In a spectacular debut, the 2023 Formula 1 Las Vegas Grand Prix shattered expectations and economic records, generating a staggering $1.5 billion in economic impact for the city. The first-of-its-kind event not only sped past financial projections but also outperformed the Super Bowl LVIII, which brought in $1 billion earlier this year.
“A Strategic Bet That Paid Off”
Formula 1, acting as its own promoter for the Las Vegas GP, chose a bold date—just before Thanksgiving—to capitalize on one of the city’s historically slowest weekends. The gamble paid off in a big way, transforming the Strip into a high-speed spectacle that captivated a global audience.
“[The race] truly put Las Vegas on the world stage in a way we had never experienced,” said Lori Nelson-Kraft, Senior Vice-President of Corporate Affairs for the Las Vegas GP.
The Las Vegas Convention and Visitors Authority reported that the race week alone generated six times more publicity than the city typically receives in an entire year, firmly solidifying the GP as a marquee event on the global stage.
“More Than Just a Race”
While the race itself stole the show, the ripple effects of the Grand Prix went far beyond race week. According to Nelson-Kraft, the 2023 event generated $77 million in taxes, far surpassing the $33.6 million in tax revenue from Super Bowl LVIII. Of that, $22 million was directly funneled into the local education sector, providing much-needed resources for schools.
Liberty Media, F1’s parent company, has further cemented its commitment to the city with the construction of Grand Prix Plaza, a 300,000-square-foot facility on its acquired land. Designed for the race, this venue now operates year-round, hosting conferences, community events, and private functions, ensuring a consistent economic boost.
“With Liberty Media’s investment in Grand Prix Plaza, the race is no longer a single-weekend affair,” Nelson-Kraft said. “It’s a facility that continues to generate value for the city throughout the year.”
“Outpacing the Super Bowl”
The comparison to Super Bowl LVIII, America’s largest sporting event, highlights the Grand Prix’s monumental impact. Despite the NFL’s deep-rooted fanbase and cultural significance, the Las Vegas GP managed to eclipse its economic footprint in its inaugural year.
“That weekend before Thanksgiving is typically the slowest weekend in Las Vegas,” Nelson-Kraft explained. “Strategically, having the race on that date was a great move for Las Vegas.”
“The Future of F1 in Las Vegas”
The Las Vegas Grand Prix has positioned itself as a cornerstone event for both F1 and the city, proving its ability to drive massive economic growth while providing global visibility. With plans for the event to continue annually, the partnership between Liberty Media and Las Vegas is expected to flourish further.
From roaring engines on the Strip to multi-million-dollar investments in education and infrastructure, Formula 1 is proving it has more than staying power—it has transformative power.
As the city gears up for the 2024 race, one thing is certain: the Las Vegas Grand Prix is more than just a race—it’s a jackpot for the city, its residents, and the future of Formula 1 in America.
