The 2024 Las Vegas Grand Prix, round 22 of the Formula 1 season, will take place Nov. 21-23 at the Las Vegas Strip Circuit in Nevada. While gaming executives from across the Strip do not anticipate a repeat of the inaugural event that took place in November 2023, when MGM Resorts collected record revenues, they are still hopeful that the weekend will generate significant revenue, extending beyond the Strip resorts to the rest of Las Vegas.
Tom Reeg, CEO of Caesars Entertainment, predicts that the company’s eight Strip properties will see “flat-to-down a couple of million dollars versus last year.” Last year’s event boosted Caesars by $18 million compared to the same weekend in 2022.
Some Las Vegas-strip based casinos could do with the influx of revenue, with Caesars Entertainment reporting a 5.2% year-on-year drop in revenue during Q3 2024, even though food and beverage and occupancy sales hit record highs. However, it’s not all bad news for Las Vegas strip casinos, with MGM revealing around a 1% year-on-year growth for its Las Vegas Strip properties in Q3.
Despite reporting slower-than-expected demand for hotel bookings back in July, Bill Hornbuckle, president and CEO of MGM Resorts, later went back on his remarks.
“What we have seen come through in terms of gaming and gaming revenue as it relates to last year's event, it's on par and it may actually exceed last year,” he said.
A busy weekend
“There has been a concerted effort between casino ownership to work with the [tourism leaders] to provide an entertainment-heavy weekend,” Golden Entertainment CEO Blake Sartini commented back in August. “We are in an offensive mode and we anticipate a much better weekend for us as we continue to roll out our plan for the specific events. All of the downtown properties are involved.”
Tourism officials and local businesses are working to drive traffic not just to the race track properties but also to the downtown and the southern Strip areas, with the help of additional events such as the Las Vegas Raiders versus Denver Broncos NFL game on Sunday, Nov. 24.
“The properties outside of the Formula One circuit didn't do well during the last race. Having an NFL game that weekend will serve those outlying properties well,” Las Vegas Convention and Visitors Authority (LVCVA) CEO Steve Hill said in May.
The divisional matchup between the AFC West teams is likely to draw plenty of attention from sports fans and bettors alike, especially as the Raiders partnered with Formula 1 Las Vegas Grand Prix in October. The NFL franchise outlined plans to provide F1 and NFL fans with a range of experiences and perks to celebrate race week, including F1-themed activations at the Raiders’ Allegiant Stadium, such as limited edition merchandise, a grand prix show car, and giant race helmets in the Tailgate Zone.
Fans can also enjoy interactive exhibits at the F1 Las Vegas Grand Prix Fan Experience, T-Mobile Zone at Sphere, and the Paddock Club.
