As the Las Vegas Grand Prix is quickly approaching, hotel and ticket costs have dropped dramatically because it appears that the demand for the return of the F1 event in the city has fallen short of expectations.
Attending an F1 race in person usually requires a significant financial investment, and this year’s major return to Las Vegas is no different. Having said that, in the week before the event, ticket prices for the race event are cheaper than ever.
F1 declared in 2022 that it was getting set to make the trip to Las Vegas for a race that would take place on November 19 through the streets of Sin City.
The race was highly anticipated given that the sport is more popular than it has ever been in the US, even though this is not the first time the organization has hosted an event there as it hosted Grand Prix events at Caesars Palace in 1981 and 1982.
In preparation for the anticipated wave of spectators expected to descend on Las Vegas for race weekend, hotels wasted no time in raising their rates. That made admission to the event more difficult for those who weren’t already able to afford it, since tickets originally cost roughly $2,000 for the grandstands for the entire three-day event.
CNN reports that as the race approaches, those figures have been gradually declining. According to TickPick’s ticket data, a three-day grandstand pass can now be purchased for almost $1,000, down from the roughly $1,650 they were going for in mid-October.
“The race garnered significant buzz when it was first announced and as more details came out regarding the track’s layout on the Strip,” Goldberg said in an interview with CNN.
Additionally, there have been significant price reductions for practice and qualifying, with price drops of roughly 50% and 60%, respectively.
TickPick, however, doesn’t anticipate that the price will even approach the record-breaking entry fee for the Miami Grand Prix which took place earlier this year.
The drop in ticket prices has also been reflected in the cost of hotel stays. The average cost of a hotel room is currently $283 (£231) per night, which is 24% less than it was just one month ago.
“Regardless, it presents a great opportunity for F1 fans and those visiting Vegas to attend a marquee event at an affordable price,” Goldberg stated.
Locals have mixed feelings regarding the event since it rendered the Las Vegas strip completely unrecognizable and forced the closure of the volcano at The Mirage and the iconic fountains at the Bellagio.
It is predicted that the Formula 1 weekend will bring in $1.3 billion (£1.07 billion) despite the declining excitement.