The first Formula 1 race in Las Vegas was a great success – but the organizers don’t want to rest on their laurels
Formula 1 made its debut in Las Vegas in 2023 and the race was a resounding success. A loose manhole cover almost caused trouble, but once the problem was solved, the race was exciting. Las Vegas was also a complete economic success, as the economic effect amounted to 1.4 billion euros. By comparison, the Superbowl brought in 930 million euros
However, those responsible in Las Vegas do not want to rest on their laurels, as such a result is not easy to repeat without hard work. The second Grand Prix can quickly turn into a flop, so the right conclusions must be drawn to further improve the event.
One important factor is pricing: both tickets and hotel room prices have gone through the roof. Sean McBurney, regional vice president of Ceasars Palace, says: “We’re happy with what we’re seeing at the moment. We need to improve on last year. Everyone was very aggressive on price and I think that was wrong. “
Prices adjusted
In 2024, the prices for a hotel room should have stabilized, whereas they exploded in the previous year. Ticket prices are also set to fall so that fans can also enjoy the race on site. “You draw your conclusions,” says McBurney. “It was important for us to offer a larger contingent of tickets and packages.”
The number of basic tickets has been significantly increased, with prices at around 150 euros per day and 600 euros for all three days. In this way, those responsible in Las Vegas also want to attract the average Formula 1 fan to the circuit. However, prices are not the only area on the organizers’ agenda for 2023.
When the track was being built for 2023, local businesses complained that the logistics would have a negative impact on sales. Brian Gullbrants of Wyann Resorts believes the situation will be much calmer in 2024. “Closing the Strip for a year to build a track was a big task,” he says.
Less logistics required
The logistical effort for the 2024 Formula 1 race is now significantly lower, however, as a foundation has already been laid. This is also confirmed by Brian Yost from the Las Vegas Convention and Visitors Authority: “At this level, there will be no further disruption. The route is asphalted and in good condition. All manhole covers have been sealed. “
Emily Prazer, who is in charge of marketing for the Formula 1 race in Las Vegas, talks about changes in promotional efforts to boost ticket sales. “We have an 18-month window to launch marketing and sell tickets.” The focus is on the period after the summer break in order to “not burn money” in the run-up to the event. Las Vegas is expecting a sold-out house.
The drivers are also being considered, as the heroes of the premier class had a lot to do on and off the track during their debut. The track was new to all the drivers, but instead of being able to prepare for the challenge in peace and quiet, the Formula 1 drivers had to take part in numerous events. This is not set to change in 2024, although the scope of activities for the drivers is to be significantly reduced.
