Quote:
Originally Posted by bundy5
I think it will be better than that. But the event is all about the money that will generate for the LV economy. And judging by all the other F1 races in the world they seem to come out in front. Yes there will be the usual people complaining about the inconvenience of holding it and the perceived lack of benefits versus costs but in the end it will be a net positive for the city.
Publicly funded sports stadia are a flat earth issue. Meaning, it's been studied and every expert agrees on the answer. Every economist who doesn't work for lobbyists will tell you they are losing deals for cities.
It's not that surprising if you take away all the spin. Why WOULD it be a good idea to put up the capital for someone else's business, and they keep all the profits? How about you stake me to play HS poker? If we lose we lose. If I win, I keep all profits as well as the stake, but you can give me an uber ride from the casino, or I'll come eat in your restaurant. If anyone is interested, PM me.
Anyway, like flat earth it seems silly on it's face, and the data and research all confirm that.
https://www.brookings.edu/articles/s...orth-the-cost/
Obviously, F1 isn't a team stadium, but the differences seem to make it worse. Sports teams do at least have maybe a couple hundred full time employees, and a few hundred part time jobs. They might sustain a sports bar or few restaurants. F1 is 3 days.
If the average person spends 40 hours in F1 traffic, and their time is worth $25/hr, with 2 million residents that's a couple billion dollars in time down the drain. Those are really conservative estimates, IMO, especially when you consider the additional stress and cost of being late for work, missing time with your family, etc.
Everyone who drives for a living: uber, taxis, limos, has gotten totally wrecked for months.
Lastly, if some Duke from Monico dumps $10 million at the tables in MGM, that benefits MGM shareholders. Not the Vegas residents who are having their time, money and resources stolen.