Las Vegas (deposiphotos.com)
Disgruntled Business Owners Pursue Compensation from Formula 1 Over Las Vegas Grand Prix Impact
Several business owners in Las Vegas are seeking compensation from Formula 1, attributing profit losses to disruptions caused by road works and infrastructure development in the lead-up to the 2023 Las Vegas Grand Prix. F1 returned to Las Vegas after a four-decade hiatus, investing significant funds in preparing the city for the event. However, some local business owners claim that the disruptions had a more negative impact than positive, affecting customer access and leading to financial losses.
The business owners argue that the county, which used taxpayer dollars to bring F1 to town, should be held responsible for the losses incurred. They contend that F1’s promises to be a positive part of the community were not fulfilled, and the disruptions caused by the event had a detrimental effect on their revenues. The business owners jointly sought representation to pursue compensation from Formula 1, presenting their case before the Clark County Commission.
The discontent among local businesses had been brewing in the lead-up to the Las Vegas Grand Prix, with skepticism about the high-cost nature of the event and concerns about the impact on the local community. While F1 claims that the event generated an economic benefit of $1.2 billion for the state of Nevada, some business owners insist on compensation for their losses. The situation highlights the challenges of hosting major events in urban areas and the need for balancing economic benefits with the interests of local businesses and residents.