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With a $934 million economic impact, the Las Vegas Grand Prix 2024 had a lasting impression on the Southern Nevada economy. Nonetheless, this number was 38% lower than the first-ever event in 2023.
Race organizers say the state of Nevada’s tax income was $45 million, much less than the $77 million it earned in 2023. Notwithstanding the downturn, the occasion benefited a number of sectors, such as local services, retail, and hospitality.
“Visitor spending not only supported businesses in the leisure and hospitality sector (e.g., hotel personnel, restaurant workers and retail merchants), it also rippled through the economy supporting suppliers of major industries and neighborhood businesses such as grocery stores, medical establishments and automobile shops when direct wages and salaries are spent throughout the community,” event officials stated.
They also acknowledged the impact of displaced visitors, noting that some usual Las Vegas tourists may have chosen other destinations due to the race’s influence on pricing and availability.
Despite the revenue decline, the Las Vegas Grand Prix remained a major attraction, drawing 306,000 attendees. Among them, 175,000 were out-of-town visitors, spending an estimated $336 million—an average of $2,400 per visitor, nearly double the spending of non-race tourists.
“For every dollar spent in the local economy, roughly $1.65 of economic activity was generated,” race officials reported.
The event also provided a significant boost to employment. More than 2,000 workers earned a combined $146 million in salaries and wages. In total, 4,502 jobs were sustained, including 2,790 direct roles and 1,712 indirect and induced positions.
“Inclusive of event-related activity, company operations, event operations and the labor to support overall visitor spending, approximately $284 million in local salaries and wages were infused into the economy during 2024,” the report added.
Beyond its economic impact, the Las Vegas Grand Prix 2024 captured global attention. Between November 18 and 26, the event generated 33,700 stories, achieving 706 billion media impressions. Officials estimated the publicity value at $6 billion.
Social media engagement also surged, with 3.9 billion total impressions and 407 million video views across multiple platforms. Additionally, the event reached 56.1 million television viewers, further cementing Las Vegas as a premier F1 destination.
While the financial figures fell short of 2023’s record-setting event, the Grand Prix still proved to be a key driver of tourism, employment, and global visibility for Las Vegas.