(But this was before ticket prices slid for F1 when the championship was won earlier in the season). The initial economic impact estimates for Sunday’s Formula 1 Las Vegas Grand Prix and the February 2024 Super Bowl were $1.3 billion, and $500 million, respectively.
Las Vegas a sports metropolis? It’s a potentially lucrative development that could spell expansion and a broader economic base for the city however, it comes with growing pains. “Now it feels like we’re the belle of the ball.” “Ten years ago, leagues didn’t even want to look at us twice,” said Andrew Woods, director of the Center for Business and Economic Research at the University of Nevada, Las Vegas.
In under a decade’s time, the desert city long known for its casinos, food and live entertainment has become the home to four major league sports teams (the latest being MLB’s Athletics), six minor league teams, a major sports organization in the Ultimate Fighting Champion, and four large sports venues playing host to events such as NCAA tournament games, NFL Pro Bowls, and, coming this February, Super Bowl LVIII.Īt least a half-dozen more venues are in the planning stages, and the city appears poised to be one of the top picks for an NBA expansion team and an MLS team, as well. When Formula 1 racecars rip along the iconic Las Vegas Strip this Sunday, it will serve as another highly visible reminder of a significant shift in the city’s economy.
