LAS VEGAS, Nev. (FOX5) – Formula One officials say the Las Vegas Grand Prix last November was an economic success.
“Such an extreme economic impact to the valley on a weekend that was historically not as popular for destination here,” said a Grand Prix representative at the Las Vegas Chamber of Commerce meeting Wednesday.
The Las Vegas Convention and Visitors Authority surveyed 6,000 people following the race and said the numbers show that 52.8% of locals are in favor of F1 returning to Las Vegas for the next nine years.
The survey also revealed that two out of three drivers say their commute was impacted by the road closures.
Next year, the construction time in preparation for the races will be cut down from nine months to three months.
“No one knew how hard this project would be from a logistical perspective or from any other perspective, quite honestly. We had no playbook, we just had a vision that everyone agreed would be amazing for this town, and it was. We had an incredibly successful race,” a Grand Prix representative explained.
Grand Prix officials said the races brought 145,000 unique visitors to Las Vegas, each spending an average of more than $4,000 per person, which is 3.6 times more than the typical Las Vegas tourist.
“When we think about the live entertainment tax, when we think about the retail sales tax, when you look at room taxes at the level of spending we just looked at, those are tremendously high,” said a Grand Prix representative.
F1 officials explained that the 9% live entertainment tax goes to the state’s general fund, and then back into the community.
“It’s money for the legislature to be able to deal with state priorities, whatever that may be, education, capital improvements, transportation,” said another Grand Prix representative.
FOX5 has also reported on the seven businesses near the race circuit that are now seeking reimbursements for millions of dollars in losses from F1.
F1 representatives Wednesday said they’re continuing discussions with those business owners while working to build a program for next year to engage and involve small businesses in the area, so they can be part of the economic success as well.
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