Formula One’s Las Vegas Grand Prix created an economic impact of $934 million in the Southern Nevada region last year, but it failed to match the 2023 race’s figure.
According to figures released by Grand Prix officials, the 2024 event generated $45 million in tax revenue for the Silver State, down from the $77 million created the previous year.
Along with a big year for Strip casinos’ betting handle, the 2024 event’s full economic impact figure decreased by 38% from 2023’s inaugural race, but the Grand Prix on the Las Vegas Strip touched many businesses and revenue avenues.
“Visitor spending not only supported businesses in the leisure and hospitality sector (e.g., hotel personnel, restaurant workers and retail merchants), it also rippled through the economy supporting suppliers of major industries and neighborhood businesses such as grocery stores, medical establishments and automobile shops when direct wages and salaries are spent throughout the community,” event officials said.
“These net impacts reflect visitors that would typically travel to the Las Vegas area and may have been displaced as a result of the event. As such, this analysis contemplates displaced visitor and business spending.”
Big attraction
The Las Vegas Grand Prix attracted 306,000 attendees, with over 175,000 visitors flooding Sin City for the F1 race. Out-of-town tourists spent $336 million, an average of $2,400 per visitor, nearly double that of typical non-racegoers in Las Vegas.
“For every dollar spent in the local economy, roughly $1.65 of economic activity was generated,” Grand Prix officials said.
More than 2,000 employees received a combined $146 million in salary and wages from the three-day event. Inclusive of event-related activity, company operations, event operations and labor to support visitors, $284 million
“Inclusive of event-related activity, company operations, event operations and the labor to support overall visitor spending, approximately $284 million in local salaries and wages were infused into the economy during 2024,” the release said.
“Race-related infrastructure and operations, along with company operations and visitor spending, supported 2,790 direct positions and another 1,712 indirect and induced workers in Southern Nevada. Combined, the second year of the Las Vegas Grand Prix sustained 4,502 jobs within the economy.”
Media reach
From November 18 to 26, the Las Vegas Grand Prix generated 33,700 stories and over 706 billion impressions, with a publicity value estimated at $6 billion.
Between F1, Las Vegas, and the race, social media reached 3.9 billion. There were 407 million video views across all social media outlets, and television viewership reached 56.1 million, according to race officials.
