F1 Las Vegas GP to bring DOUBLE the economic benefits than 2023 Superbowl

The F1 Las Vegas GP could bring in more than $1.3 Billion to the city.

F1 Las Vegas GP to bring DOUBLE the economic benefits than 2023 Superbowl

A representative image for the Las Vegas GP (image via F1)

Formula 1 is about to race in Las Vegas. The pinnacle of motorsport has invested almost half a billion dollars for the inaugural Las Vegas GP. F1 expects to earn a substantial sum from the event in the long run. Now, estimates have shown that race could be the most profitable sporting event for the Nevadan city.

As per an economic analysis by Applied Analysis, Las Vegas could earn economic benefits of around $1.3 Billion from the race this season. This figure is more than double compared to the 2023 Superbowl which the city hosted in February earlier this year. Almost a third of this hefty sum, i.e. around $360 Million would go into wages for workers who were directly employed for the race such as for the construction of the circuit.

Moreover, the analysis expects Las Vegas GP to fetch over $100 Million in tax revenue including tourist tax. This amount could then be used to benefit the locals in Sin City. The people in Vegas have faced trouble in recent weeks as construction got into full swing for the race weekend. Hotels are expected to earn big sums during the race as well.

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F1 has high expectations for Las Vegas GP

Formula 1 and Liberty Media have high ambitions for the Las Vegas GP. However, the ambitious ticket prices led to a stagnation in demand over the last few weeks. This resulted in F1 slashing down prices with hotels following suit. Although, this has made the race more accessible for fans who can now afford to attend the race.

A render of the Las Vegas GP
A render of the Las Vegas GP (Via F1)

Nevertheless, experts believe that the Grand Prix would be an incredible spectacle. Despite facing various obstacles, F1 and Sin City have worked around the clock to make the race happen. If the Vegas race can bring in amounts close to the analysis, then the event would be a colossal success for both F1 and Las Vegas.

F1 itself expects to earn around $100 Million from the inaugural Las Vegas GP. Liberty Media has made it clear that it wants to keep racing in Sin City for the long term. However, the sport needs to have a mega-event this weekend if it wants to ensure that Vegas remains on the calendar for the foreseeable future.

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