“Las Vegas Formula One Racing Drives Record November Revenue”

Published: December 28, 2023, 05:01h.

Last updated on: December 28, 2023, 05:01h.

The Formula One Las Vegas Grand Prix significantly impacted Nevada’s gaming industry, driving monthly revenues to an all-time high of $1.37 billion in November.

Formula One Las Vegas gaming revenue
Fans watch the third practice session ahead of the Formula One Las Vegas Grand Prix on Nov. 17, 2023. The F1 race was a major win for Strip casinos, as they enjoyed their best November ever on their gaming floors. (Image: Getty)

The race helped accelerate gaming on the Las Vegas Strip during November, with GGR surging nearly 23% to $821 million. High-end European clientele favored table games, driving a 62% increase in felt win as baccarat raked in over $178.3 million for casinos

On the other hand, slot win dropped approximately 1.3% to $410.9 million with international VIPs showing less interest in slot machines compared to table games.

F1 delivers for Strip

Despite opposition over closures and disruptions, Michael Lawton of the Nevada Gaming Control Board believes that F1 was beneficial for Strip casinos resulting in a profitable November on and off the casino floors

Lawton states, “The four-day period beginning on Nov. 16 was extremely profitable for both gaming and non-gaming activity on the Las Vegas Strip with some properties estimating those days established all-time record levels of revenue.”

This was particularly true for luxury properties where many F1 fans stayed and gambled. In contrast, downtown Las Vegas saw a slight 2% decline in GGR in November,

2023: Record Year

So far in 2023, Nevada’s gaming revenue has surpassed $14.08 billion, marking three consecutive record years in the state’s gambling industry.

This growth is a testament to the resiliency of the US gaming industry amid the ongoing challenges and disruptions. It highlights the industry’s ability to thrive and adapt, delivering successful outcomes in 2021 and 2022 after the COVID-19 pandemic.

The surge in revenue in 2023 is indicative of the industry’s ongoing strength and momentum.

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