The second annual Formula One Las Vegas Grand Prix had a significant economic impact on the city, though it was less than its inaugural year. The 2024 event generated an estimated economic impact of $934 million, according to a report by Applied Analysis. This amount includes visitor spending and F1’s investments in infrastructure and operations. The event was the second most beneficial weekend economically for Las Vegas in 2024, following only the Super Bowl.
Attendance at the 2024 event reached 306,000, with 175,000 unique visitors to the city. The increase in unique visitors was partly due to more affordable room rates and ticket prices, encouraging more people to attend at least one day of the event. Visitors stayed an average of 3.7 nights, spending over $2,400 each on non-race-related expenses.
The room occupancy rate for the 2024 event increased to 87% from 80% in 2023. However, not all resorts benefited equally, as those not located along the race course saw lower revenues.
Event-specific spending totaled $556 million, with $220 million from vendors and employees and $378 million in infrastructure and operations. The event supported 4,502 jobs, with $284 million in salaries and wages.
The Grand Prix also generated $45 million in tax revenues for state and local governments, with significant contributions to schools. Additionally, F1 made charitable donations and engaged in community outreach, including educational tours for local students.
As F1’s initial three-year deal with the Las Vegas Convention and Visitors Authority nears its end, discussions are underway for a longer-term contract. A new agreement could lead to infrastructure improvements, enhancing the efficiency of race setup and teardown. The opening of Grand Prix Plaza as a year-round attraction is expected to further boost interest in the sport and contribute to Las Vegas’s economy.