The Formula One Las Vegas Grand Prix pushed Nevada gaming revenue to near record levels during November with gaming operators doing a stunning $1.4 billion in business for the month. It’s the 33rd straight month that Nevada gaming has cracked the $1 billion mark, but the biggest boost from racing fans went to Strip casinos, according to the Nevada Gaming Control Board.
On the Strip, Grand Prix fans created $821 million worth of revenue for casino operators. That marks a stunning 22 percent year-over-year leap from November 2022’s final numbers. Baccarat, the preferred game of the international elite, accounted for a whopping $178.3 million of the total collected for the month. That number represents a 200 percent increase over last November’s baccarat final. In total, those high-rollers wagered $938.4 million on that one game alone.
Formula 1 racing is a high-end sport and its high-end fans spent most of their time playing at high-end casinos. That’s evidenced by the fact that revenue was generally flat, or decreased, across the rest of the state. Downtown Vegas casinos saw their revenue actually dip by 1.9 percent from November 2022 to $81 million for the month. In Henderson, where tourists rarely venture, gaming revenue was down 2.2 percent from last year’s number.
Though Fremont Strip casino operators might disagree, the concentration of high-roller action on the Strip during the race was exactly what race organizers intended. Commenting in the Nevada Independent, Truist Securities gaming analyst Barry Jonas commented on the nature of the The Formula One Las Vegas Gran Prix saying, “Overall, higher-end properties with closer proximity to the track had a more robust weekend, while mid/lower-tier and further away properties saw less uplift.We think today’s release is a proof point for the inaugural F1 race’s success.”
Given that success, it’s pretty safe bet that this won’t be the last time Formula 1 cars roar down the Vegas Strip.