In a spectacular debut, the 2023 Formula 1 Grand Prix of Las Vegas exceeded expectations and economic records, generating a staggering economic impact of $1.5 billion for the city. This one-of-a-kind event not only exceeded financial projections, but also surpassed Super Bowl LVIII, which grossed $1 billion earlier this year.
“A Strategic Bet That Has Paid Its Fruits”
Formula 1, acting as promoter for the Las Vegas GP, chose a bold date—just before Thanksgiving—to take advantage of one of the city's historically quietest weekends. The gamble paid off in a big way, transforming the Strip into a high-speed spectacle that captivated a global audience.
“[La course] has truly put Las Vegas on the world stage in a way we have never experienced,” said Lori Nelson-Kraft, Senior Vice President of Corporate Affairs for Las Vegas GP.
The Las Vegas Convention and Visitors Authority reported that race week generated six times more advertising than what the city typically receives in an entire year, firmly cementing the GP as a flagship event on the world stage.
“More Than Just a Race”
Although the race itself stole the show, the impact of the Grand Prix went far beyond race week. According to Nelson-Kraft, the 2023 event generated $77 million in taxesgreatly surpassing the $33.6 million of tax revenue from Super Bowl LVIII. Among this, $22 million were directly allocated to the local education sector, providing much-needed resources to schools.
Liberty Media, F1's parent company, has further strengthened its commitment to the city with the construction of Grand Prix Plazaa 300,000 square foot facility on its acquired land. Built for racing, this venue now operates year-round, hosting conferences, community events and private functions, ensuring a constant economic boost.
“With Liberty Media's investment in Grand Prix Plaza, the race is no longer a single weekend event,” Nelson-Kraft said. “It’s a facility that continues to generate value for the city throughout the year.”
“Super Bowl Overrun”
The comparison to Super Bowl LVIII, America's largest sporting event, highlights the monumental impact of the Grand Prix. Despite the NFL's deep-rooted fan base and cultural significance, Las Vegas GP managed to surpass its economic footprint in its first year.
“That weekend before Thanksgiving is usually the slowest weekend in Las Vegas,” Nelson-Kraft explained. “Strategically, having the race on this date was a great choice for Las Vegas.”
“The future of F1 in Las Vegas”
The Las Vegas Grand Prix has positioned itself as a key event for both F1 and the city, proving its ability to generate massive economic growth while providing global visibility. With plans for the event to continue each year, the partnership between Liberty Media and Las Vegas is set to flourish further.
From roaring engines on the Strip to multi-million dollar investments in education and infrastructure, Formula 1 is proving it has more than staying power—it has transformative power.
As the city prepares for the 2024 race, one thing is certain: The Las Vegas Grand Prix is more than just a race—it's a jackpot for the city, its residents, and the future of Formula 1 in America.
