F1 News: Las Vegas Grand Prix To Be A Major Economic Boost For The City - "$1 Billion"
The Las Vegas Grand Prix is set to be a major economic boost for the city, according to a recent study.
The inaugural event, which will take place on the famous Las Vegas Strip as the penultimate round of this year's F1 season, is expected to bring in nearly $1 billion in visitor spending. The economic impact report, conducted by Applied Analysis, accounts for $966 million in projected F1 visitor spending and $316 million in event operations and support costs.
Las Vegas Grand Prix CEO Renee Wilm revealed that the first wave of tickets for the event were sold almost exclusively to Americans, but the event is expected to draw a diverse crowd of spectators from around the world. The famous Las Vegas Strip will make up a large part of the circuit, with cars set to speed past the numerous glamorous hotels roadside. Ticket packages for the event have been revealed in stages, with options ranging from grandstand seats to VIP experiences.
In order to host the grand prix, a number of infrastructural works will be necessary, including the installation of barriers around the designated course. Wilm stated that "We understand the importance of minimizing disruptions to the community during the event, and we are working to ensure that the necessary preparations are made in a timely and efficient manner."
The Las Vegas Grand Prix is expected to draw around 100,000 spectators on each day, from the first practice on November 16 through the race on November 18. The event will join Miami and the Circuit of the Americas as the only other American locations to host a grand prix, solidifying Las Vegas' position as a major player in the international motorsports scene.