Las Vegas GP generates $934M in 2024
Red Bull Racing/Red Bull Content Pool
The Las Vegas Grand Prix proved to be a monumental success in 2024, generating an astonishing $934 million in revenue, according to the event organizers.
Las Vegas GP Generates $934 Million in Revenue in 2024.
A comprehensive report issued this week highlighted the race's substantial financial impact, including $45 million raised in taxes. Notably, $15.5 million of these funds will be allocated to schools across Nevada, underscoring the event's positive influence on the local community.
Tourist spending data revealed that visitors to the Las Vegas Grand Prix spent an average of $2,400 during their stay, nearly double the average expenditure of tourists during other times of the year.
The second installment of the Las Vegas race, clinched by George Russell, attracted a global television audience of 56.1 million, showcasing the widespread appeal and popularity of the event.
Unique among Formula 1 races, the Las Vegas Grand Prix sees the championship act as both promoter and host. This means there is no private organizing committee; instead, F1 itself owns the facility and surrounding buildings, giving it complete control over the event.
In a significant development, F1 announced that the Grand Prix Plaza, the permanent facility comprising the Las Vegas GP pit complex and paddock area, will open as an immersive fan experience on March 29 this year. This new attraction will feature an interactive museum, F1 simulators, and a kart track that incorporates part of the Las Vegas Strip circuit.
"Grand Prix Plaza represents a significant investment in the future of Formula 1 in Las Vegas," said Emily Prazer, president and CEO of Las Vegas Grand Prix, Inc., and chief commercial officer for F1. "These new attractions will offer unprecedented access to F1, giving many fans their first up-close look at a Formula 1 car before stepping into a racing simulator or even karting on a portion of the Las Vegas Strip Circuit.
"As part of our steadfast commitment to Las Vegas, we are thrilled to offer significantly discounted pricing to locals so that Grand Prix Plaza is an easily accessible community asset all year long," Prazer added. "Grand Prix Plaza is one of the jewels of F1 in North America, and we know it will provide access and experiences that will grow the sport's fanbase."
The race is held against the iconic backdrop of Las Vegas, with a long back straight down The Strip, creating a unique and thrilling atmosphere.
Following a problematic first installment marred by local complaints and traffic issues, the 2024 edition ran far more smoothly, cementing its place as a marquee event in the Formula 1 calendar.
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