LAS VEGAS (KTNV) — F1 Las Vegas could be the single largest economic event in the city's history when it takes over the iconic Strip in late November, and locals like Kaitlyn Robinson said they were excited to showcase Las Vegas to a global audience.
"I think it's great. I think it's a great area to do F1. I personally would like to go. My family wants to go," Robinson said.
She said there was no chance she, or anybody in her family, could afford to attend the race.
That's been a common complaint among locals as many tickets sell for thousands of dollars, and affordability has made a proposal by the Las Vegas Convention and Visitors Authority to spend $7,000,000 tax payer dollars on tickets for largely wealthy partners a bit of a slap in the face.
"I think it's ridiculous," said Wyatt Shreve. "Tax payer's money can go to something a lot more beneficial than a race. I mean, it's a good time, but VIPs? They make their own money to buy things like that."
In a statment, LVCVA Senior Vice President of Communications Lori Nelson-Craft defended the proposal slated for consideration by the LVCVA board Tuesday"
"LVCVA’s mission is to sell and market Las Vegas around the world. It’s our job to host our customers who buy travel to Las Vegas for millions of visitors each year. There’s also no better opportunity to cultivate future business than showing off our destination during what will be the greatest event in the world in 2023."
Nelson said $4.2 million would pay for complimentary tickets for those who spend large sums of money in the city at events year round like convention organizers.
LVCVA would recoup their expenses for the remaining $2.8 million worth of tickets by selling them to area properties to be distributed to their VIPs of choice.
Financial advisor Jason Baucom said bringing in big spenders, even with a tax funded ticket, could make sense.
"You're having people come out here who don't necessarily have a budget in mind when they get here," Baucom said.
He said many would continue to invest in the city in the months around the race, and having people with deep pockets in town for the race itself could help achieve the economic impact goal of $1.2 billion.
"Seven million up front to receive a billion back? The math is pretty simple there," Baucom said. "You can do that each and every time."
