LVCVA’s $1.7M Las Vegas Grand Prix ticket purchase approved
The Las Vegas Convention and Visitors Authority Board of Directors approved the purchase of $1.7 million in Formula One Las Vegas Grand Prix tickets at its meeting Tuesday.
This year’s race ticket purchase is $6.3 million less than last year’s $7 million buy by the Las Vegas tourism arm.
The LVCVA will buy 135 tickets for each night of the race to host its various customers during the Nov. 21-23 event. LVCVA President and CEO Steve Hill said that he believes that authority will end up with around 115 tickets for each night after it sells some of the tickets to resort partners. Last year, the LVCVA had around 445 tickets available per night to host customers in their hospitality suite, he said.
The reduced number is a result of a greater demand last year from customers wanting to take part in the inaugural race and the excitement surrounding the event, Hill said.
The customers Hill referenced are those who bring in international travelers that represent hundreds of thousands of room nights per year in Las Vegas and representatives from airlines, building, convention and sports events.
“We pair them with a certain number of our salespeople and our leadership staff in order to shepherd them through the week,” Hill said.
A review of LVCVA data by the Las Vegas Review-Journal revealed the agency gave out $4 million in tickets to the 2023 grand prix, hosting hundreds of people in their skybox suite. Attendees included legendary entertainer Wayne Newton, NFL Commissioner Roger Goodell, executives from the NBA, NHL and MLS, and representatives from various trade shows that populate the Las Vegas Convention Center and other facilities in the resort corridor.
Thirty-one LVCVA staffers were also provided tickets at some point during the 2023 race weekend.
Aside from the race itself, this year the LVCVA plans to host customers at other events they are planning throughout the city during the days of the race, to show them what venues are available and the types of events can be hosted in Las Vegas.
The LVCVA expects to purchase 100-135 tickets per night each year going forward, Hill said.
Ticket sales off to slower start
Las Vegas Grand Prix CEO Renee Wilm and multiple casino executives noted this month that tickets sales to this year’s race are slower than where they were at this point last year for the inaugural race.
Wilm said the slower pace was anticipated by race officials; they have seen similar trends at other races, as the lure of being part of the inaugural event is removed. Wilm expects interest to pick up as race weekend draws near, something that Hill said he also believes to be the case.
“That’s what they (F1) have seen in new races across the world, frankly” Hill said. “Miami saw the same thing. For the first race people buy early. For subsequent races, they buy as we get closer to the race. That’s the pattern that we’re seeing, as well.”
Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on X.