The first-ever Las Vegas Grand Prix will be the next step in Formula 1 establishing its footing in the United States as one of the fastest-rising sports in terms of popularity. As preparations are made for the 2023 Las Vegas Grand Prix, early estimates are projecting a staggering impact on the local economy.
F1 has increased its presence in the United States over the years, seizing on the increasing attention given to the sport. The United States Grand Prix has gained popularity, with F1 bringing races to Austin, Teas and most recently Miami.
- Las Vegas Grand Prix date: Nov. 18
The 2022 Miami Grand Prix greatly boosted the local economy, with the race generating $350 million and the average tourist spending nearly $2,000. As fans now prepare for the Las Vegas Grand Prix, its economic impact could be monumental.
A report by Applied Analysis found that Las Vegas could benefit from an overall impact of nearly $1.3 billion thanks to the three-day event from Nov. 16-18. The Las Vegas Grand Prix tickets are the most expensive of the entire F1 schedule this year, with the massive support for the inaugural race in Las Vegas generating a bidding war for seats at the historic race.
Related: F1 schedule
Putting the $1.2 billion projected economic impact into perspective, studies found that Super Bowl LVII would have a $500 million impact on Arizona’s economy. Meanwhile, Applied Analysis projected that Super Bowl LVIII at Allegiant Stadium in Las Vegas would have a $600 million economic impact on the city.
Preparation for the Las Vegas Grand Prix is already underway, with the city beginning road work in April. There have been multiple setbacks during the process, but the Las Vegas Strip is now undergoing work to get it ready for a historic moment in Las Vegas and for F1.
