F1 Las Vegas ticket sales face last-minute hurdles despite high hopes

Race Highlights | Formula 1 Las Vegas Grand Prix 2023

Sales for Saturday night’s Las Vegas Grand Prix were booming on the secondary-ticket market. However, as of early afternoon, numerous tickets were still available for the Formula One race on the Ticketmaster site.

The event marks a return of Formula 1 racing to Las Vegas after nearly four decades. The race, which is held from November 16 until 18, showcased twenty world-class drivers navigating a new street circuit around the Las Vegas Strip and some of Sin City’s most iconic landmarks.

Nevada Governor Steve Sisolak previously projected that the event would attract considerable attention, ranging to over 170,000 visitors on race weekend. This prediction number was equal to 400,000 nights of hotel rooms and an estimated economic impact of half a billion dollars.

Race CEO Renee Wilm also shared the same thoughts with his assurance during the November 3 earnings call by Formula One Group that “we will be sold out by the time of the event.” However, the race will not meet that prediction unless a last-minute surge exists.

Next year tickets already available

Despite facing both on-track and off-track challenges that have dampened the enthusiasm of race fans, locals and drivers, the inaugural LVGP wasted no time in making tickets available for next year. Starting Saturday, fans can secure their spots for the November 21-23, 2024, race with a deposit starting at $250.

A year ago, when tickets initially went on sale for this Saturday’s race, the lowest price was $500. Later, Nevada residents were offered a limited number of tickets starting at $200.

Despite several missteps, the secondary market ticket sales surge reflects significant interest in Saturday night’s race. Early Saturday afternoon, Gametime reported the lowest-priced ticket at $1,387, matching the cost of a three-day pass offered on Wednesday.

The high-end three-day pass reached $4,613 on Wednesday, while the top single-day ticket hit $10,635 on Saturday. Gametime later reported a further increase in the lowest-priced ticket, reaching $1,613.

TickPick experienced a similar trend, with its lowest-priced ticket rising from $771 on Monday to $980 on Friday, reaching $1,128 by Saturday afternoon.

The betting market has shown a vigorous interest in this race from the outset. Major players like BetMGM and Caesars Entertainment had predicted record-breaking betting volumes for a motorsport event. While confirmation of these predictions on Saturday was not possible, early indications from the Red Rock Resort in Las Vegas hinted at a highly successful weekend for these sports betting companies.