Vegas Casinos Hope to Reap Rewards from Grand Prix

By Jane Shaw Senior Editor Updated: 04/24/2023

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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.

Vegas Casinos Hope to Reap Rewards

Later this year, Las Vegas will be playing host to the first Las Vegas Grand Prix (LVGP), which takes place in mid-November and will feature the sport’s biggest names, including Max Verstappen and Lewis Hamilton.

According to recent reports, many of the famous casino resorts in Las Vegas will be looking forward to reaping the rewards of the event, which should bring in many visitors from far and wide who are keen to watch the event in person.

This is something that casino resorts are looking forward to all the more because November is generally a slower time of the year.

The LVGP will help to bring in more visitors at a time when business is generally on the slow side, and this could see casino resorts enjoying a bustling period with large numbers of people looking for accommodation, dining options, and entertainment, among other things.

Huge Positive Economic Impact on Las Vegas

Following the announcement of the new Formula 1 race last year, there were already high projections with regard to the economic impact on Las Vegas. These projections have now been upwardly revised, so both casino resorts and other businesses are expecting to reap the rewards.

According to Marc Meltzer in PlayUSA:

When the race was first announced last year, Clark County expected an economic impact of about $700 million. That has been updated to be almost twice that number with additional research.

It is estimated that there will be around 100,000 people flowing in to see the race each day, and there will also be workers on hand to assist the huge numbers of visitors coming to see the event.

This all spells great news for casino resorts, and it means that they can enjoy a few days of bustling activity on and around the event dates.

Some have predicted that the economic impact of the LVGP will be double that of the Super Bowl next year. This is considered a very ambitious expectation given that the Super Bowl is the country’s biggest annual sports event.

Gearing Up for an Exciting Event

While there are certain months when the casino resorts in Las Vegas expect to do a lot of business, November is not typically one of them. So, many are now gearing up for what is set to be an unusually busy November, as the event could attract people from not just around the nation but from around the world.

Caesars and MGM, which dominate the Las Vegas Strip with their casino resorts, are expecting to see big returns when the event takes place.

Of course, many people will arrive prior to the event if they are traveling from afar, and many will stay on in Las Vegas following the event. This means that these and other gaming giants with properties on and around the Strip could see a huge boost in business.

Of course, other businesses in the area are also likely to reap the financial rewards of the LVGP. These include restaurants, bars, clubs, and retailers, all of which could benefit from increased business.