A stunning $884,000,000 economic impact reported for the Inaugural F1 Las Vegas GP

A recent report from Clark County stated that the total economic impact of the inaugural 2023 F1 Las Vegas GP was around $884,000,000. The event also had the largest TV audience in the city's history.

Las Vegas hosted its first F1 race after 41 years. Before 2023, the entertainment capital of the world hosted a Grand Prix in 1982 around the Caesars Palace parking lot. The 2023 F1 Las Vegas GP experienced a few hiccups during practice sessions when the cars dislodged a few drain covers located on the track. Despite these issues, the entire event was arguably a huge success.

In the massive report prepared by Clark County agency, the information about the economic impact of the Las Vegas GP was provided by a local firm called Applied Analysis.

The report stated that the total economic impact of visitor spending was $884,000,000. The net visitor spending was around $501,000,000, but the ripple effect of it increased to $884,000,000. F1 fans reportedly spent 3.6 times more than average Las Vegas tourists.

The Grand Prix's management spent nearly $88,000,000 on public infrastructure and paid around $52,000,000 to local workers in the first year. Taxes for state and local government were $77,000,000.

As of now, Las Vegas GP has a contract to be on the F1 calendar till 2025. However, there are plans to extend it for 10 more years.

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Red Bull team boss pleased with the inaugural 2023 F1 Las Vegas GP

Red Bull team boss Christian Horner praised the new Las Vegas F1 track after the Grand Prix. Speaking to Sky Sports in November last year, he explained how the long straights and hard braking zones enable thrilling overtaking opportunities.

Horner also touched on the slipperiness of the track, which forced the drivers to work harder than usual.

“I think it’s right up there. I mean, it’s long and fast straights so big slipstreams, big braking zones, you can see down that last straight, some dive bombing that was going on there. I think the layout of the circuit has actually delivered and, you know, the surface being super slippy as well, you saw the drivers really working today,” Horner said.

Red Bull and Max Verstappen continued to dominate the grid in Las Vegas. The Dutchman won the race, while his teammate Sergio Perez finished third as RBR went on to win the drivers' and constructors' titles by a comfortable margin.