Las Vegas hotel sales off to ‘soft start’ ahead of second F1 race

• Hotel prices currently sit 50% lower than same time last year
• Inaugural race suffered from off-track issues despite financial success

MGM Resorts executives have revealed that hotel sales are off to a soft start ahead of the second Las Vegas Grand Prix, as reported by local news.

On an earnings call last week, it emerged that demand for the race is not where it was last summer, although executives are optimistic that this will pick up as the event gets closer.

However, prices for hotels close to the circuit are currently 50 per cent down from where they were at this point last year.

This tentative start follows a turbulent first race that, despite being considered a financial success, suffered numerous logistical and political issues.

In June, Clark County commissioner Marilyn Kirkpatrick warned that the Las Vegas Grand Prix needed to improve in its sophomore year or “there won’t be a third time”.

Emily Prazer, the chief commercial officer for the event, revealed to BlackBook Motorsport in the buildup to the race that the organisers had been “trying to survive”, highlighting the behind-the-scenes complications.

But, in an attempt to patch up relations, Formula One agreed an official partnership with the Las Vegas Convention and Visitors Authority (LVCVA) last week until the 2025 season.

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BlackBook says…

Whether Formula One and the LVCVA’s partnership will be enough to smooth out certain teething issues remains to be seen, but the Las Vegas Grand Prix is still a very young event. Once the novelty factor has worn off, the race should be able to begin to establish itself as a bona fide Formula One event.

At the moment, it appears too detached from motorsport to encourage fans to attend, instead appealing to the celebrity lifestyle. While this grants the race a certain prestige, it means the event’s relevance is tied directly to Formula One continuing to capture the sporting zeitgeist.