The Formula 1 Heineken Silver Las Vegas Grand Prix F1 race is set to take place in Las Vegas this weekend, but ticket prices for the event have seen a significant drop in the past week. According to a report from CNN, ticket prices have decreased by 23% in just one week, falling below $1,000 to around $800. Over the course of a month, ticket prices have dropped by 50%, with the cheapest tickets selling for $1,645. Practice and qualifying tickets have also seen a dramatic decline, down 70% from last month.
There are several factors contributing to this decline in interest. Max Verstappen of Oracle Red Bull Racing recently secured his third consecutive drivers’ world championship, which may have dampened excitement for the upcoming race. Additionally, F1 Las Vegas organizers may have overestimated demand and set ticket prices too high. When tickets first went on sale a year ago, they were priced at around $1,622. This week's prices represent a 50% drop from November 2022.
Another factor potentially impacting ticket sales is the change in weather. Many F1 team members were surprised by the colder temperatures in the desert at night, with temperatures expected to be as low as 38 degrees Fahrenheit during the race. This could deter some fans from attending.
Furthermore, the popularity of F1 in the United States may be waning. Television ratings have dropped by 8% this year, although they still remain the second-highest average on record for ESPN. The rise in popularity of the sport during the COVID-19 pandemic, fueled in part by the Netflix series "Drive to Survive," may be waning as well.
While ticket prices may "normalize" next year, according to TickPick CEO Brett Goldberg, this weekend's event is still anticipated to be a significant one. The Las Vegas Formula One race is the first to be held on the Las Vegas Strip, and the major casinos have invested in luxury accommodations and ticket packages. Goldberg expects the event to be well attended and create memorable experiences for those in attendance.
In conclusion, while ticket prices have dropped significantly for the upcoming F1 race in Las Vegas, the event is still expected to draw a sizable crowd and provide a unique experience.