Las Vegas is feeling the impact of the F1 Grand Prix in more ways than one. While restaurants and casinos are not the only businesses affected, they are the only ones taking legal action. The operators of production shows in Las Vegas are also experiencing financial losses due to the event.
Unlike other major events like the Super Bowl and National Finals Rodeo, the F1 Grand Prix takes over the main streets of Las Vegas, making it difficult for tourists and employees to reach the resorts on the Strip. As a result, ticket sales for shows have plummeted, leading to significant operating losses for producers.
Many producers have decided to cancel their shows during the F1 Grand Prix weekend, including Cirque du Soleil, Shin Lim, Carrot Top, and Spiegelworld. The V Theater in the Miracle Mile Shops has also canceled all its shows for the week. The only major acts performing this weekend are David Copperfield and Adele.
While Strip resorts will see increased room rental revenues from the F1 event, show producers are not as fortunate. Producers typically share costs and profits with the resorts, but the F1 Grand Prix has significantly impacted their bottom line. Last year, F1 cost entertainment companies like Spiegelworld hundreds of thousands of dollars in lost sales.
Despite calls for F1 to compensate businesses for their lost revenue, no action has been taken so far. Only smaller establishments like Ellis Island and Ferraro’s have taken legal action against F1. Entertainment producers have not yet pursued this route, but the financial impact of the F1 Grand Prix on their businesses is significant.
Overall, the F1 Grand Prix in Las Vegas is causing disruptions and financial losses for a variety of businesses, including show producers. As the event continues to dominate the city’s main thoroughfare, the future impact on Las Vegas’ entertainment industry remains uncertain. The lack of compensation for lost revenue raises concerns about the long-term sustainability of entertainment businesses in the city during major events like the F1 Grand Prix.
