When Formula 1 announced the Las Vegas Grand Prix, the reaction of most racing fans was primarily the sticker shock at the prices of the available tickets. The race was on pace to sell out, but sales have slowed as excitement for the lavish event has tempered. Unsurprisingly, prices have started to plunge to meet the new level of demand and fill out stands.
It isn’t an exaggeration to say that some ticket offerings for the Las Vegas Grand Prix were competing to be the most expensive in the entire history of spectator sports. General admission was $500. Casinos were offering packages with hotel rooms and event tickets for up to $100,000. Wynn Las Vegas was on the highest shelf with a $1 million ticket package that included hospitality box seats and a three-bedroom duplex suite.
Ticket prices for the Saturday night race have dropped 35 percent over the last month, CNN reports. The startling decreases are compounding with previous drops since the race was announced. Grandstand seats that were $2,000 on average last year are now available for $1,060.
The tempered expectations might be the result of the rocky preparations for the race. The casinos jockeying with each other to attract race guests and forcing F1 to fence out venues that didn’t contribute has left a bad taste in everyone’s mouths.
Formula 1 has also commandeered the Strip for roadworks to ensure the streets are safe for competition making Vegas feel less like a casino mecca. The Mirage’s volcano will be inactive until December. The Bellagio has turned off its spectacular fountains for the race. The pieces are finally coming into place with only a week to go, but it’s still not entirely clear if this will be the spectacle promised by organizers.
