With the 2024 Formula 1 season finale edging closer, all eyes are on what’s promising to be one of the closest championship battles in five years. Not only that, this is the first that’s gone to the wire since that very eventful and even more controversial decider in Abu Dhabi 2021.
This year’s season finale is scheduled for December 8. A week after the Grand Prix in Qatar and two weeks after the race in Las Vegas.
Las Vegas welcomed the F1 circus to its streets for its inaugural Grand Prix last year. This created a supremely special spectacle that was a first of its kind for Formula 1. The event breaks many traditions and precedents in the sport. The race is being held on a Saturday and at night, resulting in it being a very early morning event for fans in Europe.
Formula 1 is also organising the Grand Prix itself, as part of a joint venture with the local tourist board and several casino owners, rather than charging a third party for the rights to host an F1 race.
The on-track action has, for the most part, lived up to the hype so far. The Grand Prix has got a lot of attention for both the sport and the city. But, does this mean Formula 1’s Las Vegas race has been a success?
The Rationale for Las Vegas
Las Vegas is known, predominantly, as a city of casinos. What was once a desert outpost has grown into a sprawling playground for adults with some of the world’s biggest casinos all towering over the famous strip.
But casinos are only one small part of Las Vegas’ wider appeal. The city, for much of its history, has been diversifying to hedge against changes in the market. In the 20th century, this came in the form of rival cities developing a similar offering. Examples include China’s Macau and New Jersey’s Atlantic City.
Today, players have even more choices thanks to online casinos. Through these platforms, it’s possible to play all of the same casino games with the convenience of doing so from almost anywhere with an internet connection.
It goes even further too. Major brands like PokerStars Casino often provide their players with free spins they can use on slot games. These spins can be unlocked as part of promotions or for completing challenges and can be used on selected games in the same way as deposited funds.
Without a monopoly on casino games, Vegas casino owners started hosting major sporting events in their resorts. These include boxing, wrestling, and MMA, helping to draw in crowds who are looking for other forms of entertainment. This strategy has also been used with trade shows, exhibitions, theme parks, boutique shopping, and live performances from A-list celebrities. Formula 1 is just the latest extension of this, creating a unique experience that draws people into the city.
The Rationale for Formula 1
Formula 1 was purchased by Liberty Media in January 2017. It very quickly embarked on a strategy to modernize and professionalize its operations, increase revenues, and expand audiences into new markets. The biggest of all these markets was the United States of America. This was a country that F1 under its previous owner, had struggled to conquer.
To get a better result this time, Liberty Media has added two more races in the US. The third is? Las Vegas. This spreads American interest in the sport throughout the year and creates a unique event that gets fans and non-fans alike talking so that the sport can build and grow a relationship with them.
Has This Been a Success?
Formula 1 TV viewing figures continue to grow in the United States. This shows that the sport’s wider US strategy has definitely worked. The sport’s officials attributed a significant portion of its 25% increase in revenue in 2023 to the Vegas event. The investment was worth it.
Sentiment following the completion of the 2023 race was generally positive. However, fans and local residents were not so unanimous in the lead-up to the event. Ticket prices were widely perceived to be too high, casino owners and F1 were seen as being overzealous in policing rules to prevent bystanders from getting a glimpse of the action without paying, and locals were unhappy about the disruption.
Whilst not all of this criticism is entirely justified, some of it was and the organisers are clearly listening. In 2024, ticket prices are lower and F1 made 1,000 low-cost “backpacker” tickets available in the spring.
For the casinos, too, the race achieved the goal of boosting football. More than 300,000 people flocked to the Nevadan desert to witness the action, bringing in sizable revenues for the hotel owners and casino operators.
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Featured Image: Simon Galloway/LAT Images
1 Comment
The locals don’t want this race here! PERIOD!