2024 Summer Issue of Urban Land - 64

movement and maintain access to businesses
encompassed by the circuit footprint.
Did Formula 1's gamble on Las Vegas pay
off? The total economic impact on the city
and the region was just under $1.5 billion,
according to a study conducted by Applied
Analysis. More than 316,000 fans attended
during the race weekend, including 145,900
unique visitors to Las Vegas. According to
Wilm, these visitors spent 3.6 times more
money than typical Vegas traveler, totaling
$884 million in spending over race week.
" From the analysis that we did, they met or
The sprawling Circuit of
the Americas outside
Austin hosts the annual
U.S. Grand Prix in
October and is designed
to be a multipurpose
entertainment facility,
including a 14,000-seat
concert venue,
observation tower, and
soon an amusement park.
exceeded expectations from an economic and
fiscal standpoint, " Aguero says. He noted that
more than $77 million in taxes were collected
as a result of the race. " That's just unbelievable,
and the upside potential of the investment
is pretty significant, both for Las Vegas
and for Formula 1. "
The key ingredient for success was public/
private partnership, according to Aguero. " It's
a triumph of these folks figuring out how to
get things done, and it wasn't easy. It was
frustrating for residents, for public officials,
and for Formula 1. The ability to pull off a
global spectacle in 16 months that transformed
one of the most iconic locations in the
world was just an amazing feat and nothing
short of remarkable. "
Miami's vice
Formula 1 held its first race in South Florida
in May 2022 at the purpose-built Miami International
Autodrome circuit on the campus
of the NFL Miami Dolphins, located in Miami
Gardens. The race was the vision of Dolphins
owner Stephen Ross, chairman of The Related
Companies (the brains behind the huge
Hudson Yards development in Manhattan),
and Dolphins CEO Tom Garfinkel.
The event was held again in May 2023,
and according to Aguero, the local economy
benefited by $449 million from 2023's race,
an increase of 29 percent from 2022, which
brings a total impact over the race's first two
years to $798 million. Visitor spending in the
Greater Miami region during race week 2023
topped $195 million, and total attendance
was up nearly 15 percent over 2022. The race
also provided employment opportunities, with
salaries and wages reaching $150 million-an
64
URBAN LAND SUMMER 2 024
CIRCUIT OF THE AMERICAS

2024 Summer Issue of Urban Land

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