LAS VEGAS (KTNV) — Preparations for the F1 Las Vegas Grand Prix have not been without challenges and frustration for many locals. However, the anticipated economic impact on the Las Vegas Valley is staggering. It's expected to generate $1.3 billion and significantly boost the Clark County economy.
According to F1 officials, over $360 million will be allocated towards wages paid to thousands of workers, who will be employed either directly or indirectly due to the race.
In August, Steve Hill, the Chief Executive Officer and President of the Las Vegas Convention and Visitors Authority, spoke about the economic boost Formula 1 will bring to the county.
“The action item today was for our board to certify that Formula 1 will have an economic impact of over a quarter of a billion. It will be well past that. It will be over a billion dollars, allowing Formula 1 to apply to the county commission to allow that street painting and advertising to take place," Hill said.
Wednesday will be the ribbon-cutting ceremony, marking the official start of Formula 1. The actual race is on Saturday.
