Tourist volumes have been on a steady climb since the pandemic and those visitors are spending more than they ever have.
Tourism
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Race fans who want to beat the Interstate 15 traffic to attend Sunday’s Pennzoil 400 NASCAR Cup Series race can fly in on a 15-minute helicopter flight.
Several Strip-area businesses want Formula One Grand Prix officials to address revenue losses that stem from months of race-related road work.
Analysts say Super Bowl may have had bigger impact, but the annual appearance of F1 during a slow time on the city’s calendar may be bigger in the long haul.
Sales tax revenue from November, the month of the Formula One Grand Prix, shows the special event’s impact on the local economy.
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.
As expected, November’s Formula One Las Vegas Grand Prix boosted the average daily room rate visitors paid, especially on the Las Vegas Strip.
Secondary ticket marketplace StubHub ranks the top 5 events to take place in Vegas in 2023
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.
The inaugural Formula One Las Vegas Grand Prix was successful for some of the big resorts and a good time for fans, which is why it will continue to run here.
The Formula One race was expected to generate $1.2 billion in economic impact. But some small businesses near the Strip say they didn’t see much of a benefit.
As the Strip got back to its usual bumper-to-bumper traffic, resort executives said Formula One’s Las Vegas Grand Prix went better than they had hoped.
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.
The “egregious” $3,000 landing fees have been trimmed, the Aircraft Owners and Pilots Association said.