Las Vegas Grand Prix: Record-Breaking Success for MGM Resorts
The financial results are in for the recent Las Vegas Grand Prix, and the impact has been substantial, with MGM Resorts Chief Financial Officer Jonathan Halkyard declaring it the highest-grossing weekend in the company’s history. The event, which marked the return of Formula 1 Grand Prix to Las Vegas after decades, surpassed even the revenue generated during the renowned CES in 2019.
MGM Resorts, a significant investor in the race and instrumental in securing a 10-year contract with Formula 1, expressed satisfaction with the outcome. Halkyard emphasized the company’s high expectations and substantial investments in creating unique experiences for casino and retail customers, particularly in the vicinity of the Bellagio.
The success of the Grand Prix extended beyond the race track, with nearly every Las Vegas Strip hotel capitalizing on the event by offering packages to their guests. The Saturday night race also garnered impressive television viewership, with over 1.3 million people tuning in, according to ESPN.
Addressing concerns about construction-related disruptions on the Las Vegas Strip, Halkyard attributed them to first-year challenges associated with building the racecourse and hospitality suites for hotels. However, he expressed optimism that recurring construction issues would be less dramatic in the coming years.
City and tourism officials estimate the economic impact of the race on Las Vegas to be around $1.2 billion. As hotels prepare to announce their fourth-quarter earnings next month, the true extent of the Grand Prix’s influence on their financial performance will become clearer. The success of the event is anticipated to pave the way for increased sports-related tourism in the city in the years to come.
