Background and Initial Steps

In 2021, Emily Prazer was tasked by Formula One to assess the viability of establishing a presence on the Las Vegas Strip. Her journey began with a meeting with Lauralyn Sandoval, a well-connected vice president at Aristocrat and spouse of former Governor Brian Sandoval.

Their long-standing friendship, initiated over a decade ago at the French Open, played a crucial role in facilitating productive discussions aimed at integrating F1 into the local tourism and business sectors.

Innovative Business Model

Prazar, formerly F1’s Head of Commercial Development and Race Promotion, quickly realized that the traditional business model utilized by Formula One would require adaptation to succeed in Las Vegas. Unlike other markets, F1 assumed responsibility for promotional activities and the development of the racing circuit, marking a significant departure from its usual approach.

During a pivotal meeting at Wynn Las Vegas, Sandoval proposed a tailored approach to engage Las Vegas stakeholders effectively, consequently influencing Prazer’s strategy to reshape F1’s operations in the city.

The Las Vegas Grand Prix

The Las Vegas Grand Prix stands out as the sole race on the Formula One circuit where the organization manages all promotional and operational aspects. This includes a substantial investment of $30 million for repaving the Strip and adjacent streets to create an optimal racing environment.

As the CEO of the Las Vegas Grand Prix since January, Prazer is focused on creating strong community links. One initiative includes the opening of Grand Prix Plaza to the public, offering diverse race-themed events and attractions.

Economic Contributions

According to a report from Applied Analysis, the 2024 race generated $934 million in economic activity within Southern Nevada, showcasing the Grand Prix as a vital component of the local economy. This figure is a considerable drop from the inaugural race, which benefitted from additional construction activities.

• $556 million in visitor spending from the event, encompassing hotel stays, dining, and entertainment.
• $45 million in tax revenues for local and state authorities.
• A projected growth in economic impact for the upcoming 2025 event, aided by increasing public engagement initiatives.

Grand Prix Plaza and Community Engagement

The $500 million, 300,000-square-foot Grand Prix Plaza is not only a hub for racing but also a venue for public events. It features attractions such as motion simulators and go-kart racing circuits, creating an interactive experience for fans.

Prazar’s strategic vision includes offering the Plaza for corporate events, enhancing its utility beyond the Grand Prix. This adaptation aims to educate visitors about Formula One while capitalizing on Las Vegas’s status as a global tourist destination.

Future Prospects for F1 in Las Vegas

Prazar emphasizes that the Grand Prix Plaza’s unique structure distinguishes it from other Formula One venues worldwide, positioning Las Vegas as a key hub for the sport in North America. Ongoing collaborations with teams in London reflect a commitment to integrating the Las Vegas race more closely with the overall Formula One operations.

Adapting ticket pricing to attract a wider audience and improving event accessibility are among Prazer’s strategies for enhancing the race experience. This includes offering special ticket pricing for various race activities.