According to the “economic development” mantra of the Las Vegas Convention and Visitors Authority (LVCVA), last November should have been a banner month for revenue on the Strip with Formula One and a highly anticipated NFL game taking place the same weekend.
Instead, it marked the Strip’s fifth straight monthly decrease in revenue as reported by the Gaming Control Board.
After the first year of F1 in Las Vegas, record hotel revenue at MGM Resorts International and the Strip’s near-record monthly revenue total of $821 million, helped analysts justify the headache of turning the resort corridor into a private raceway. It was loudly proclaimed by event cheerleaders that such massive windfalls were the direct result of the communal sacrifice locals were forced to make at the altar of motorsports.
