Ticket prices drop significantly for the Las Vegas F1 race

Ticket prices drop significantly for the Las Vegas F1 race

Even Las Vegas has its limits.

It will still be an entertaining spectacle, but this week’s Formula 1 Heineken Silver Las Vegas Grand Prix F1 race on the streets of Las Vegas saw a significant drop in ticket prices last week.

It’s a trend that’s expected to continue through Saturday night’s spectacular start at 10:00 PM PST and 1 AM EST.

According to a report by CNN, ticket prices dropped by 23 percent in just one week, falling from under $1,000 to around $800. In one month, tickets were down 50 percent, with the cheapest tickets selling for $1,645.

Training and qualification tickets also decreased significantly and decreased by 70 percent compared to last month.

There are many reasons for the rapid decline in interest. Oracle Red Bull Racing’s Max Verstappen won his third consecutive World Drivers’ Championship on Saturday, October 7. He clinched the title by earning enough points in the Formula 1 Sprint Race for the Qatar Grand Prix, 18.yRound of the 2023 season.

Also, F1 Las Vegas organizers will likely have to offer many seats at a very high price to maintain such a high level of demand.

When tickets went on sale one year ago, they sold for about $1,622. This week saw a 50 percent decrease compared to November 2022.

Tickets for Thursday practice cost $919 last year but are down to $119 this year. CNN reported an 87 percent decline, according to TickPick. Friday qualifying tickets are now selling for $259, a 76 percent drop from last year’s price of $1,085.

Several Formula 1 team managers and team members expressed their surprise at how cold it was in the desert at night. Temperatures on Saturday are expected to reach 38 degrees during the race, making it one of the coldest races in Formula 1 history.

Many expected very high heat, but daily temperatures in the desert can drop as much as 50 degrees from high to low overnight.

It is also the third city in the United States to host a Formula 1 race this year. It was Miami in May and the Circuit of the Americas in Austin, Texas in October, both attracting large crowds.

Another major factor is that the new F1 fan who was drawn into the F1 story by NetflixNFLX’s “Drive to Survive” during the 2020 Covid-19 pandemic began to disengage from the sport and move on to something else.

U.S. TV ratings are down 8% this year, but they are also the second-highest on record for ESPN, according to SportsMediaWatch.

The Las Vegas Formula 1 Race remains one of the most anticipated events in Formula 1 history because it is the first Formula 1 race to be held on the Las Vegas Strip.

Major casinos bought into the Las Vegas jackpot, offering luxury accommodations, ticket packages that included room and other perks for a sky-high price, much to the dismay of regular gambling customers.

TickPick CEO Brett Goldberg told CNN that ticket prices will “return to normal” next year, and will likely be revised down from sky-high prices when tickets went on sale in 2022 for this year’s inaugural race.

“With the rise in popularity of the sport locally, investment in infrastructure, and the road racing scene in Las Vegas, it was a difficult decision on go-to-market prices, but the public spoke this year,” Goldberg said.

But there is also no reason to panic. It will still be a big event this weekend both locally and internationally.

Goldberg expects the three-day event to be “well attended” and “create amazing images and experiences for attendees,” pointing to its signature route that wraps around the Las Vegas Strip at night.

“If Formula 1 can maintain a long-term view on the race location, this will become a distant memory very soon,” Goldberg said.

CNN reached out to Las Vegas Formula 1 race organizers for comment, but has not received a response.

Formula One was convinced that a world championship race on the Las Vegas Strip was a gamble worth taking.

But as any gambler knows, hot streaks and winning hands don’t last forever.

Nevertheless, it is an event worth rolling the dice.
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(Tags for translation)Formula 1

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