The inaugural Las Vegas Grand Prix, held in November 2023, was the hottest topic on the Formula 1 calendar this year. And whilst Las Vegas locals are angry about the disruption it caused to their everyday lives, the casino owners have a very different view on the event.
An official report published by the Nevada Gaming Control board shows the Vegas Strip casinos had their second-best month ever, thanks to the F1 being in town.
Building a Formula 1 track on the streets of Las Vegas is a massive undertaking. Huge amounts of fresh, FIA-spec tarmac had to be laid, causing massive disruption to traffic around the hotels and casinos for months on end.
Hotel, hospitality and retail workers who depended on getting in and out of the centre of Vegas on a daily basis for their livelihood were facing huge delays on their daily commutes.
Countless Las Vegas landmarks had to be closed in the run up to the event, with massive fences, grandstands and barriers ruining some of the best views around Sin City. As a visitor to Vegas in the months before the race, it would have felt like you were walking around one big construction site.
Countless Las Vegas landmarks had to be closed in the run up to the event, with massive fences, grandstands and barriers ruining some of the best views around Sin City. A visitor to Vegas in the months before the race would have felt like they were walking around one big construction site.
Yet before the race even got underway, the Las Vegas Grand Prix organisers had already confirmed a deal to run the event for 3 years, with an option to extend that to 10. Despite protests from the locals, the Formula 1 in Vegas is very much here to stay.
The future of F1 in Vegas over the next 10 years is hugely dependant on the economic boost the area gets. In simple terms, how much money does the event bring in to the hotels and casinos that line Las Vegas Boulevard.
Shortly after the race weekend MGM resorts announced that it was the highest grossing weekend ever for their hotel revenue. That includes room rates and food and beverage within the hotels. But their casino earnings were yet to be revealed.
Now that the official Nevada casino revenue report for November 2023 has been published, we know the answer to that question.
November 2022 revenue
First, let’s go back a year when the F1 was still a pipe dream. In November 2022 the biggest event to hit the city was SEMA, one of the biggest auto shows in the world.
Below are the earnings from the Las Vegas Strip area casinos in November 2022:
Las Vegas Strip Area
Las Vegas Strip area casinos made a total of $669.5 million in revenue in November 2022.
November 2023 revenue
Here’s how much the same casinos earned exactly one year later in November 2023, when the Las Vegas Grand Prix touched down. For reference, SEMA also took place again this month.
Las Vegas Strip Area
Las Vegas Strip area casinos made a total of $821 million in revenue in November 2023.
2022 vs 2023
Here’s the comparison between the two years.
|Las Vegas Strip Area - Casino Earnings
Nov 2022 vs Nov 2023
|November 2022 Revenue
|November 2023 Renenue
The difference is pretty clear to see. Casino revenue from tables (including counter and card games) increased by $156.8 million, a change of over 61%.
Interestingly earnings from slot machines actually reduced by just over 1% year on year. So it seems that the Formula 1 fan base likes to try their hand on the tables in between the F1 sessions.
Digging in to the report a little deeper shows Baccarat is one game largely responsible for the year-on-year increase in earnings. In November 2022 the game earned Vegas Strip casinos $57.8 million, and in November 2023 that rocketed up to $178.3 million, a massive 208.7% increase.
The high-end properties that saw high-rolling Formula One fans wagering massive bets were the ones that witnessed the biggest increases in revenue.
Second-biggest month ever
The total earnings in November 2023 were $821 million. That makes it the second most lucrative month ever for Las Vegas Strip area casinos, only just beaten by July 2023 which saw a revenue of $834.9 million.
With that amount of money being laid down on the tables during the F1 weekend, it’s pretty likely we’ll see the sport hit the streets of Vegas for many more years to come.