An executive at The Strat says the hotel took one for the team during the F1 Las Vegas Grand Prix, but is hoping to change that dynamic going forward.
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Officials plan to offer single-day tickets for this year’s Formula One race while incorporating resorts that may not have benefited as much from last year’s event.
At the Vegas Chamber’s Preview Las Vegas event, economist Jeremy Aguero gave a breakdown on how much tourists spent during Las Vegas Grand Prix week.
Small businesses affected by Formula One traffic issues got a small victory with a bridge removal but may not see compensation for their financial losses.
The LVCVA board was asked to take down the temporary bridge on Flamingo Road and compensate small businesses hurt by Las Vegas Grand Prix road disruptions.
As expected, November’s Formula One Las Vegas Grand Prix boosted the average daily room rate visitors paid, especially on the Las Vegas Strip.
Revenue records were shattered during November’s Formula One race. The live entertainment tax collection was between $30 million and $35 million, the LVCVA said.
Just hours after the Nov. 18 Grand Prix concluded, MGM said it would move swiftly to get the area in front of its properties back to normal before Christmas.
MGM exec Andrew Lanzino says of Bellagio Fountain Club, “We wanted it to and live up to the Bellagio namesake, knowing all of this has to disappear and go back to normal.”
Hotel room rates on the Strip are some of the lowest they’ve been for last-minute travelers to the Formula One Las Vegas Grand Prix.