Las Vegas Grand Prix Tickets Plummeting
What is going on in Vegas?
Happy Friday World,
The world's eyes will be turning to Las Vegas this upcoming week as one of the biggest events on the sports calendar is upon us, The Inaugural Las Vegas Grand Prix. Although there is a lot of hype surrounding the event, there has also been a lot of issues. Let's talk about it.
Over the past few months, the majority of the talk has been about the outrageous prices and how this was the VIP event of the year. But as we are now one week away, hotel prices have been down 58% since October 8th.
Tickets are doing much worse. On October 8th you would get a ticket for Thursday at $385, Friday at $825, and Saturday at $1,645. Now those prices are the get-in prices as of November 8th $162, $312 and $1,087 for each day. That is a 58%, 62% and 34% decrease for each day respectively.
It does make sense to see these price drops when you consider the average Formula One ticket at most other tracks. For comparison, at the United States Grand Prix, you can find a ticket for as low as $89 and on average $1,056, according to SeatGeek. But if you want to compare it with a race which has more hype around it, in Miami you can get in for as low as $63 and an average ticket price of $785, according to SeatGeek. Although both are still crazy sums of money, they are far more reasonable then a get-in price of over $1,000.
It will be interesting to see how Formula One chooses to spin this wave of bad press as they have invested heavily into this race. They built a brand new $500 million permanent paddock building and fully own this race and it's IP. With that being said, it will be extremely exciting to see the cars travel down the beautiful Vegas Strip under the stars.