Las Vegas Grand Prix Brings $934 Million to Local Economy, Adds 4,500 Jobs

The economic impact of the Las Vegas Grand Prix was enormous for the city, with the event attracting 306,000 attendees and 175,000 unique visitors who spent money on accommodations and other essentials. This year, it was the second-largest economic weekend in Las Vegas history after the Super Bowl, which brought $1 billion in economic impact. The Grand Prix's net economic effect hit $934 million, a significant markdown from the $1.5 billion posted in 2023.

During the event, it spent $556 million, including vendor and employee wages and infrastructure expenses. It also generated 4,502 jobs for $284 million in salaries and wages for the local workforce. Visitors averaged more than $2,400 in spending on non-spectatorial activities, including eating, shopping, entertainment, and business for local shops and restaurants. Hotel occupancy hit 87% on race weekend, compared with 80% last year, a testament to the city's increased appetite for Formula One.

In addition to its economic impact, the Grand Prix also contributed to the community. Over 170,000 pounds of food were donated, and local middle school students were invited and hosted at the event, demonstrating Formula One's ongoing commitment to giving back to the community. In the future, Formula One intends to make its move in Las Vegas permanent, with the Las Vegas Convention and Visitors Authority reportedly in talks about a long-term deal with F1 to keep the race through the mid-2030s.

One significant milestone comes on Mar. 29 with the Grand Prix Plaza. The plaza will feature year-round attractions inspired by Formula One, allowing fans to get closer to the sport than ever before. Emily Prazer, president and CEO of Las Vegas Grand Prix, Inc., said the plaza is an integral part of the race, noting that "Grand Prix Plaza represents a significant investment in the future of Formula 1 in Las Vegas," Emily Prazer, president and CEO of Las Vegas Grand Prix, Inc. and chief commercial officer for F1 said. "These new attractions will offer unprecedented access to F1, giving many fans their first up-close look at a Formula 1 car before stepping into a racing simulator or even karting on a portion of the Las Vegas Strip Circuit.

As Formula One's footprint expands organically in Las Vegas, the Grand Prix further solidifies the city's stature as a leading sports and entertainment destination worldwide, paving the way for long-term growth and success.