$250 million claim emerges as COLOSSAL impact of Las Vegas GP revealed

The impact of this year's Las Vegas Grand Prix has been estimated at around $250 million for the local economy, according to reports.

Formula 1 will head back to Vegas in November for the second running of the race following a 39-year hiatus from the US city before 2023.

READ MORE: F1 reveal drastic changes ahead of 2024 Las Vegas Grand Prix

The inaugural Las Vegas GP was a spectacle to behold, with stars including Kylie Minogue, John Legend, Steve Aoki and Thirty Seconds to Mars lighting up what was a five-day event.

Max Verstappen claimed victory in the race, as he did on 18 other occasions in 2023, despite Charles Leclerc taking a brilliant pole position around the Vegas street circuit.

Vegas GP's economic impact

A preliminary economic report released in February suggested that visitors to the 2023 race spent around $561 million throughout the weekend.

This year's event is likely to be smaller, with Emily Prazer, Chief Commercial Officer for F1 and Las Vegas Grand Prix, already confirming that there will not be as many musical acts, and that the weekend's budget has been cut, with no Wednesday show.

With the 2024 event being the 22nd race on a 24-race calendar, it is likely to provide a dramatic backdrop for the two current world championship battles that are ongoing.

McLaren have overtaken Red Bull at the top of the constructors' championship and lead by 20 points, while Lando Norris is chasing three-time world champion Verstappen in the drivers' championship, and is just 59 points behind with seven races to go.

Now, the Las Vegas Convention and Visitors Authority have estimated that this year’s Las Vegas GP will generate economic impact of at least $250 million, the largest financial generator among the city’s 2024 special events.

The body has recently become an official partner of F1, and is responsible for promoting Las Vegas and its events.

Last year's race caused some controversy among local business owners, who felt that the race blocked entrances to the world-famous Strip, hampering trade.

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