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F1 week visitors spent $561M in Las Vegas, new report shows

Updated January 24, 2024 - 6:34 pm

Visitors to Las Vegas during Formula One week in November spent $561 million, according to a preliminary economic impact report released Wednesday.

The week attracted 145,000 visitors, including 28,200 who didn’t attend the race, and they spent $561 million, according to the report shared during a Preview Las Vegas panel with Las Vegas Grand Prix executives moderated by Jeremy Aguero, principal of Applied Analysis.

The race and qualifying and practice rounds were held Nov. 16-18 on the Strip.

The average visitor spent $4,128 ($2,662 by those not attending the race), and local tax coffers were enriched by an estimated $64 million, according to the report.

F1 officials say these early projections don’t include economic development multipliers (direct, indirect and induced spending) that probably will see the numbers jump closer to the $1.2 billion economic impact that had been projected for race week. More details are expected “in a few weeks,” F1 said.

Sales tax revenue for November is expected to be released by the end of January, according to the Nevada Department of Taxation.

Betsy Fretwell, newly appointed chief operating officer of Las Vegas Grand Prix Inc., said tax revenue generated by assessing tourists takes pressure off residents to pay for public services.

Aguero on Wednesday said the nation’s economy is performing at the best level in history, but consumers don’t see it because they get most of their news from social media, which doesn’t report the economic indicators that prove it.

He said many Las Vegans haven’t realized how successful November’s Formula One Las Vegas Grand Prix race was for the city with millions of dollars in hotel room taxes, sales taxes, gaming taxes and live entertainment taxes collected during race week.

More than 1,500 people attended the half-day Preview event, the Vegas Chamber’s biggest networking event, staged this year at Fontainebleau Las Vegas. The event also included a trade show of Southern Nevada companies.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.

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