Small Businesses Want Compensation from LVCVA for F1 Las Vegas Grand Prix Impact
Las Vegas, NV – Small businesses are advocating for compensation from the Las Vegas Convention and Visitors Authority (LVCVA) for the economic losses they suffered due to the inaugural F1 Las Vegas Grand Prix. The race, which took place from November 16-18, promised to inject $1.2 billion into the local economy, but businesses claim that they did not benefit equally.
During a public meeting with the LVCVA, local business advocate Lisa Mayo-DeRiso urged the organization to pay $23 million to a dozen restaurant, gas station, and store owners located along the race circuit. These businesses argue that they suffered from nine months of road closures, traffic diversions, and blocked entrances.
Some of these business owners have also scheduled meetings with the LVCVA, county officials, and race officials in an attempt to avoid a lawsuit and reach a satisfactory solution.
Owner of Ferraro’s Ristorante, Gino Ferraro, criticized the impact of the race on his business, stating that it cost him $2.5 million in revenue and $500,000 in profits. He questioned who truly profited from the race and its effects on the Strip and surrounding areas.
One of the major concerns raised by businesses is a temporary bridge on Flamingo Road that is obstructing traffic flow and resulting in significant revenue losses for establishments in the area. The bridge, which was initially meant to provide access to resorts and businesses within the race circuit, is causing detours that are negatively impacting businesses.
Responding to the businesses’ concerns, LVCVA President and CEO Steve Hill acknowledged that certain businesses were disproportionately affected by the construction required for the event. He stated that the LVCVA is in discussions with businesses near the Flamingo-Koval intersection to address their concerns and create potential solutions for future races.
However, some are questioning why the burden of compensation falls solely on the LVCVA. Longtime Las Vegas journalist Andrew Kiraly suggested that F1 or the big casino companies should also contribute to a recovery fund to cover the impacts of large events on local businesses and residents.
The discussions and negotiations between the LVCVA and affected businesses are ongoing as they seek to find a satisfactory resolution for the economic losses suffered as a result of the F1 Las Vegas Grand Prix.