The LVCVA Has High Hopes for 2024 Vegas F1 Race
The Las Vegas Convention and Visitors Authority (LVCVA) formally certified on September 11 that it anticipates this year’s F1 Las Vegas Grand Prix will significantly boost the local economy and make it the most financially significant special event on the city's calendar for the year.
Red Bull Racing's F1 car performing in front of The Mirage in Las Vegas in 2023. (Source: Red Bull)
LISTEN TO THIS ARTICLE:This certification, unanimously approved by board members, is a procedural step that will allow advertising and promotional materials to be placed along certain sections of U.S. Highway 91, including a section of Las Vegas Boulevard used in the Grand Prix course. This certification is based on state laws that govern the placement of signage and commercial advertising along highways administered by the Nevada Department of Transportation (NDOT).
Typically, Nevada law restricts commercial advertising on state highways. However, there is an exception for special events that are anticipated to have an economic impact of $250 million or more within the county where they are held. For such events, local governmental entities, like the LVCVA, are permitted to designate the event as a "special event" and issue a permit to the organizer, allowing the placement of necessary signage for promotional purposes.
The Las Vegas Grand Prix is expected to far surpass the $250 million threshold. Although Tuesday’s vote confirmed that minimum expectation, data from the 2023 Las Vegas Grand Prix indicates that the economic impact could be significantly higher.
In 2023, the Formula One event generated an estimated $1.5 billion in economic activity, benefiting the region through tourism, hospitality and related services. The influx of international visitors, the global media attention and the scale of preparations for the race have made it a premier event on Las Vegas’ annual calendar.
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Local Businesses Unhappy
Despite the optimism surrounding this year’s race, the Grand Prix's presence on the iconic Las Vegas Strip has not been without controversy. The course for the race runs through Las Vegas Boulevard, which also serves as U.S. Highway 91. While the race attracts considerable tourism and media attention, several local businesses have raised concerns about the financial impact the event has had on their operations.
Some businesses argue that their establishments were negatively affected by road closures and barriers set up to accommodate the race in 2023. These road closures reportedly blocked entrances, making it difficult for customers to access businesses during the event, resulting in revenue losses.
Several lawsuits have been filed by local businesses against the Formula One sponsors and Clark County. Attorneys representing Battista’s Hole in the Wall, Stage Door Casino, and Ellis Island Casino have argued in legal filings that their clients have suffered millions of dollars in financial losses due to the race’s course layout and associated closures.
They claim the disruptions caused by the event have substantially reduced foot traffic and affected the businesses’ revenue. These legal disputes are ongoing, and a Clark County judge is currently reviewing additional information before deciding whether the lawsuits can proceed in court.
The Las Vegas Grand Prix has become a high-profile event for both the city and Formula One, attracting global fans and providing a showcase for Las Vegas’ entertainment offerings. The race, part of the broader expansion of Formula One into key American markets, is expected to continue growing in popularity and financial impact. However, it will continue to face controversy if it impacts independent operators in the city.
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