‘F1 Fooled Us’: $4 Million Losses Served by Las Vegas GP Makes Local Business Owners Hit Back

The poster boy of the 2023 season, as it turns out, has become a troubled child. The Las Vegas GP went through a roller coaster of emotions and opinions between the build-up to post-race. Now that the dust has settled, the race has once again stirred divergent opinions. Local businesses suffered the most and are voicing their frustration toward the most anticipated GP race of the season.

The Las Vegas GP was predicted to bring a financial boom to the Sin City in the week leading up to Thanksgiving, which is usually very slow. Some businesses made a hefty profit in the week compared to previous years. However, local businesses did not experience the same fate and, in fact, suffered losses summing up to $4 million.

Local business owners demand compensation

Just two months after the GP race, the local business owners based on the strip, the area where the circuit was created, started highlighting the trouble the race caused them. The strip was blocked off for months in advance in preparation for the circuit and the road pavement. Moreover, the strip was still blocked weeks after the circus left the city due to the dismantling of the track and the grandstands.

This scenario hurt the local businesses immensely, and the business owners expressed their anger and desire for compensation.

Randy Markin, an owner of Battista’s restaurant and general manager of Stage Door Casino, told LVSportsBiz.com today, “We as a community got bamboozled, we got fooled. This has not ever happened before. It just steamrolled out of control. This is the first time Las Vegas got fooled by an outside entity like F1. F1 did not know how to get involved with the community.”

Jay’s Market owner Wade Bohn said, “We want to be compensated for the losses that occurred due to everything F1, the county, and the LVCVA did.” 

Both Markin and Bohn reported not only did they incur losses in the range of $4 million, but they also lost regular customers.

Read More: “Tons of Other Businesses Suffered”: F1 Fans Lash Out After MGM Resorts Announces Historic Revenue From Las Vegas GP

The business owners are now asking for compensation as they believe the 2024 edition with similar effects will put them out of business. However, the problem remains that this is just one side of the story, there is a side that is extremely happy with the circus and its impact.

MGM, Wynn, etc report huge profits from the infamous Las Vegas GP

The Las Vegas GP was a massive opportunity for many hospitality groups like MGM, Wynn, and the Bellagio. The hospitality juggernauts took full advantage of the pomp of the first-ever Las Vegas GP and made the most of a slow week. This is exactly why the outlook of all the profit-making hotels from the weekend is a complete contrast from the local businesses.

The Wynn hotel reported they collected a hefty $700,000 tip pool from Saturday alone which equated to $2,000 for every dealer. This was a massive jump from the average $350-$400 a weekend tip.

On the other hand, broke their all-time record for hotel revenue in the history of MGM’s empire. It even surpassed the revenues from the iconic 2019 CES trade show.

WATCH THIS STORY: Rich History of F1 races in Las Vegas Throughout the Years

These contrasting impacts of the same event will truly make the 2024 Las Vegas GP a highly debatable race for the locals. How the sport handles this situation will play a vital role in how the locals view and support the sport.