopping, gambling and entertainment.

“To be clear, the $2400 per visitor does not include the cost of Las Vegas Grand Prix tickets; rather, it reflects the direct economic benefits to Las Vegas from visitor expenditures outside the race itself.”