F1 invested $500M in Las Vegas Grand Prix. Days out, ticket prices are falling.

The upcoming Las Vegas Grand Prix, scheduled for Saturday, Nov. 18, may be facing significant attendance issues despite Formula 1’s unprecedented $500 million investment—the highest expenditure for any race this year. Designed to attract international high-rollers, evident in steep entry fees averaging $7,000 and previously surging hotel rates, the event is now grappling with limited demand.

According to TickPick.com, ticket prices have dropped more than 70% in the past few months. The lowest ticket prices are now under $800.

Organizers, local officials and hotel operators believe any discomfort will dissipate in the wake of the spectacle. Their goal is to position Las Vegas as a premier global host city for Grand Prix events, drawing some of the wealthiest sports spectators to Nevada. Officials project the event will inject over $1 billion into the local economy.

When the inaugural Formula One Las Vegas Grand Prix was announced a year ago, tickets and hotel packages, priced in the tens of thousands of dollars per guest, went on sale. Organizers secured a 10-year permit for the race.

“There is a class basis, I think, to Formula One, that you have extremely wealthy people who are going to be attending and you have them coming here expecting a very high level of service,” UNLV’s Associate Professor of History Michael Green said. “And the people providing the service are facing some challenges of their own because they’re not going to be able to get to work so easily. They may have to work longer.”

📍 Destination: Las Vegas 😍

Your handy guide on one iconic location 👇#LasVegasGP #F1Unlockedhttps://t.co/Iwqx5shOjP

— Formula 1 (@F1) November 15, 2023

After road work commenced in April, race organizers sought Clark County’s contribution to cover half of the estimated $80 million cost of street repaving. Jim Gibson, chairman of the elected body with jurisdiction over the Las Vegas Strip, mentioned ongoing talks after the race.

Acknowledging the scarcity of parking spots for both race fans and hotel workers, officials note that the new 3.8-mile track, the second longest on the current calendar, features the famed Strip and central landmarks.