Formula 1 is still looking to squeeze every dollar out of the highly anticipated Las Vegas Grand Prix — but at a more reasonable cost to local establishments.
The racing league plans to charge bars and restaurants located along the 3.8-mile racecourse around $50,000 in licensing fees, per the New York Post. The Post originally reported that F1 would charge $1,500 per patron, sparking outrage and potentially costing the business owners millions.
The fees are standard practice for Formula 1’s other street races in places like Monaco — but bar and restaurant owners felt the circuit was “shaking people down” with threats to put barricades or other viewing obstructions in place if the businesses didn’t pay the fee.
Assuming they pay the newly adjusted fee, bars and restaurants will be guaranteed unobstructed views of the live action, as well as a direct live feed from F1’s cameras.
However, there remains another sticking point for Las Vegas locals: Formula 1 has been repaving streets and making other preparations for the November race — causing huge, consistent traffic jams on and around the famous Las Vegas Strip.
But for all of the headaches and arguments, the LVGP should still be a massive financial success for both F1 and the city. The racing league is targeting $500 million in revenue, while one report suggests the race could generate $1.3 billion in economic impact for the city.
