Organizers of the Las Vegas Grand Prix have announced that the 2024 race generated $934 million in revenue.
According to a report released this week, the event contributed $45 million in taxes, with $15.5 million specifically allocated to support schools throughout Nevada.
Figures showed that tourists spent an average of $2400 during their visit for the race, which is almost double the typical spending of visitors during other times of the year.
The second edition of the Las Vegas race, which was won by George Russell, attracted a global television audience of 56.1 million viewers.
The Formula 1 race in Las Vegas stands out as the only one where the championship acts as both the promoter and host. This means there isn’t a separate private organizing committee; instead, the championship itself owns the facility and the surrounding buildings.
F1 has recently revealed that the Grand Prix Plaza, the permanent structure encompassing the Las Vegas GP pit complex and paddock area, will open as an immersive fan experience starting on March 29th this year.
The Grand Prix Plaza will feature an interactive museum, F1 simulators, and a kart track that incorporates a section of the Las Vegas Strip circuit.
‘Grand Prix Plaza represents a significant investment in the future of Formula 1 in Las Vegas,’ stated Emily Prazer, president and CEO of Las Vegas Grand Prix, Inc. and chief commercial officer for F1. ‘These new attractions will provide unprecedented access to F1, giving many fans their first close-up experience with a Formula 1 car before trying out a racing simulator or even karting on a part of the Las Vegas Strip Circuit.’
‘As part of our ongoing commitment to Las Vegas, we are pleased to offer significantly reduced pricing for local residents, ensuring that Grand Prix Plaza becomes a readily accessible community asset throughout the year.’
‘Grand Prix Plaza is a highlight for F1 in North America, and we are confident it will offer access and experiences that will expand the sport’s fanbase.’
The race circuit is uniquely set against the iconic Las Vegas backdrop, featuring a long straight stretch along the famous Strip.
Following initial challenges in its first year, including local complaints and traffic concerns, the 2024 event was conducted much more smoothly.
