The Formula 1 Grand Prix in Las Vegas is experiencing a significant drop in ticket prices, just a day before the event kicks off. TickPick reports that prices for Saturday night’s main event have decreased by 23% since last week, with the lowest price for a grandstand ticket now hovering around $800. This marks a 50% decrease from last month and a 60% drop from last year’s initial low price of $2,000.
The practice and qualifying sessions are also seeing a steep decline in ticket prices. Grandstand seats for Thursday’s practice session, which sold for $919 last year, are now available for $119, marking an 87% decrease. Similarly, Friday tickets for qualifying races, previously priced at $1,085, are now selling for $259, a 76% drop.
Several factors are believed to contribute to the lack of demand for tickets. The high cost of tickets, the recent World Championship win by Max Verstappen and Red Bull, and the cold weather are all being cited as possible reasons. Additionally, the popularity of Netflix’s “Drive to Survive” F1 documentary series is waning after five seasons.
TickPick CEO Brett Goldberg expressed his belief that F1 may lower the prices for the 2024 Las Vegas Grand Prix grandstand seats in response to the public’s feedback. Despite the plummeting prices, Goldberg remains optimistic about the turnout for the three-day event, stating that falling prices are indicative of supply meeting demand. Approximately 105,000 visitors are expected to attend the race at 10 p.m. on Saturday from a ticketed location.
The decrease in ticket prices just before the event has raised questions about the potential impact on attendance and the overall success of the Grand Prix. Whether the lower prices will indeed lead to increased attendance and a successful event remains to be seen.