The Las Vegas Grand Prix continues to be a topic of discussion: from the perspective of Formula 1, it was a real success. However, the same cannot be said for local businesses.
Two months after the most glamorous Grand Prix of 2023, entrepreneurs are tallying the economic losses suffered during that weekend. We have already talked about the inconveniences caused by the construction of the circuit. Road closures and diversions made traffic a real nightmare for those working on the Strip.
While some companies made profits during the Las Vegas Grand Prix, with hotels fully booked even before the weekend, local businesses did not have the same fate. With roads blocked, both before for the track construction and afterward for dismantling operations, small business owners saw a decrease in customers and suffered economic damage.
“We as a community were confused, we were misled,” admitted Randy Markin, owner of the Battista’s restaurant and general manager of the Stage Door Casino at LVSportsBiz.com. “This has never happened before. It all went out of control. This is the first time Las Vegas has been taken advantage of by an external entity like F1. Formula 1 did not know how to handle it.” – he pointed out – “We want to be compensated for the losses that occurred due to everything F1, the county, and the LVCVA did,” said Wade Bohn, owner of Jay’s Market.
Both Markin and Bohn reported not only suffering losses of $4 million but also losing regular customers.
Now, the 2024 edition could be at risk. Entrepreneurs are seeking compensation from Formula 1 because they fear not being able to handle a similar situation again. The biggest fear is suffering further economic damage.
If the small business sector is dissatisfied, the other part, the luxury sector, is extremely satisfied with the work carried out by Formula 1, for the reasons mentioned earlier. However, it is highly unlikely that F1 will give up the Las Vegas GP next year, given the excellent results achieved.
Source: f1ingenerale
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