Formula 1 has been one of the world’s premier motorsport competitions since the 1950s and F1 cars are some of the fastest road-racing cars around with the best high cornering speeds and aerodynamics. Formula 1 Grand Prix have taken place everywhere, including Europe, America and Asia.
The F1 GP saw a return to Vegas in 2023
2023 saw the return of the Formula 1 World Championships, the Grand Prix, to Las Vegas Nevada for the first time in more than 40 years. It was last held in 1982 and was known as the Caesars Palace Grand Prix at the time and was held in the resort’s parking lot.
The returning event was a much grander affair and saw F1 cars racing down the famous Strip. The Strip Circuit featured a 17 corner, 3.85-mile long track and ran for 50 laps.
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The return to Las Vegas wasn’t without its hiccups. For example, some of the street fixtures present there caused some issues when a manhole cover came loose and damaged Ferrari’s Carlos Sainz’s car in a practice session.
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We explore the move back to Las Vegas, the reasons behind it and the benefits it has brought, along with the potential problems it has presented.
Why did the F1 GP come back to Vegas after all this time?
One of the most significant reasons behind the Formula 1 Grand Prix coming back to Las Vegas is because of the city’s global appeal as a major entertainment hub. Racing here offers a unique opportunity to showcase F1 in the iconic Las Vegas.
This has helped to attract a large international audience, including both those travelling to the city and those tuning in to watch the events unfold on television.
While this destination has been a huge profit boost for the owners of Formula 1, it also has a big financial incentive for the city, due to a range of factors including media attention and a boost in tourism
The economic benefits of the Formula 1 Grand Prix’s return to Vegas
Firstly, at least $1.5 million dollars has been generated either in cash or through in-kind contributions for local businesses and organisations. This has been a big boost for businesses, particularly after the difficult circumstances created by the covid pandemic.
The government has also reaped the benefits of hosting the F1 competition. More than $77 million dollars has been generated in tax revenue for state, county, and local governments.
This will in turn support local infrastructure developments and the improvement of local services for residents and businesses. Schools in particular will benefit with $22 million in tax revenue generated for schools in the state of Nevada.
Overall, it has been calculated through applied analysis that the total economic impact amounts to almost $1.5 billion dollars.
Potential problems caused by the F1 in Las Vegas
However, not all the impacts of the F1 have been positive for the residents of the Nevada based city. For example, road works in place to accommodate the race start months before in preparation and cause huge disruption for taxi drivers and those driving in the area for work or leisure.
The amount of people in the area puts significant pressure on local services and while there are increased job opportunities, not all of these new jobs are given to local residents and contractors are brought in from out of state.
Noise pollution, littering and anti-social behaviour are all concerns for the people of Las Vegas. It will be down to local police forces and event security to manage the risks of crime and the disruption the event causes.
2025 is set to be another great year for the motorsport in the city
From November 20 to 22 this year, the F1 2025 event will be coming to Las Vegas once again. Those looking to see the events in person can already place a deposit for tickets, ready for their release. This year, the start line will be located at the site of the Pit Building, which is on the corner of Harmon Avenue and Koval Lane.
For those attending there will be lots going on between the races, including F1 activations, lots of live entertainment and food and drink on sale. While there, visitors can enjoy the many other attractions that Las Vegas has on offer, including its VIP resorts and casino gaming. It is set to be another exciting F1 competition finale!
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