The inaugural Las Vegas Grand Prix was a huge success for the city and the sport, but there is room for improvement in the future. Caesars Entertainment CEO Tom Reeg shared his views on how F1 can attract more fans and boost the local economy.
The impact of the Las Vegas Grand Prix
The Las Vegas Grand Prix, held on November 18, 2023, was the first F1 race in the city since 1982. The night race featured a spectacular circuit that ran along the famous Strip, showcasing the glamour and entertainment of Las Vegas. The event attracted over 200,000 spectators, many of whom were high-end customers who stayed at the luxury resorts on the Strip. The race also generated an estimated $200 million in economic impact for the city, according to the Las Vegas Convention and Visitors Authority.
Caesars Entertainment, one of the founding partners of the race, was pleased with the outcome. The company owns several properties on the Strip, including Caesars Palace, Flamingo, and Planet Hollywood. Reeg said the race was a boon for the high-end segment of the market, as it brought in affluent and international visitors who spent more on gaming, dining, and entertainment. He also praised the collaboration between F1, the city, and the other founding partners, MGM Resorts and Wynn Resorts.
The challenges and opportunities for F1 in Las Vegas
However, Reeg also acknowledged that the race faced some challenges and opportunities for improvement. One of the main issues was the affordability and accessibility of the tickets, which ranged from $500 to $5,000. Reeg said that the high prices excluded many potential fans who could not afford to attend the race, especially the younger and more diverse demographics that F1 is trying to reach. He suggested that F1 should offer more affordable and flexible ticket options, such as single-day passes, general admission, and family packages.
Another challenge was the timing and scheduling of the race, which coincided with the Thanksgiving holiday and the busy convention season in Las Vegas. Reeg said that this created some logistical difficulties and reduced the availability of hotel rooms and flights. He proposed that F1 should consider moving the race to a different date, such as October or early November, to avoid the peak periods and attract more visitors.
Reeg also saw some opportunities for F1 to leverage the unique features and attractions of Las Vegas to enhance the fan experience and engagement. He said that F1 should create more events and activities around the race, such as concerts, parties, fan zones, and exhibitions, to showcase the culture and entertainment of the city. He also suggested that F1 should partner with more local businesses and organizations, such as casinos, sports teams, and charities, to increase the exposure and involvement of the community.
The future of F1 in Las Vegas
F1 and Las Vegas have an initial three-year deal, but both sides are optimistic about the long-term prospects of the partnership. Reeg said that he believes that F1 can become a staple event in the city, as it offers a unique and exciting product that appeals to a global and diverse audience. He said that he hopes that F1 and Las Vegas can grow together and benefit from each other’s strengths and opportunities.
F1 CEO Stefano Domenicali echoed Reeg’s sentiments, saying that he was impressed by the enthusiasm and support of the fans and the partners in Las Vegas. He said that he was confident that F1 and Las Vegas can create a lasting and successful relationship, as they share the same vision and values of innovation, excellence, and entertainment.
The Las Vegas Grand Prix was a milestone for F1 and the city, but it was also a learning experience. By addressing the challenges and seizing the opportunities, F1 and Las Vegas can make the race even better and bigger in the future.
