Las Vegas Grand Prix: Price Tag vs. the 'FOMO' Factor

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If you have been on the internet at all and your algorithm has treated you to Formula 1 content, you have been sure to see hundreds of Formula 1 fans across America deciding to make the trip to Las Vegas for the race over the past month. From content creators, to content consumers, and people just looking for a way to get remotely close to the action, our 'For You Pages' spell out a certain message about the Las Vegas Grand Prix:

"I'm flying to Las Vegas with no tickets, but I just HAVE to be there."

But why? Is the Las Vegas Grand Prix maximizing the financial benefits of these last minute travelers? AND why is the Las Vegas Grand Prix still struggling to sell tickets?

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The Cost of the Las Vegas Grand Prix

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I cannot discuss the 'why' factor without breaking down cost. Now, as a native of Las Vegas and quite obviously, a massive Formula 1 fan, I am going to break this down by 'cheapest cost' scenario because most people deciding to fly to Las Vegas last minute are not going to be booking a $1000 a night suite at the Aria. These costs are based on research TODAY (November 17th).

This is a HEFTY bill, but what happens when you subtract one of the largest costs... tickets? Your total for a weekend vacation to Las Vegas turns into a $1500 ordeal at maximum. THIS is exactly what so many fans are doing! Taking a vacation to a lively and world renowned city to experience so much more than physical, on-track action.*

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*This is factoring in a 3-day ticket, not every fan will choose to attend all 3 days on track - so cost would vary for a shorter trip.

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Las Vegas Grand Prix ticket sales

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Last year, during the inaugural Las Vegas Grand Prix, ticket sales plummeted, BUT the Strip itself saw a major benefit. With this Grand Prix being the only race fully owned and operated by F1 - in terms of ownership, Las Vegas and LVCA (Las Vegas Convention Authority) made money where F1 did not.

The city itself in 2023 benefited off of an estimated $1.5 billion economic impact according to the LVCA. However, F1 did not earn what they expected to- with ticket costs, according to oversteer48.com's Alex Gassman (British racing driver), dropping over 50% during the week of the race - with some dropping nearly 80% in value.

On top of that, the race's CEO, Renee Wilm, admitted during the 3rd Quarter Earnings call that ticket revenue is expected to be EVEN LOWER in Year 2 of the Las Vegas Grand Prix. Even with the price drop in what Renee called "backpacker tickets" - GA tickets that cost as low as $100 for the Thursday Practice sessions- thousands of tickets remain on resale AND many face value tickets remain on F1's website. Even the 44% off Lewis Hamilton deal that brought ticket prices down to $644 (+ Taxes and Fees) for a premium $1200 grandstand have not sold out.

Why is this? In my opinion, there hasn't been enough Demand Generation, local community outreach, or price tiering introduced into LVGP ticket sales.... There are too many other, cheaper things for F1 fans to take part in throughout the ENTIRE week and weekend of the Grand Prix.

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Are tickets to the race necessary?

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Short answer, both from my personal opinion AND to the credit of Las Vegas, LVCA, and team sponsors, no! Do fans want to watch the race from the track? Of course! However, there are a NUMBER of other factors that feed into this race in particular that would make a trip to Las Vegas worth the time, so let's walk through them:

      1. It's Las Vegas...

It doesn't take much to convince many people 21+ to go to Las Vegas. The food, the glamour, the parties, and the atmosphere of this city are pretty difficult to replicate. With world renowned clubs headlined nightly by world renowned DJs. Every celebrity chef known to man in residence. The beauty and ingenuity of hotels and their design/ features. Shows and concerts so plentiful that it can be hard to decide on one. You are living in the lap of luxury and endless entertainment (race weekend or not). As a note from this Las Vegas native, there is SO MUCH culture to Las Vegas and so many things to do to connect to the city and to the incredible landmarks (Grand Canyon, Hoover Dam, etc...) beyond the Strip, as well.

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      2. Free Team and brand activations GALORE

Being an F1 fan doesn't only mean attending races - it's a culture, a lifestyle. Especially at a night race like Las Vegas. You have all day to spend doing pretty much anything that you want! The Las Vegas Grand Prix, Las Vegas Convention Authority, F1 teams, and F1 sponsors have absolutely transformed the already event and activation heavy Las Vegas Strip. I cannot list out every activation for you, but there are so many that we had to write an article, so check that out here.

There is also the FREE Las Vegas Fan Fest that the city and F1 have put on so that ALL fans can experience EVEN MORE in Las Vegas. Even if you are going to Las Vegas with no tickets, you can see a car from every team, shop incredible merch, do pit stop challenges, meet drivers etc... all for free.‍

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      3. Free (or low cost) Watch Parties

Many properties in Las Vegas recognize the cost of tickets to the actual race and have answered that with free or FAR less expensive ways to watch the race. So, although fans are not physically on the track, they will still be near the action and with MANY other F1 fans in the heart of the Strip. One of those watch parties is Stadium Swim at Circa! You will get free entry to the venue as long as you're wearing merch! Other hotels including Cosmopolitan, Treasure Island, and the Cromwell have answered that call, as well, with watch parties that come at a price tag HALF of what the Las Vegas Grand Prix is charging.

