2024 Las Vegas F1 Impact Just Under $1 Billion
The overall economic impact for the second edition of the Formula One (F1) Las Vegas Grand Prix came in at $934 million, according to figures from Applied Analysis reported by the Las Vegas Review-Journal March 4. That total includes visitor spend, F1 infrastructure investments and event operations.
The race was the second-biggest event of 2024 for Las Vegas, behind Super Bowl LVIII, which generated $1 billion. The first edition of the race in 2023 generated $1.5 billion, but $500 million of that is attributed to F1’s purchase of 39 acres and its development of the Grand Prix Plaza building.
In terms of visitation, the 2024 race drew an announced crowd of 306,000, with 175,000 unique visitors for the race. The average stay was 3.7 nights and the average spend on non-race costs was $2,400. Room occupancy came in at 87 percent, up from 80 percent in 2023.
Event-related spending generated $45 million in state and local tax revenue. 2025 will be the last year of the F1’s initial three-year deal with the city, but officials on both sides are confident an extension will be reached before the end of the year.
“It’s certainly the event that generates the most tax revenue by quite a lot for the ongoing events that we have, by multiples,” Steve Hill, president of the Las Vegas Convention and Visitors Authority, told the Review-Journal. “That revenue virtually touches every tax revenue source that we have, state government, local government, local entities and including us at the LVCVA and the (Las Vegas) Stadium Authority.
Report: NY Casino Bidders Spent Millions Lobbying in 2024
In 2024, six of the top 10 biggest spenders in New York City government lobbying were groups vying for three available downstate casino licenses, according to a March 4 New York Post report citing data from the City Clerk’s Office.
Overall, casino interests spent a combined $6 million out of a total of $138 million. New York Mets owner Steve Cohen, who proposes a casino complex at Citi Field, spent $2 million, the most of any casino interest.
Genting, which hopes to expand its existing racino, spent $990,000, and Bally’s Corp. rounded out the top three at $914,000. Bally’s is proposing a casino at its golf course in the Bronx. The four other casino interests listed also spent more than $100,000. Bids are due in the summer and the licenses will be awarded before the end of the year.
YouTube Latest to Crack Down on Illegal Gambling
Social media platform YouTube March 4 announced that it will now ban content that attempts to drive its users to unregulated or black market sports betting and gambling platforms.
Per CNN, YouTube will “no longer allow content that directs users to ‘unapproved’ gambling websites through links, images, text, logos or verbal references. YouTube defines unapproved gambling sites as those that don’t meet local legal requirements and haven’t been reviewed by YouTube or parent company Google.”
YouTube spokesperson Boot Bullwinkle also told CNN that the platform will begin to age-restrict content related to online casinos. Those under the age of 18 who are not logged in will be unable to see content about online betting sites.
Whiskey Pete’s Granted Waiver for Multi-Year Closure
Whiskey Pete’s Hotel and Casino in Primm, Nevada on March 4 was granted a two-year licensing waiver by the Clark County Commission, with the possibility of two additional six-month extensions. The truck stop that shares a license with the property will remain open, but owner Affinity Interactive said that it was not economically feasible to keep the casino running. Affinity also owns Buffalo Bill’s and Primm Valley Resort nearby.
When petitioning the county for the waiver, the company penned a letter explaining that the traffic at the Nevada-California state line had fallen to the point that it could not support all three properties.
“The positive news is that, expected development of an airport and ancillary businesses has created the prospect of a resurgence for the area in the coming years,” the letter said. “However, in the interim, it is not feasible to keep all three casino properties staffed, supported, and open to the public on a full-time basis.”
Indiana Regulator Seeks Study for Potential Casino Relocation
After a proposed relocation of a casino from Rising Sun, Indiana to New Haven was killed earlier this year, a bill is working its way through the state legislature that would allow the Indiana Gaming Commission to seek a market study on the potential impacts a relocation might have.
According to WANE, if the bill is passed, the study must be completed by September 30, 2025, and it must include the following:
1) Projected annual gaming revenues and corresponding tax revenues.
(2) Impact on other casinos in the state and corresponding tax revenues.
(3) Patronage and gaming revenues from out of state visitors.
(4) Impact of a casino on the region’s tourism industry.
(5) Impact on the horse racing industry.
(6) Impact assessment of a potential tribal casino in the region
(7) Impact of a potential tribal casino on revenues.
Saratoga Partners with SC Gaming for Nittany Mall Casino in PA
After the departure of Bally’s Corp. last year, Saratoga Casino Holdings will now step in as the partner and majority owner of the $120 million casino currently being built by SC Gaming inside the Nittany Mall in State College, Pennsylvania. The agreement is pending approval from state regulators.
Construction began on the project earlier this year and is due for completion in early 2026. It is expected to feature 750 slots, 30 tables and a sportsbook. The project has been controversial and has faced delays and setbacks for years, but ultimately the license was granted in 2023 and legal challenges were dropped last year. Due to its proximity to Penn State University, opponents fear the potential impact it may have on students.
Tropicana AC Official: Homelessness Problem Growing
At a Feb. 28 Atlantic City Safe and Sound Meeting, Chris Downey, vice president of casino operations for the Tropicana, said his property is struggling with increased security needs related to homelessness.
“Over the last six weeks or so, we’ve been completely overrun here,” he said during the meeting, per the Press of Atlantic City. “We’re evicting about 20 people a day, so we’re really fighting a rising tide here. In fact, we evicted 13 Friday morning alone.” He added that after individuals are removed from the casino, “They are back within 15 to 20 minutes. They are getting more aggressive and refusing to leave. It’s becoming a challenge.”
In 2011, the Clean and Safe Fund was established, a state program funded by casino taxes to help with public safety expenses, beautification projects and more. The city council in April is expected to vote on a rental assistance program that would help provide housing to homeless people for up to two years.
Historic Downtown LV Hotel Could Soon be Sold
The estate of late Zappos CEO Tony Hseigh told the Las Vegas City Council March 5 that it has found a buyer for the Western Hotel and Bingo Parlor in downtown Las Vegas, which has been closed since 2012. A purchase and sale agreement is reportedly in place, but the estate did not disclose the buyer.
The hotel-casino opened in 1970 and was last sold to Hseigh for $14 million in 2013, per the Las Vegas Review-Journal. Hseigh’s estate went before the council to ask for an extension to the property’s tavern license—its gaming license has already been extended to 2026.
NC Bill Would Allow Gambling Loss Deductions
House Bill 14, a North Carolina bill that would allow state bettors to deduct gambling losses from state income taxes, capped at winnings, made it past a House subcommittee March 4 and will now head to the House Finance Committee, per NC Newsline.
Sponsors maintained that the change would align the state’s policy with federal policy, with Rep. Keith Kidwell saying that the bill is not about gambling but rather “about fairness to taxpayers,” per Newsline.
Maryland Casinos Generate $155.2 Million in Gaming Revenue During February
Maryland’s six casinos combined to generate $155,150,298 in revenue from slot machines and table games during February 2025, a decrease of $4,076,380 (2.6 percent) compared to February 2024.
Casino gaming contributions to the state during February 2025 totaled $65,225,418, a decrease of $2,569,575 (3.8 percent) compared to February 2024. The February 2025 contributions included $47,094,585 to the Education Trust Fund, a decrease of $1,808,122 (3.7 percent) compared to February 2024.
The top revenue-generators were MGM National Harbor ($66.9 million, up 0.1 percent), Live! Maryland ($57 million down 3.9 percent) and Horseshoe Casino ($14.1 million, down 5.8 percent). For more details, CLICK HERE.
