24 January 2023 , 22:37
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The Las Vegas Grand Prix could have an economic impact of more than £1bn in its first year – more than double what the Super Bowl is expected to bring to the city.
Formula 1 will return to Nevada this year after a lengthy absence. It will be the first time the F1 circus has raced in the city since the two times the Caesars Palace Grand Prix was part of the world championship in the early 1980s.
Those races were widely mocked for the route, which took place in the famous hotel's car park. But F1's return to Sin City promises to be a much more popular affair – vast resources are being ploughed into what the sport's bosses hope will be the new glamour event of the annual calendar.
According to financial experts Applied Analysis, the 2023 edition of the race is projected to have an economic impact of around £1.05bn on the local area. That figure is split into two – £807m in expected visitor spending and £256m in event costs.
The Grand Prix is also expected to create around 7,700 local jobs for people. The report estimates that those salaries and wages in connection to those roles will be worth around £293m.
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Renee Wilm, the event's chief executive, expects a large proportion of domestic tourists to attend this inaugural running of the race. "The truth is that we sold out so quickly on the first wave that the European and our Asian fans didn't even get the chance, due to the time zones, to participate," she said.
Stefano Domenicali pledged that F1 will stay in Las Vegas "for a long time" (Getty Images)To put that figure into perspective, Applied Analysis have conducted a similar study into Super Bowl LVIII, set to take place next year at the city's Allegiant Stadium. Their results predict an economic impact of £486m – less than half of the figure mooted for the first F1 race.
Plus, as the sport's chief executive Stefano Domenicali has pointed out, the Las Vegas GP is set to be an annual event, while the Super Bowl's visit to Nevada is a one-off. "Super Bowl will be for one year, but we're going to stay for a long time," the Italian declared.
"We are going to have a continuous flag here in the city, and we are going to mark not only for the week of the event, but we are going to mark F1 in Vegas as a place where we will develop the sport."