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      4. Friends and fan culture

I'm writing this article because simply so many people are going - and a lot of that inspiration comes from dozens of people that I follow on social media making the decision to come to Las Vegas last minute. BUT even if you're not on TikTok, or in that social bubble, I have seen across Reddit, Twitter, and FanAmp a plethora of fans coming solo to the race weekend. In my opinion, as opposed to many other sports in the U.S., Formula 1 creates a beautiful fan culture that allows you to make friends at any race that you attend. Las Vegas is no different - it actually may be at the top of my 'fan culture' list. My team have also answered the call to bring fans together (with our friends at Paddock Project) to put together a Fan Meetup that ALL are welcome to attend! And we aren't the only ones who have done this!

Bottom line, you will never be bored, and never fall short on Formula 1 action in Las Vegas this year - even without tickets. Fans have recognized this as more and more events were announced over the past few weeks, and the call to visit Vegas... was answered en masse.

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Why have F1 fans decided they can't miss out?

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I had already planned my trip to Las Vegas months ago, so I went directly to the source - fans and friends of mine who are F1 Creators/Fans deciding to go to the Las Vegas Grand Prix last minute.

I have prior work commitments in Las Vegas, but I just HAD to extend my stay so I can be here throughout the Grand Prix weekend. I’m personally excited for all the pop-ups the teams and drivers are hosting on the Strip: Almave, the Williams Fanzone, 44+, and, of course, the F1 Official Store in the hub with all their Snoopy x F1 merch! This would also be my first night race and I know the atmosphere and vibes in Las Vegas are going to be unmatched! - Nora (@Norajooo)

Ultimately I chose to go last minute to the Las Vegas GP because I already had that Friday off of work. My sister was coming to Nashville to visit me! But as the Vegas GP got closer we thought - instead of her visiting me, why not do a girls trip to Vegas for the race! We both went to our first GP this year and are a bit obsessed now. I went to Vegas earlier this year and remember overlooking the Strip on one of the pedestrian bridges and could not believe that F1 cars drove on it. In terms of general atmosphere it has to be one of the top on the F1 calendar, and I really want to see how F1 transforms an already incredibly lively city! So, after seeing all the cars in hotels on TikTok, and with my time off already, I decided 'alright let’s do it'. - Lizzie (@myracingacc)

I decided to go to the Las Vegas Grand Prix pretty last minute. I made a TikTok about the Snoopy merch, that the F1 Las Vegas TikTok account saw. They sent me two grandstand tickets, and I knew it was an opportunity I couldn’t pass up! 24 hours later, I had flights and a hotel booked and the rest is history. - Allena (@allenaholzworth)

I made a last-minute decision to attend the Las Vegas GP, inspired by the incredible connections I’ve built with fellow female motorsport content creators over the past year. Sharing our passion, supporting one another, and creating unforgettable memories at an F1 race is truly something special. This is also my first F1 race that I've ever attended - even as a long-time fan, so I couldn't miss out on being able to experience this entire weekend of pop-ups, events, and racing with my friends. -Makenna (@maklovesmotorsport)

So what are the common denominators? Las Vegas is a night race and when combined with the Las Vegas Strip, it creates a 'can't miss' atmosphere! From the pop-ups to the views, this is F1 like never before!

What also stood out to me was the marketing idea that 'scarcity sells'... Except... this may have manifested in Las Vegas in a way that they did not intend.

Instead of tickets, fans have that 'FOMO Factor' (fear of missing out) when related to pop-up stores, special collections, and connection with friends. I don't mean this in a derogatory way towards the wonderful women listed above - I agree with every single one of their reasons to attend the LVGP... but is it a signal that Las Vegas needs to change the way they're marketing this race?

Alternatively, do two years of depressed sales for the LVGP signal to Formula 1, but with so many traveling without any inclination to purchase tickets signal to the GP that simply the way that they are pricing tickets is incorrect?

As someone who has been to every Formula 1 race in North America, I can qualify the fact that accommodations and travel prices for this race are actually significantly less expensive than other races such as the U.S. Grand Prix at COTA or the Canadian Grand Prix (even though I live just south of Montreal). So, when it comes to the LVGP ticket prices being nearly 2-3 times that of these other races, I too do not feel drawn to fork out thousands just to be on the track.

Something needs to change with the ticket pricing for the Las Vegas Grand Prix, but the atmosphere, events, friendship, and one-of-a-kind experiences make up for that in spades, and THAT is what's drawing these last minute travelers to Las Vegas.