Formula One held its first Las Vegas Grand Prix in November. Despite the track issues that left fans waiting all night for just a few minutes of action, the economic numbers showed that it provided an overall boom to the city.
The race, situated on the Strip, had the most significant impact on those casinos. However, this came at the expense of the casinos in downtown Las Vegas.
“Downtown was negatively impacted during F1 weekend with patrons avoiding traffic in the area.”
- Jordan Bender, JMP Securities analyst
Specifically, those casinos saw a 2% decline in gaming revenue and a 5% drop in hotel occupancy. They successfully raised room rates, bolstering their financial performance, but this price increase dissuaded other tourists.
Vegas Strip reaps the benefits
Wells Fargo analyst Daniel Politzer mentioned that Formula 1 helped hotels and casinos “that cater to high-end customers.”
Specifically, the casinos on the strip made $410.1 million in table game revenue, up nearly 62% year over year. MGM Resorts International announced that F1 brought “the highest-grossing weekend for hotel revenue” in company history.
Taxwise, the state’s $85.4 million haul was over 9% higher than in November 2022 despite the struggles coming from the downtown casinos.
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