Las Vegas Formula 1 prices plummet, more than 10,000 race tickets unsold
Demand for full-priced F1 seats is finally picking up. With less than a week to go until the inaugural F1 Las Vegas Grand Prix, more than 10,000 tickets remain unsold, leading ticket brokers and private dealers to slash asking prices well below face value.
According to CNN , the average price for a grandstand seat during the Saturday, Nov. 18 game has dropped 50 percent since last year, from $2,000 to $1,060. Last month alone, the same ticket dropped 35%, from $1,645 to $1,060, according to TickPick.
According to CNN, the average price to attend the less-than-ideal Thursday practice session and Friday qualifying dropped even more dramatically - nearly 60 percent, from $825 to $342.
The initial allocation of 1,800 $500 general admission tickets to the game last March sold out quickly.
A more detailed analysis by Oversteer48.com, a motorsport website owned by British racer Alex Gassman, showed that as of November 8 there were 10,000 unsold tickets in the Sphere and East Harmon zones alone.
Gassmann wrote: "This is a huge number for an F1 event, especially considering there are a whole bunch of other stands for which I don't have access to data."
Ticket Price
Because Ticketmaster's Verified Resale (TVR) program sets an artificial floor for low ticket prices, a true measure of their current value can be found on other resale platforms.
For example, on StubHub, Gassman found that the same three-day tickets were on average 36% cheaper than on TVR, while the rest of the tickets on TVR were already cheaper than the official price.
The cheapest grandstand ticket Gasman found was $976, 45 percent cheaper than the TVR price of $1,772.
Why downforce?
Gassmann blamed the lack of demand largely on the fact that the tickets are the most expensive ever issued by Formula 1. He also suspects the declining popularity of Netflix's F1 documentary series Drive to Survive after five seasons is also a factor. He claimed it was a victory for Max Verstappen and Red Bull in the 2023 World Championship that virtually ensured their supremacy at the Las Vegas Grand Prix.
"As we get closer to Formula 1, I can only imagine that prices will continue to drop as sellers panic," Gassmann wrote. "If you're looking for a bargain, just hold on for a few more days. You can still get a super cheap Vegas F1 ticket.
"That's what I plan to do."
A survey of house prices during the race weekend, carried out on October 27, showed a parallel decline in house prices. Prices at 13 Las Vegas Strip resorts have dropped 58% since they were first announced a year ago.
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