LAS VEGAS (KTNV) — The Formula 1 Las Vegas Grand Prix race is now in our rearview mirror. However, some locals still deal with ripple effects from the event and its preparations.
This includes Wade Bohn, the owner of Jay’s Market on Flamingo Road and Koval Lane. It’s adjacent to the temporary bridge built to control traffic from the F1 construction, but there are talks about making this bridge permanent.
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“We call it the F1 disaster,” Bohn said. “It has affected my business with all the construction. Over the last year, I am down over $3 million in sales.”
Jay’s Market is a convenience store with a Shell’s gas station. Bohn said he’s been in business at the same location since 2006.
According to Bohn, the store lost more in revenue during the last year than during the pandemic. He’s even had to cut his staff from 12 employees to 5.
Bohn said if F1 has the same impact on his business next year, he may have to close shop.
“Everything bypasses me on Flamingo,” he said. “My customer count runs about 550 a day where it used to be somewhere between 2 to 3 thousand.”
While Bohn has business insurance, it will maybe only cover about a third of his losses.
Uber and Lyft driver Dean Leaburg said the event wasn’t the financial boost he expected either.
“It was less than a typical weekend,” Leaburg said. “We had no opportunity to make up the lost income that we’ve lost for the last six months.”
Formula 1 officials claimed the inaugural race boosted the local economy by an estimated $1.2 billion.
University of Nevada, Las Vegas economics professor Stephen Miller said it’s still too early to know the full economic impact of the event. But there is evidence suggesting the event wasn’t a complete financial success.
“When rooms went on sale, the prices were astronomical, and over time, they trended downward,” Miller said. “Downward in price suggests that maybe the initial demand was overblown.”
Miller anticipates there won’t be as much construction activity in preparations for future F1 races in the city. But small business owners like Bohn hope the event doesn’t stay for the long run.
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“Doesn’t [Las Vegas] do well already?” Bohn said. “Vegas is its own beast that can generate income from nothing all the time. We don’t need F1.”
In a statement, a spokesperson for Clark County said:
“Clark County will be holding after-action meetings with internal departments and partner agencies, including the Las Vegas Grand Prix team, following the Thanksgiving holiday to debrief on the event to understand what went well, what could be improved upon, and what might need to change next year. Additionally, the economic impact won’t be known in full until January, and the County will be better able to engage in the success of the race at that point.”
