Las Vegas businesses seek compensation from Formula 1, citing significant losses due to a year of construction and the race itself. A group of dissatisfied Las Vegas business owners are demanding reparations from Formula 1, citing profit losses experienced throughout 2023 during the preparations for the Las Vegas Grand Prix.
Las Vegas Grand Prix Sparks Controversy
Formula 1 returned to the city of Las Vegas for the first time in four decades with the Las Vegas Grand Prix in November, featuring a track that winds through the iconic Strip. The Formula One Management (FOM) acted as the race promoter and invested several hundred million dollars in preparing the city for the event.
This led to several roadworks and the development of infrastructure throughout 2023, with some local business owners claiming that the disruptions had a more negative than positive impact.
Local business owner Wade Bohn stated, “F1 needs us; we don’t need F1. We demand compensation for the losses caused by F1, the county, and the LVCVA.”
Bohn asserted that his business’s revenue, which dropped from $8.5 million in 2022 to $4.2 – $4.3 million, was a result of F1’s activities in the area, with the disturbances hindering his clients’ easy access to the business.
“We believe the county is responsible,” Bohn added. “They are using taxpayer money to bring F1 to town.”
“When F1 approached the county, they promised they wouldn’t be an obstacle, that they would be part of the community.”
“What they did was come in, tear everything up, race, and leave. If the loss happens again next year, I will be 100% bankrupt.”
Las Vegas Entrepreneurs Demand Formula 1 Compensation
Another entrepreneur, Randy Markin, voiced his concerns, stating, “We’ve been fooled, we’ve been deceived as a community.”
“This has never happened before. It’s simply become unmanageable.”
Several businesses have collectively sought representation to demand compensation from Formula 1, appearing before the Clark County Commission on Tuesday.
Formula 1 itself estimates that the event generated an economic profit of $1.2 billion for the State of Nevada.
The sport plans to maintain a long-term presence in Las Vegas, but must ensure that the positive aspects of its presence in Sin City outweigh the drawbacks, to avoid further resentment within the local community.
Las Vegas Demands Formula 1 Compensation Las Vegas Demands Formula 1 Compensation
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