Las Vegas Review-Journal reported that Las Vegas Grand Prix officials plan to offer more affordable tickets for this year’s race, with a significantly higher number of general admission tickets available, which addresses one of the biggest gripes about last November’s edition of the race.
“We’re actually creating a brand-new general-admission-only zone, which will have single-day tickets and will be at the lowest price points that you’ll see for the Las Vegas Grand Prix,” said the race’s CEO Renee Wilm on Formula One parent company Liberty Media’s earnings call last week.
Record-setting Pace
The Las Vegas Grand Prix was the top-selling F1 race worldwide on StubHub at the time, with an average ticket price of $2,100 in the week leading up to the event.
Wilm mentioned that the increase in general admission tickets “is largely driven to accommodate the lower-end properties and also to bring downtown into the mix.”
Race officials are working in partnership with the LVCVA to reach properties outside the race’s footprint on the Las Vegas Strip.
Greg Maffei, President and CEO of Liberty Media, also said on the call that the total economic impact of the race was estimated at $1.2 billion and the average visitor spent 3.6 times what a typical visitor spends for a non-F1 event.
Stefano Domenicali, President and CEO of Formula One, noted that total ticket sales were 316,000 for the weekend, and that “local casino partners had record revenue with monthly gaming revenue for Clark County at an all-time high for November.”
The Las Vegas Grand Prix marked a historic moment for some of America’s largest online sportsbooks too, becoming the most bet F1 event in BetMGM’s history too.
Building For The Future
Race officials admired the success of last year’s event, but also pointed to further optimizations in store for this year’s running that can help improve costs while still honing the fan experience.
Wilm added:
“This year, we are looking very closely at every line item on the budget to see where we can maximize the fan experience and ensure safety, while also looking to cut back on some of those costs.”
Most F1 fans might not fit the profile of a Vegas visitor looking for a good deal on a two-for-one buffet, but offering considerably more general admission tickets and engaging with the non-Strip properties in other parts of the city may help the Formula One brand have an even more successful year when it’s lights out in 2024.
