Vegas News March 14, 2023

Las Vegas Grand Prix Update

Yep, another Las Vegas Grand Prix Update. There’s a large international following for F1, and the sport fascinates me. The intrigue is as much off the track as it is race related. The business angle is particularly interesting – especially as it relates to Las Vegas.

Last week, F1 announced that more tickets for the Las Vegas Grand Prix will go on sale to the public on March 24. Similar to the last batch there will be a presale available. Some will be able to buy tickets as soon as March 20. Read more here.  

Renderings – Las Vegas Grand Prix Update

Some more renderings for the race circuit (track) were released with the ticket information. You can see one above and the rest here. No, the race won’t look like a computer simulation in real life. Evidently, not everyone understands this so I guess that needs to be clarified.

The Las Vegas Convention & Visitors Authority (LVCVA) would like to buy $7 million worth of tickets for the race. Read more here.   

The renderings make me wonder if The Venetian and neighboring casinos start charging for event self-parking like the properties near T-Mobile Arena and Allegiant Stadium when MSG Sphere opens. Keep an eye on this if paying to park matters to you.

I’m not sure if I shared this video before but the process of F1 building a street course is fascinating. Enjoy it below. 

Let’s get to the rest of the news in and around Las Vegas.

Las Vegas Quick Hits

CHICKEN GUY!

• Bakkt Holdings is a crypto company. Don’t be surprised if there’s another announcement about the theater name sooner than later.
• While demand is high, I’ve been seeing relatively lower demand for Super Bowl and March Madness watch parties. Some properties started offering discounts for March Madness parties. Attendance for this event will be different this year, with the CON AGG Expo taking place at the same time.
• Perhaps we hit an inflection point in pricing with so many events taking place. Stock analysts don’t have eyes on the ground and are typically reactive, not proactive in this market. This is something I’m keeping an eye on as I look forward to economic changes in Las Vegas.

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