The Las Vegas Formula 1 Grand Prix proved to be a massive success for MGM Resorts, with the event generating record-breaking revenue for the hospitality giant. Held between November 16 and 19, the Grand Prix helped MGM Resorts achieve its highest-grossing weekend for hotel revenue in its nearly 40-year history. This unexpected windfall comes as a pleasant surprise for the company, as November is typically a slower month due to holidays like Thanksgiving.
MGM Resorts CFO Jonathan Halkyard expressed his excitement about the Grand Prix’s financial impact during the Bank of America Leveraged Finance Conference. It was the highest-grossing weekend for us, Halkyard stated, highlighting that the previous record was set by the Consumer Electronics Show in 2019. He added, That’s quite something to have a record weekend on what was otherwise the slowest weekend of the year.
While specific revenue figures from MGM Resorts have not been disclosed, the company is expected to reveal the race’s financial success in its upcoming fourth-quarter earnings results. Additionally, the Las Vegas Grand Prix had a positive economic impact on other hotels and businesses in the area, estimated at around $1.3 billion for the weekend. F1 officials revealed that more than $360 million in wages were paid to workers throughout Las Vegas as part of this economic boost.
The event also made history for online and retail sportsbooks. According to sources, the Las Vegas Grand Prix became the most bet Formula 1 event in BetMGM’s history, attracting a significant amount of betting activity. Caesars Sportsbook also experienced a major uptick in betting with the race, with its handle tripling that of its previous most popular motorsports event, the Daytona 500. The Miami Grand Prix came in second as the highest F1 handle at Caesars, but both races featured a victory for Max Verstappen of Red Bull with his teammate Sergio Pérez finishing second.
It should be noted that the Formula 1 calendar also includes another stop in the United States, with the United States Grand Prix taking place in Austin, Texas.
The success of the Las Vegas Grand Prix demonstrates the enduring appeal and financial impact of Formula 1 in the United States. Along with delighting race fans, the event has provided a much-needed boost to the Las Vegas hospitality industry, setting new revenue records for MGM Resorts. As the company looks forward to its best month yet, this unexpected achievement on what is typically a slow weekend highlights the immense potential of sporting events to drive economic growth and success for businesses and communities alike.
