Date: November 15, 2024, 12:52h. 

Last updated on: November 15, 2024, 01:03h.

Either the attendance for the second Las Vegas Grand Prix (LVGP) will be significantly lower this year, or F1 has acknowledged inflating last year’s attendance numbers, possibly to exaggerate the race’s economic impact on the Strip.

According to LVSportsBiz.com, as reported earlier this week, F1 estimated in its Clark County permit application that 102K people will attend this year’s race and all related events in the five days between Nov. 20-24.

Compared to the figures provided by F1 to the media last year, this year’s estimate is less than a third of the 315K spectators who attended between Nov. 16-18, 2023, even though this year’s event is two days shorter.

Speculating Spectators

During Liberty Media’s third-quarter earnings call last week, LVGP CEO Renee Wilm conceded that “aggregate ticket revenue will be lower than our original Q1 budget.”

This adjustment was likely necessary as F1 had to lower initial prices to meet demand.

Indeed, as per VegasSlotsOnline.com, race organizers reduced the prices of the three-day West Harmon Grandstand package earlier this month from $1,200 to $672 before taxes and fees. Additionally, top-tier packages are now being sold for an average of $2,689, compared to $4,624 last year, according to a media release from the reseller app Gametime.

While F1’s VIP package prices were initially set to start at $1,600 this year, they were already reduced from $2,000 last year.

However, lower prices do not necessarily mean fewer seats. F1 has chosen not to disclose whether last year’s estimates were intentionally inflated or if fewer tickets were available for sale this year.

Impact Suspicions

Last year, Liberty Media CEO Greg Maffei claimed that F1 generated a positive economic impact of $1.7 billion by turning the Strip into its private racetrack.

But casino industry experts pointed out that this benefit was mainly enjoyed by MGM Resorts International, Caesars Entertainment, Wynn Resorts, and the Venetian, which operate 17 of the Strip’s 42 casino resorts.

In contrast, other casino resorts and businesses on the Strip, as well as those in downtown Las Vegas, are believed to have suffered significant negative impacts as more tourists avoided Las Vegas than usual during the week before Thanksgiving.

Additionally, those tourists who did visit and were unaware of the race found it difficult to access the Strip for gambling, dining, or entertainment.

As the agreement between F1 and Clark County initially spans three years, there are speculations that 2025 could mark the final year for the Euro-centric race in Las Vegas.