Taxpayer Funding of F1 Las Vegas Tickets Draws Criticism and Excitement
The upcoming F1 race in Las Vegas is generating buzz among locals, but also controversy over a proposed use of taxpayer dollars to purchase $7 million worth of tickets for wealthy visitors.
The potential revenue return from the event is seen as “simple math” by some, but others feel that the money could be better spent on more beneficial endeavors.
Despite concerns from taxpayers, workers are working around the clock to prepare for what could be the largest economic event in Las Vegas history.
The event is expected to put the city in the global spotlight, which has many excited.
However, the cost of attending the event is a constant complaint among locals, and the proposed use of taxpayer dollars to purchase tickets for largely wealthy partners has been criticized.
In response, Lori Nelson Craft, VP of Communications for the Las Vegas Convention and Visitors Authority (LVCVA), defended the use of taxpayer dollars, stating that it is the organization’s mission to market Las Vegas around the world.
The proposed ticket purchase includes $4.2 million for complimentary tickets for those who spend in the city year-round, and $2.8 million worth of tickets for local property police VIPs.
While some are concerned about the use of taxpayer dollars for the event, financial advisor Jason Balcom believes that the potential revenue return from the event justifies the investment.
Bringing in big spenders, even with a tax-funded ticket, could help achieve the expected impact of $1.2 billion for the three-day event.
The LVCVA board is set to meet on Tuesday to potentially approve the ticket purchase near the strip.
The F1 race is scheduled to take place later this year.
