Las Vegas F1 Grand Prix prices continue to drop: here’s why

Las Vegas F1 Grand Prix prices continue to drop: here’s why

Updated November 14, 2023 at 12:53 PM ET

Top line

Ticket resale prices for the highly anticipated Las Vegas Grand Prix have dropped ahead of Formula 1’s return to Sin City, as cold weather and a race favorite taking the Formula 1 title last month dampened fans’ expectations – although race organizers boasted a calm time Late at night. Views under the neon skyline of the Las Vegas Strip.

Key facts

The cheapest tickets for Saturday’s Heineken Las Vegas Grand Prix had fallen to $807 on the resale market by Tuesday, down 51% from last month ($1,645) and down 23% from just under a week ago ($1,060), according to For tickets. Data site TickPick — Base ticket prices did not change during the Grand Prix.
Prices also collapsed for practice and qualifying events this weekend, including Thursday practice, which was down 70% from last month (from $385 to $119), and Friday practice, which was down 68% over the same period (from $825 to $259). According to TickPick.

Ticketing website TicketiQ estimates that the average list price on the secondary market for Saturday’s main event fell 33% to $1,701, with an entry price of $823 (the most expensive seat on the secondary market costs $28,528).

TickPick CEO Brett Goldberg said the race initially “had a lot of hype,” but it waned as fan enthusiasm waned, noting that race favorite Max Verstappen had already won this year’s championship at last month’s race in Qatar.

Local Fox affiliate Fox 5 Vegas also reported a delayed start time, and cold weather this weekend may play a factor in fading ticket prices, with late-night lows expected to dip into the low 50s for Saturday’s main event – scheduled to The race starts at 10pm local time.
Weekend hotel rates also fell, now ranging from $900 to $2,182 for the average cheapest four-night stay, the Las Vegas Review Journal reported.

Contra

The race — the first of its kind in Las Vegas in more than 40 years — made the famous Vegas Strip unrecognizable, with the expansive Bellagio fountains drained to make space for the track, CNN reported. Michael Green, a history professor at the University of Nevada Las Vegas, told The Associated Press that removing Vegas’ signature features “obviously caused a lot of uproar,” calling the redesign “Stripmageddon.”

Huge number

$400 million to $500 million. That’s the estimated cost of the race, according to Formula 1 owner Liberty Media, which revealed it has spent $280 million on the 3.8-mile track. Steve Hill, CEO of the Las Vegas Convention and Visitors Authority, said Forbes The cost could be much higher, noting that in order to free up space for the track, Liberty Media purchased nearly 40 acres of prime real estate, at a cost of approximately $250 million, before spending more than $100 million on the track itself, as well as an additional 300,000 square metres. permanent. – Building ft. at $1,000 per square foot. In all, Hill estimated the cost could be closer to $650 million.

Surprising fact

The main race is scheduled to start on Saturday at 10pm PT, meaning viewers on the East Coast will need to stay up until 1am on Sunday to catch the race. Saturday’s qualifiers are scheduled to begin the night before at midnight (3 a.m. EST).

the shadow

Three Vegas hotel and casino leaders reached last-minute labor agreements with a major Las Vegas casino union in recent days, preventing a strike that would have left the casinos idle just weeks before thousands of people flock to the city for Grand Prix weekend. MGM Resorts International and Caesars Entertainment — the parent company of Caesars Palace and Planet Hollywood — reached tentative deals last week, and Wynn Resorts struck a deal with the culinary and bartenders unions on Sunday, just hours before the deadline to avoid a strike.

Main background

Formula 1 has a three-year agreement with Las Vegas for the annual race, although officials in Clark County, Nevada, gave race organizers permission earlier this year to host the race until at least 2032. Formula 1 is the first in Las Vegas since the 1982 Caesars Palace Grand Prix, a smaller venue confined primarily to the parking lot of Caesars Palace, which has been called one of the worst Formula 1 courses ever. In comparison, this weekend’s session puts drivers in the middle of the Las Vegas Strip. It represents the city’s latest venture into professional sports, following the relocation of the NFL’s Oakland Raiders to Las Vegas in 2020 and the creation of the NHL’s Golden Knights in 2017. However, months of construction on the stadium have transformed What would become a racetrack has come to a standstill, causing an uproar among Vegas residents. Liberty Media CEO Greg Maffei apologized to Vegas residents Tuesday morning for the disruption caused by construction, telling Fox News that he estimates the event will bring more than 100,000 people and about $1.7 billion in revenue to the city. Maffei also told Sports Business Journal in a September 2022 interview that he hopes Vegas will be “the home of Formula 1 in the United States.”

In-depth reading

MGM and Caesars avoid Las Vegas casino worker strikes – days before Formula 1 Grand Prix (Forbes)

Las Vegas Formula 1 Grand Prix in numbers: Broadcast times, cost, speeds and more (Forbes)

Why the Las Vegas Grand Prix is ​​the biggest bet ever in Formula 1 (Forbes)
Send me a safe tip.

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