Concerning reports emerge ahead of F1's Las Vegas Grand Prix

Worrying reports have emerged regarding the public demand for the 2024 edition of the Las Vegas Grand Prix.

Formula 1 debuted in the iconic American city last year, with the event reportedly having a remarkably positive impact on the local economy.

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F1 have claimed that the event generated $1.5 billion for the local economy, demonstrating the value that the sport can bring to the city.

However, with the sport set to return to race along the iconic strip in November, demand does not seem to be as high this time around.

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Demand down for Las Vegas Grand Prix

That is acccording to MGM CEO Bill Hornbuckle, who has revealed that hotel rates for this year's race are down by as much as 50% compared to last year, which could make a difference of '$30 million-ish' dollars to the company.

“It’s off to a soft start as compared to bookings last year when we had a lot of advance pre-bookings,” Hornbuckle explained to local media.

“It doesn’t feel soft in gaming, which is the most important piece — or one of the more important pieces.

"It just does in room rates at the big three, meaning in this case ARIA, Cosmo, and Bellagio."

Despite the above, Corey Sanders, COO for MGM is not concerned, explaining that a relatively strong weekend for the hotels in the city is still expected.

“We’ve heard from other markets. It’s fairly consistent," Sanders said. "Year one, there’s a lot of hype for it.

"This will be a good weekend for us compared to an average normal weekend.

"Just in comparison to F1 last year, it was so substantial, especially on the rates at the luxury properties.”

In further positive news, F1 recently announced a new partnership with the Las Vegas Convention and Visitors Authority (LVCVA),strengthening the relationship between the sport and the city.

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