Ticket Prices for Las Vegas' Formula 1 Race are Sinking Fast
Formula 1 continues to grow in popularity across the U.S., and for months, hype has been building around the debut of the Las Vegas Grand Prix. The race winds around the famed Las Vegas Strip and ostensibly makes for the perfect experience to come from out of town to visit. It's also the first Formula 1 Grand Prix in Vegas since 1982. Still, that hasn't exactly been driving ticket sales or hotel room reservations.
According to CNN, ticket and hotel prices are falling quickly in the lead-up to practice and qualifying races. TickPick reported that ticket prices have dropped 35 percent in the past month for the Saturday race as the average entry price falls from $1,645 to $1,060 for grandstand seats; that's a big difference from when they were priced at roughly $2,000 a year ago. Ticket prices for the Thursday practice have dropped nearly 50 percent from $385 to $180, while the Friday qualifying race has fallen nearly 60 percent from $825 to $342.
Hotel prices are also trending in the same direction. Kayak reported that the average price for a room is around $283 per night—an approximately 24 percent drop from a month ago.
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TickPick CEO Bryan Goldberg believes the timing might play a part in the phenomenon. The F1 season is winding down, and Max Verstappen already won this year's championship title last month in Qatar. As a result, excitement has "started to fizzle."
“The race garnered significant buzz when it was first announced and as more details came out regarding the track’s layout on the Strip," Goldberg told CNN. However, the placement of the race on the Strip might also be creating an eyesore, as the Mirage's iconic volcano is closed and the Bellagio's dancing fountains have been turned off. "Regardless," Goldberg said, "it presents a great opportunity for F1 fans and those visiting Vegas to attend a marquee event at an affordable price."
There's no better time to race (no pun intended) and get your tickets.
