F1 Las Vegas Grand Prix Should Spur Revenue Growth Beyond Strip

Formula 1 racing is a sport growing in popularity, and that usually means good things for our best sports betting sites. It also often means good things for the cities tasked with hosting races, as it drives tourism and industry, resulting in revenue booms. 

F1 will return to Nevada for the Las Vegas Grand Prix for a second straight year, with festivities from Nov. 21-24. Practice runs on Nov. 21-22, with qualifying also underway on Nov. 22 and the race going off on Nov. 23. 

Spectators will be treated to a 50-lap main event on the Sunday, with a 6.2-km circuit. And local businesses will be treated to the boon in industry that such a spectacle brings with it. 

The Strip

The Las Vegas Strip is a cultural landmark. It's home to Nevada sports betting, which until 2018 was the only state with fully legalized sports betting. Other states have joined the fray since the Supreme Court ruling that made potential nationwide access to our best sports betting apps a reality. 

But the Strip is still seen as the mecca of sports betting (and gambling) in the United States, and it experience a huge boom when last year's F1 race went off. 

As reported by Covers, last year's race allowed MGM Resorts to . Those same heights are not expected this year.

“I would say flat-to-down a couple of million dollars versus last year,” was the estimation given by Caesars Entertainment CEO Tom Reeg when asked how he expected their eight casinos would perform when compared to last year. 

Back in July, MGM's Bill Hornbuckle expressed concerns about lower hotel reservations, although he's made efforts to reshape those comments. The company owns the Bellagio and Cosmopolitan, both of which were booked up immediately for race weekend. 

Revenues extending

Tourism officials and businesses hope visitor traffic extends beyond just the Strip, such as to the downtown (and even the Strip just beyond the main stretch).

There is hope that additional events, like the NFL game between the Las Vegas Raiders and Denver Broncos on Sunday, Nov. 24, will keep people around the area and continuing to spend.

 According to Steve Hill, CEO of the Las Vegas Convention and Visitors Authority, properties outside the Formula 1 circuit had low turnout during the previous race. Still, the NFL tilt between the division rivals should help with that.

The Raiders are partnered with the race and . Allegiant Stadium will host F1-themed experiences, offering fans unique perks, a grand prix display car, and large race helmets in the Tailgate Zone.

Fans can also engage with interactive exhibits at the F1 Las Vegas Grand Prix Fan Experience, explore the T-Mobile Zone at Sphere, and visit the Paddock Club.

Those attending and looking to take advantage of sports betting around the race and the football game should make sure to take advantage of Nevada sportsbook promos.