Huge Benefits for Las Vegas Casinos During Grand Prix

By Jane Shaw Senior Editor Updated: 01/15/2024

Jane Shaw Senior Editor See Full Bio

We count on Jane to inform our readers about the latest slot games in the US market. With her passion for video games and a degree in engineering, she’s our gambling tech expert. Jane’s also active in our blog section, where she tackles the curiosities and changes in the industry.

Twitter X

Huge Benefits for Las Vegas Casinos

According to recent reports, the Las Vegas Grand Prix event held in November last year significantly boosted the local economy, particularly benefiting the casinos and hotels on the Vegas Strip. This event marked the first time an F1 race was held on the Strip, leading to high expectations from casino operators.

The overall gaming revenue for Nevada’s casinos in November was reported at $1.37 billion, a 12.56 percent increase from November 2022. Clark County, where Las Vegas is located, contributed significantly to this revenue, with its casinos winning $1.06 billion, a 14.34 percent increase.

Data shows that the Las Vegas Strip casinos alone won $820 million, marking a huge 22.63 percent increase compared to the previous year. This surge in revenue, however, did not set a new record, as July’s revenue of $834.9 million still holds the highest for the year.

Great News for MGM

MGM Resorts, one of the major casino operators in Las Vegas, experienced the highest hotel revenue in its history during the Grand Prix weekend. This was reflected in the overall room rates across Las Vegas, which hit record highs.

The average daily hotel room rate for the month was $249.31, a 33.7 percent increase from the previous year. The Vegas Strip saw an even more significant rise, with an average daily rate of $270.17, a 35 percent increase compared to 2022.

Despite the influx of visitors for the Grand Prix, overall visitation to Las Vegas in November only saw a slight increase of 0.8 percent, totaling 3.29 million.

This modest rise was attributed to the extensive construction and road closures leading up to the event, which included the building of the Bellagio Fountain Club and affected the iconic fountain show, a popular attraction on the Strip. According to Play USA:

The majority of the Vegas Strip saw construction and road closures during the months leading up to the Las Vegas Grand Prix in November. MGM Resorts built the Bellagio Fountain Club in front of the iconic casino.

The Grand Prix also had a notable impact on specific gaming activities. Baccarat, which is particularly popular with international gamblers, saw an impressive 208.66 percent increase in revenue on the Vegas Strip, amounting to $178 million.

Mini baccarat and blackjack also experienced revenue growths of 93.06 percent and 34.32 percent, respectively. Although they led the way in terms of gaming revenue, slot machines saw a slight decrease of 1.26 percent compared to November 2022.

The SEMA Trade Show Impact

The SEMA automotive trade show, which took place in the same month, also contributed to increased visitor numbers on Las Vegas, boosting them by 2.7 percent. However, figures show that downtown Las Vegas experienced a decrease in hotel occupancy, which dropped by 5.2 percent from 2022, coming in at 65.6 percent.

Overall, data shows that the Las Vegas Grand Prix had a huge positive impact on the city’s gaming and hospitality industries, particularly on the Vegas Strip. While visitation only increased slightly, gaming revenue and hotel room rates reached new highs.