F1 CEO Stefano Domenicali and Las Vegas Grand Prix CEO Renee Wilm made the remarks this week at a panel while noting the prestigious racing series is eyeing Las Vegas as its permanent North American home.
Those comments arrive after Formula One Group — the operator of the F1 racing series — said recently it expects just one iteration of the Las Vegas race will generate as much as US$500 million in sales.
The US$1.2 billion estimate is derived from an economic impact report conducted by Applied Analysis and includes US$966 million in forecast visitor spending, along with US$316 million from ancillary and support costs.
The Las Vegas Grand Prix – F1’s first Sin City stop in more than four decades – is one of a slew of marquee events scheduled over the next year that analysts expect will boost visits to the Strip, creating more guest stays at hotels and traffic for Strip casinos.
That calendar culminates with Allegiant Stadium hosting the Super Bowl in February 2024. While that’s a major event and the first time the NFL championship game will be played in Las Vegas, F1’s economic impact will dwarf that of the big game.
Applied Analysis performed an economic impact study for the Super Bowl, noting it will generate US$600 million in economic benefit to the city or half what the F1 race will deliver. Additionally, the Super Bowl is a one-off event, while F1 plans to be in Sin City for years to come.
“The Super Bowl will be for one year, but we’re going to stay for a long time,” Domenicali said. “We are going to have a continuous flag here in the city, and we are going to mark not only for the week of the event, but we are going to mark F1 in Vegas as a place where we will develop the sport.”
According to Applied Analysis, the Las Vegas Grand Prix will create 7,700 jobs, along with us$361 million in wages that will be tied to those roles.
Source: Casino.org
