Las Vegas: Despite hype, gaming revenue stayed flat during second F1 Las Vegas race

Wednesday, January 15, 2025 2:56 PM
  • Howard Stutz, The Nevada Independent

November’s Formula One Las Vegas Grand Prix race didn’t provide the expected business lift that a few Strip properties experienced from 2023’s inaugural event.

Visitation associated with the recent race was up less than 1 percent. However, hotel room rates were down more than 21 percent in the month and casino revenue fell by more than 4 percent.

A year ago, anticipation for the much-hyped race sent hotel room rates as high as four figures a night at several properties along the Strip that fronted a 2-mile stretch of the racing circuit.

That wasn’t the case a year later. According to the Las Vegas Convention and Visitors Authority (LVCVA), the average daily hotel room rate on the Strip was $212.49 — a 21.3 percent decline compared to the high-priced rates casinos offered in November 2023.