This weekend, Formula 1 is once again closing down the famous Las Vegas Strip, bringing the excitement of the Grand Prix to the city.

The 2023 event, which marked F1’s return to Las Vegas after 41 years and saw Max Verstappen clinch the victory, broke records and had a huge impact on the local economy.

Las Vegas, already known for attracting millions of visitors each year—40.8 million in 2023—has long been a hotspot for major events. However, the return of F1 brought a huge economic boost.

On top of that, the 2023 race was the first time F1 acted as the promoter of the event, and having the race on the Strip, passing by famous landmarks, gave the city even more global attention.

The financial impact of the race was impressive and according to Lori Nelson-Kraft, Senior Vice President of Corporate Affairs for the Las Vegas Grand Prix, the event is a big benefit for both, the city and Formula 1.

"Obviously Las Vegas is one of the top travel destinations in the entire world, but the opportunity to align with Formula 1, with its international footprint and presence was such an exciting opportunity for Las Vegas to expand in helping to reach more of a global audience, drive more international visitation and so on," she explained in an interview with Sky Sports.

"That fan experience in person was incredible, to see how the city integrated into the circuit, but even more spectacular was seeing the worldwide coverage of the race and seeing the full destination on display of its offerings and its entertainment.

"So you can look at that and see that the marriage between Formula 1 and Las Vegas is pretty special and unique."

Beyond the immediate boost, F1’s presence also provides long-term benefits. Liberty Media’s purchase of Grand Prix Plaza means the area will continue to bring in money throughout the year. Nelson-Kraft also shared that organizing the event during a naturally slow weekend in the city was a great idea.

"That weekend before Thanksgiving [the fourth Thursday in November] is typically the slowest weekend in Las Vegas.

"So strategically, having the race on that calendar date is really a good move for Las Vegas. We did produce an economic impact report on the heels of the inaugural year that came in at $1.5bn. And what you need to extract, there's a one-time investment in Las Vegas."

Nelson-Kraft also confirmed that the 2023 race weekend generated $77 million in tax revenue locally and across the state.

"That even surpassed what the Super Bowl generated for Las Vegas as a single event this past year. And of that $77m, $22m of that went directly to our schools," she added.

In comparison, according to Forbes, the Super Bowl LVIII in February had a $1 billion economic impact and brought in $33.6 million in tax revenue for the region.