The hype around the first Formula 1 Grand Prix race Las Vegas has seen in 40 years is starting to fade, and hotel room prices are dropping precipitously as a result.
With the F1 championship already wrapped up by driver Max Verstappen this year, interest around the November 19 event on the Vegas strip has dwindled.
The average hotel room price is around $283 a night, according to Kayak data cited in a CNN report — down nearly 25% from a month ago.
Ticket prices for the event have swooned too. The average “get-in” price for the race has fallen from $1,645 to $1,060 for grandstand seating, according to data from TickPick.
Another factor sinking enthusiasm could be the effect of construction on the Vegas strip. Notably, the Bellagio fountain has been turned off and Mirage’s signature volcano is closed.
Even so, some 100,000 are still expected and the race is expected to generate $1.3 billion, according to F1.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel