Local Las Vegas retail owners suffer due to the impact of Formula 1 race’s road closures
- Many local businesses neighboring the Las Vegas Strip encountered substantial hurdles stemming from road closures and traffic diversions during the Formula 1 (F1) racing event in November 2023, marking the inauguration of a ten-year contract. While this prestigious event may bolster the hotel and gaming industries, its impact on supporting the local community is minimal, further discouraging residents from frequenting the area during peak visitor periods.
- According to the Las Vegas Review Journal, small business owners voiced their discontent with the decrease in business resulting from the event setup. Placer.AI data indicates a notable decline of -23.4% in foot traffic to local strips and neighborhood centers situated on roads affected by closures during the F1 racing week compared to the corresponding week in November 2022. If this trend continues annually in November, it could potentially diminish demand for smaller retail properties in areas surrounding the strip. The uncertain performance associated with leasing such properties may consequently negatively impact tenants' businesses over the next decade.
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