The 2024 Las Vegas Grand Prix has solidified its place as one of the most significant annual events in Las Vegas, according to a recently released economic impact report commissioned by Formula 1 and conducted by Applied Analysis. Though the event’s overall economic impact fell short of its 2023 inaugural edition, it still proved to be a powerful economic engine for the city, bringing in $934 million in total revenue over the course of the race weekend.
A Weekend of High Economic Activity
The Grand Prix, held during one of the city’s traditionally slower weeks, attracted a crowd of 306,000 spectators, 175,000 of whom traveled from outside the city. On average, these visitors spent $2,400 over their stay in Las Vegas, encompassing accommodations, dining, entertainment, shopping, and more. This expenditure is nearly double the average spent by typical Vegas visitors, highlighting the premium nature of the race weekend.
The total economic benefit of the event included $556 million attributed to visitor spending, and $45 million generated in taxes, $15.5 million of which will directly benefit educational programs throughout Nevada. The direct economic impact of the event was valued at $213 million, a critical boost to local businesses and state revenue.
Additionally, the event created 56.1 million television viewers globally and was pegged to generate an estimated $6 billion in publicity value—further emphasizing the Grand Prix’s influence not only on Las Vegas but on Formula 1’s place in the United States.
Outpacing Competition
Jeremy Aguero, principal analyst at Applied Analysis, noted that while the 2024 Grand Prix did not reach the economic highs of the event’s $1.5 billion debut in 2023—largely due to fewer construction-related expenses—it still recorded the second-highest economic impact for a single weekend in 2024, trailing only the Super Bowl, which attracted $1 billion in total economic value.
“When we looked at visitor-related data, the number of out-of-town attendees exceeded previous years,” said Aguero. Despite 9,000 fewer visitors in total compared to the first-year event, hotels saw higher occupancy rates during the 2024 Grand Prix, signaling stronger engagement from external markets.
The Grand Prix also outpaces its competition from two other U.S.-based Formula One events, namely in Miami and Austin, Texas. Experts have concluded that the Las Vegas event has set a new standard for F1 races in North America, driven by its blend of luxury experiences and broad international appeal.
Lori Nelson-Kraft, senior vice president for corporate affairs at the Las Vegas Grand Prix, highlighted the event’s strategic timing and impact. “This is not only a mega event; it’s a crucial part of the city’s calendar. Its placement during an otherwise quieter period is vital for the hospitality and tourism industries to carry momentum throughout the year.”
Future Developments on the Horizon
Building on the momentum of the successful 2024 event, Formula 1 has announced the development of the Grand Prix Plaza, set to open on March 29, 2025. This sprawling facility housed in the four-level paddock building represents the largest immersive F1 fan experience in North America.
Planned attractions at Grand Prix Plaza include an interactive museum showcasing F1’s rich history, state-of-the-art racing simulators, and a karting track laid over a portion of the Las Vegas Strip Circuit. Emily Prazer, President and CEO of Las Vegas Grand Prix, Inc., described this initiative as a long-term investment in both the sport and the community.
“Grand Prix Plaza aims to bring fans closer to Formula 1 like never before,” Prazer said. “By making this facility available year-round and offering discounted access to local residents, we’re creating a community asset that reflects our commitment to Las Vegas. It serves as a bridge that will connect more fans to the excitement of F1 while growing the sport in North America.”
Competitive Edge in Global Tourism
The Las Vegas Grand Prix’s economic and cultural benefits extend beyond just numbers. It underscores the city’s role as a global hub for luxury entertainment and international sporting events. The new Plaza will further enrich the experience for both seasoned fans and newcomers, strengthening the city’s already sprawling list of attractions.
With the 2025 race already on the calendar for November 22, Las Vegas is poised to continue its reign as an essential stop on the F1 circuit. More than just an event, the Grand Prix has redefined what high-profile international tourism can achieve, solidifying its role as a crown jewel in Las Vegas’s economic and cultural calendar.