Ticket prices are dropping ahead of the next Formula 1 race scheduled on the Las Vegas Strip

Ticket prices are dropping ahead of the next Formula 1 race scheduled on the Las Vegas Strip

Ray Acevedo/USA Today Sports/Reuters

Red Bull Racing driver Sergio Perez drives his car on a track on the Las Vegas Strip during the 2022 F1 Las Vegas launch event.

New York

Ticket prices and hotel rooms are falling sharply in Las Vegas, as the gambling city prepares to host its first Formula 1 race in four decades next week.

“Excitement has begun to wane” in recent weeks, with a “big factor” that driver Max Verstappen has already won this year’s championship in Qatar on October 7, dampening enthusiasm among the sport’s fans heading into the end of the season, according to the company’s chief executive. TickPick Brett Goldberg.

This has translated into lower ticket prices. According to TickPick, they’re down 35% in the past month for Saturday’s racing, with the average “admission” price dropping from $1,645 to $1,060 for grandstand seats. Tickets were about $2,000 a year ago for the Las Vegas race.

Prices for Thursday training and Friday qualifying races have also dropped significantly. The current “entry” price fell approximately 50% from $385 to $180 on Thursday, and on Friday, prices fell approximately 60% from $825 to $342.

“The race had a lot of hype when it was first announced and as more details about the track layout come down on tape,” Goldberg told CNN, adding that the event is nowhere near the record high prices of a Formula 1 race in March in Miami. .

Goldberg added that prices could “easily change” after practice next Thursday, when fans can see the field snaking across the Strip. Next weekend’s race is the first time it has been organised, with the previous race being the Caesars Palace Grand Prix in 1981 and 1982.

Perhaps dampening the excitement is the placement of the grandstands and track, which makes many parts of the strip indistinguishable. The famous Mirage Volcano will be closed until December, and the Bellagio fountains that dance in front of the resort have also been turned off.

“Regardless, it represents a great opportunity for Formula 1 fans and those visiting Vegas to attend a major event at an affordable price,” Goldberg said.

The drop in prices has affected hotel rooms as well. The average price is about $283 per night, according to Kayak data provided to CNN. This is down approximately 24% from what average prices were just a month ago.

However, in true Las Vegas fashion, some hotels are offering all-inclusive packages for Formula 1-themed weekend getaways. MGM Resorts-owned Bellagio sold a three-day luxury package for $12,000 per person that included VIP tickets, food and wine from celebrity chefs and sommeliers, plus… To access private viewing platforms overlooking the race.

With 100,000 people expected to attend, sponsors see this as an opportunity. Heineken plans to promote itself by covering the city with its logo. Earlier this year, the company extended its multi-year sponsorship of all Formula 1 races until 2027, but sees an opportunity to bring in its newly launched light beer, Heineken Silver, as the category sees a change amid the Bud Light fallout.

Las Vegas is the third American city to host a Formula 1 race, after Miami and Austin. The popularity of the Netflix series “Drive to Survive”, including the drivers, has been credited with the sport’s growing audience in the United States.

In addition to racing, concerts and other events are scheduled. Formula 1 claims the race will generate $1.3 billion, making it the “largest private event in Las Vegas history.”

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