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The demand for Formula 1 (F1) seats has plummeted as the inaugural F1 Las Vegas Grand Prix approaches. With more than 10,000 tickets remaining unsold, ticket brokers and private resellers have been forced to reduce their asking prices to well below face value. The average price of a grandstand seat during the race on Saturday, November 18, has dropped by 50% from $2,000 to $1,060. Additionally, tickets for Thursday’s practice run and Friday’s qualifying races have fallen by nearly 60% from $825 to $342.
A detailed analysis by motorsports website Oversteer48.com found that there were 10,000 unsold tickets in certain grandstands alone. The site attributes the lack of demand to the high prices of the tickets, which are the most expensive F1 tickets ever issued. Additionally, they speculate that the waning popularity of Netflix’s “Drive to Survive” F1 documentary series and the World Championship win by Max Verstappen and Red Bull are factors contributing to the decline in demand.
The Survey of hotel room rates conducted by Casino.org on October 27 also found a significant decline in prices, with 13 Strip resorts advertising their availabilities at prices 58% lower than a year ago. An initial allotment of 1,800 standing-room-only tickets for the race quickly sold out last March. Since Ticketmaster’s Verified Resale (TVR) program places an artificial floor on ticket prices, the true measure of their current value can be found on other reselling platforms. On StubHub, for example, identical three-day tickets are being sold for an average of 36% less than through TVR.
Despite the decline in prices, British racecar driver Alex Gassman wrote in a post on Oversteer48.com that he expects prices to continue dropping as the race approaches. He advised people to hold their nerve for a few more days, as panicked sellers may result in even lower prices.
The decline in ticket prices comes just days before the highly anticipated F1 Las Vegas Grand Prix, which is scheduled to take place on November 18, 2023.