With the imminent return of Formula 1 to the city, the Vegas Strip has once again become a huge construction site.
The Mirage volcano is now gone for good, but numerous other attractions such as the Venetian canals and the Bellagio fountains are closed for weeks due to the construction of temporary stands. Additionally, all of the footbridges have been re-covered with metal panels, making it impossible to catch a glimpse of the race unless you’ve paid for absurdly overpriced tickets. This is anything but unanimous.
All in all, the many permanent restrictions on locals and the fact that the event is completely non-inclusive are making F1 increasingly unpopular in the city. But there aren’t many places where money rules more than Las Vegas. Commuting on the Strip is very difficult in the weeks before and after the F1 race. Employees have to get up earlier and come home much later. Getting out of the resort parking garages takes much longer because traffic on the Strip is never smooth. The other day it took us 50 minutes to get out of the Venetian’s parking lot at midnight after a cash game session on a Monday. The city of Las Vegas justifies the whole mess by claiming the event brought the city $1.5 billion in revenue in 2023. An April 2024 revenue breakdown on BlackBook Motorsport revealed the following numbers:
– Direct economic impact: $329 million
– Spillover effect: $587 million in local economic impact
– Public infrastructure spending: $88 million
– Race-related infrastructure: Supporting 2,200 jobs
– Visitor spending: $884 million
– Tax revenue: $77 million, the highest in Las Vegas history
Article presented by Damian Nigro/The-rounder.net
