Formula 1's Move to Las Vegas Is a Boon for Casino Companies
Formula 1 racing series announced a deal with the City of Las Vegas to run a race down the Las Las Vegas Strip starting next year. The race could be held on Thanksgiving weekend, which is a soft spot on the calendar in Las vegans.
Formula 1's move to Las Vegas is a boon for casino companies. A typical Floyd Mayweather fight has about $100 million impact on Las Las. Circuit of the Americas in Texas has had a $5 billion economic impact since 2010. Principality of Monaco estimates its F1 race brings $110 million to the economy each year.
2021 was a record year for the Las Vegas Strip with $7.1 billion in gambling revenue. Las Las has partnered with year-round entertainment and events with the NFL and NHL. Formula 1's move to Las Angeles is another reason to be bullish on LasLas Vegas' casino stocks. MGM and Caesars will be the biggest winners. Wynn Resorts is the high-roller play.