F1’s Las Vegas GP records US$1.5bn economic impact

• Overall visitor spending recorded US$884m economic impact
• Event generated US$77m in tax revenue, the most in Las Vegas history
• Report acknowledges ‘lack of advanced planning’ and issues with utilities and hospitality

The economic impact of the Las Vegas Grand Prix ‘approached US$1.5 billion’, according to a report published by Clark County officials.

Economic data from Las Vegas firm Applied Analysis found the direct economic impact totalled US$329 million, with the ripple effect of that translating to around US$587 million of local economic impact.

In addition, the organisers of the Las Vegas Grand Prix spent US$88 million on public infrastructure prior to the race.

The development of race-related infrastructure, including the pit building, supported around 2,200 jobs, with wages to local workers reaching US$52 million.

Staff spent over 17,059 hours on preparations for the race, with 89 per cent of staff costs reimbursed through licenses, fees and permits.

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The impact of overall visitor spending was US$884 million, with attendees spending 3.6 times more than the typical visitor.

Net visitor spending reached US$501 million, which contributed to the race being the largest sporting event, with the largest global audience, in Las Vegas history.

Another landmark was the tax revenue generated by the event, with the US$77 million in state and local taxes also the most in Las Vegas history.

The event was not without its challenges though, with clear issues outlined with the communication between the event organisers and local government officials.

The report points out a ‘lack of advanced planning’ for the event, with problems around utilities and hospitality also singled out.

Event organisers have already moved to rectify part of this ahead of next season through a hospitality partnership with Quint. Chief executive Renee Wilm told BlackBook Motorsport that “a more collaborative process” will help to improve the offering.