Quote:
Originally Posted by JimL
Because almost all of the hotels/casinos in the affected area are going to making money hand over fist selling their rooms at obscene prices. All of those casinos are going to be working their employees as much as they can. All of those overworked employees are going to be going to local bars/restaurants/and casinos with much of the excess cash they will be making during that period.
For better or worse, the casinos drive the Las Vegas economy. When they do good, the greater Las Vegas area does good. Having F1 race on the strip will be very good for the Vegas economy.
Besides (1), it is my understanding (and most definitely might be wrong), that much (but not all) of these costs will be one time costs that will last for the life of the F1 contract.
Besides (2), any big event in Vegas costs the LVCVA and other governmental entities money. From police overtime to road closures, things like CES, the NFL draft, EDC, etc cost the authorities something. They pay it because they know their overlords (the casinos) want it to happen.
Even after paying all of that money, the Las Vegas economy will benefit from F1 racing on the strip, so it is done.
You over estimate the "trickle-down" economics and way under-estimate the disruption this expensive F1 "Big Event" mindset will cause to the bread and butter Las Vegas tourist business.
Las Vegas does not exist on the Euro-trash glitterati that follow F1 around their circuit. It exists on video poker, US sports, and basically low-brow appeal.
Both the preparation and the "Big F1 Event" itself basically sh*t all over the loyal core tourist customers that pay the bills, in my view.
EVERY other Big Las Vegas EVENT is way more democratic, (small d) and is driven by the calendar holidays and US market travelers. NASCAR racing does well because it DOESN'T screw with the Strip experience, and takes place at a track outside town.
Concerts, popular entertainment, Sports/NFL/March Madness, NFR, CES and conventions, New Years Eve, dining, hotels, pools, sex, etc are the drivers of the Las Vegas market and are VERY democratic without disrupting the overall venue.
F1 is the opposite of NASCAR even. It sure as hell is the opposite of the National Finals Rodeo of the WSOP, which each fill the place for 2 weeks BUT are woven into the existing fabric (aside from cow poop at the Thomas & Mack)
(I did legal work related to the F1 related bankruptcy of the race sponsor in Dallas some years back. Las Vegas as a whole will not see a net benefit from hosting and paying for this Event. It is giving up a lot more of its core market business than you might realize, and for what ? Tell me that VERY Expensive stands, built so as to block of sight from the Strip hotels is good marketing idea. They are crapping all over the image of Hotels themselves as the image of Las Vegas. The Strip, accessible gambling, US sports, and the Hotels ARE the stars of Las Vegas.)
Last edited by Gzesh; 04-18-2023 at 06:35 PM.