LAS VEGAS (KTNV) — The Formula 1 Las Vegas Grand Prix is exactly two months away and preparations for the big race have taken over Las Vegas Boulevard.
Over the weekend, crews fenced off massive sections of The Strip in front of hotels as they worked to get the road race ready.
As construction zooms on, room rates for F1 weekend have steadily cooled down.
“I'm not necessarily the biggest F1 fan per say but I love Las Vegas,” said Edward Reynaldo, who’s traveling from Washington D.C. to attend the race.
Reynaldo booked the trip months ago and searched for deals hoping to get the Grand Prix experience without the grand price.
“The most I'm spending is actually for the flight to get in and out. Everything else is actually not as much, surprisingly,” Reynaldo said.
Reynaldo told Channel 13 he was able to purchase presale standing room tickets for the race at $500.He reserved a timeshare for only $60.
A quick search online shows room rates for Formula 1 weekend have fallen by nearly 60% at some prime Strip properties since prices were first posted in the fall of 2022 and most bookings are non-refundable.
“It's no surprise to me that the hotels came out of the gate with abnormally high room rates thinking that they can get it and very often, they did,” said Steve Budin, a financial analyst.
Budin said the dip in price point is expected and doesn’t mean Formula 1 weekend in Las Vegas isn’t gaining traction.
“It's common knowledge that you can maximize your room rates or ticket prices as soon as an event is announced and right before the event takes place,” Budin said.
While booking rates are lower, they’re still much higher than normal and the race is expected to bring in $1.3 billion in revenue.
“The fans who root for F1 are generally at the upper end of the income scale. They tend to spend the most money so if we can lock this in for 10 years, it’s nothing but gravy for our city,” Budin said.
