Following the inaugural Formula One Las Vegas Grand Prix, a disparity in the economic impact on local businesses has emerged. While some businesses reported record-high earnings during the race weekend, others are still grappling with significant losses. In response to the estimated $23 million in revenue lost by affected businesses, a Southern Nevada business development specialist has proposed the creation of a recovery fund by the Las Vegas Convention and Visitors Authority (LVCVA). A group of nine businesses has also formally requested the LVCVA to establish such a fund to compensate for their losses. Among the impacted, the owner of Jay’s Market and a nearby Shell gas station cited a $4 million shortfall, attributing it to reduced accessibility and noting that 'locals still won't come to this area'. The situation has prompted some business owners to consider legal action against the government for the financial damages suffered due to the event. Meanwhile, LVSportsBiz is intensifying its coverage on three key business issues: the F1 impact on Las Vegas businesses, the A's stadium plan for the Strip, and economic impact numbers, inviting stakeholders to engage with their journalism at [email protected].
Vegas Business Owners Say F1 Race Devastated Sales—And Threaten To Sue Government Over It https://t.co/nr0qjrhEgq https://t.co/9HIF1x0g8D
‘Locals still won’t come to this area’: Some businesses still losing revenue after F1 https://t.co/pZjYdHBz53 via @reviewjournal, @mckenna_ross_
Some Las Vegas businesses are still losing revenue after the inaugural @F1 weekend. The owner of Jay’s Market and the Shell gas station near Flamingo-Koval estimates he’s down about $4 million in revenue and attributes that to the loss of accessibility. https://t.co/SDmZcyx19M
Some Las Vegas businesses still losing revenue after the inaugural @F1 weekend. The owner of Jay’s Market and the Shell gas station near Flamingo-Koval estimates he’s down about $4 million in revenue and attributes that to the loss of accessibility. https://t.co/SDmZcywtke
A group of nine businesses has asked the Las Vegas Convention and Visitors Authority to establish a recovery fund and reimburse for lost revenues from the Las Vegas Grand Prix. Those businesses claim to have lost an estimated $23 million in revenue.
A Southern Nevada business development specialist has asked the LVCVA for the creation of a recovery fund to reimburse small businesses that lost an estimated $23 million during the inaugural @F1 Las Vegas Grand Prix race. STORY: https://t.co/7R6ILMeRhl https://t.co/YSTu6Y2upo
In 2024, LVSportsBiz is ramping up our coverage on 3 key business issues: *F1 impact on Las Vegas businesses *A's stadium plan for Strip *Economic impact numbers Our independent journalism stories make a difference in Las Vegas. Come for the ride. Contact: [email protected] https://t.co/QdV6pRWkjP
As Formula One has come and gone, some Las Vegas Valley businesses say they are still recovering from a weekend of losses while others report the race as their highest-grossing weekend ever. #8NN https://t.co/mmq8DUsVzP
Some businesses haven’t recovered from Formula One race in Las Vegas https://t.co/rWyvEOG0KT