Las Vegas Grand Prix organisers have revealed that last year’s Formula 1 race generated $934million in revenue.
Figures published in the 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.
Spending figures revealed that on average those visitors spent $2400 during their visit - nearly twice the average spent by visitors to Vegas on hotels, food and beverages during their stay.
The report also shows that it generated $45m in taxes, of which $15.5m will be spent on schools across the Nevada state.
The second instalment of the Las Vegas race, which was won by George Russell, attracted a television audience of 56.1m and generated an estimated $6billion in publicity revenue.
The executive summary 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.”
The positive financial report comes after the circuit announced plans for a new Grand Prix Plaza – North America’s largest immersive F1 fan experience – which will open on 29 March 2025.
It will be hosted in F1’s paddock building and feature three attractions, including an interactive museum, F1 simulators and a kart track on part of the Las Vegas Strip Circuit.
“Grand Prix Plaza represents a significant investment in the future of Formula 1 in Las Vegas,” said Emily Prazer, president and CEO of Las Vegas Grand Prix, Inc. and chief commercial officer for F1.
“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 part of our steadfast commitment to Las Vegas, we are thrilled to offer significantly discounted pricing to locals so that Grand Prix Plaza is an easily accessible community asset all year long.
“Grand Prix Plaza is one of the jewels of F1 in North America, and we know it will provide access and experiences that will grow the sport’s fanbase.”
