Even Las Vegas has its limits.
It will still be an entertainment spectacle, but this week’s Formula 1 Heineken Silver Las Vegas Grand Prix F1 race on the streets of Las Vegas has experienced a dramatic drop in ticket prices in the past week.
It’s a trend that is expected to continue up to Saturday night’s extravaganza which begins at 10:00 p.m. PT and 1 a.m. EST.
According to a report from CNN, ticket prices have dropped 23 percent in just one week, dropping below $1,000 to around $800. In one month, tickets have dropped 50 percent the cheapest tickets sold for $1,645.
Tickets for practice and qualifying have also dropped dramatically and are down 70 percent from last month.
There are many reasons for the rapid decline in interest. Max Verstappen of Oracle Red Bull Racing clinched his third consecutive drivers’ world championship on Saturday, October 7. He clinched the title by earning enough points in an F1 Sprint race for the Qatar Grand Prix, the 18th round of the 2023 season.
Also, F1 Las Vegas organizers probably put up many more seats at too high of a price to sustain such a high level of demand.
When tickets went on sale one years ago, they were selling for around $1,622. This week has seen a 50 percent drop from November 2022.
Thursday’s practice tickets cost $919 last year but have dropped to $119 this year. CNN reported an 87 percent decrease, according to TickPick. Friday tickets for qualifying are now selling at $259, that’s a drop of 76 percent from last year’s price of $1,085.
Many of the F1 team principals and team members expressed surprise that it actually gets cold in the desert at night. Saturday’s temperatures are expected to be 38 degrees during the race, which would make it one of the coldest races in F1 history.
Many expect very high heat, but daily temperatures in the desert can drop 50 degrees from the high temperature to the overnight low.
It’s also the third city in the United States to host an F1 race this year. Miami was in May and Circuit of the Americas in Austin, Texas was in October, both drawing sizeable crowds.
Another major factor is the nouveau F1 fan who was lured into the storyline of F1 by Netflix
Television ratings in the United States have dropped 8 percent this year, but it is also the second-highest average on record for ESPN, according to SportsMediaWatch.
The Las Vegas Formula One race remains one of the most anticipated events in Formula One history because it is the first F1 race held on the Las Vegas Strip.
The major Casinos bought into the Las Vegas Grand Prix, offering luxury accommodations and ticket packages that included room and other perks for a very hefty price, much to the dismay of its regular gambling clientele.
TickPick CEO Brett Goldberg told CNN that ticket prices will “normalize” next year, and are likely drop from the extremely high prices this year.
“With the popularity of the sport on the rise domestically, the investment in the infrastructure, and the spectacle of Las Vegas road races, it was a difficult decision on go-to-market pricing, but the public has spoken this year,” Goldberg said.
But there is also no reason to panic. It will remain a big event this weekend from a domestic and international level.
Goldberg expects that the three-day event “will be well attended” and “it will create amazing visuals and experiences for those in attendance,” noting its distinct track that snakes around the Las Vegas Strip at night.
“If Formula One is able to maintain a long-term view on the race location, this will be a distant memory very soon,” Goldberg said.
CNN reached out to Formula One Las Vegas organizers for comment but didn’t get a response.
Formula One was convinced that a World Championship Race on the Las Vegas Strip was a gamble worth taking.
But as any gambler knows, hot streaks and winning hands don’t last forever.
Despite that, it’s an event worth rolling the dice.