One of the most expensive F1 races will soon be held in Las Vegas, the heart of the USA. Just like any other Sport, the craze of F1 is insane; it's a dream of many to drive one. To better understand how vital this F1 race is, we need to understand what F1 races are all about.
F1, aka Formula One races. The top division of worldwide racing for open-wheel single-seater formula cars is called Formula One, and it was authorized by the FIA. It was first held in 1950, with 20 drivers and 20 teams in it. Some of the remarkable teams are Red Bull and Mercedes.
These races are a component of the annual FIA Formula One World Championship, which was held on a variety of street courses and international circuits.
The cars which race are some of the fastest in corners, not road-legal & cost millions of dollars. Drivers of these Race cars face extreme G force during the race. Know more here.
So now that we know what F1 is, let's get to know why F1 in Las Vegas is important.
Vegas is well known for its main strip of 6 kilometres; that’s where this F1 race will pass along; the 17-turn street circuit passes by well-known sites like the Venetian, Caesars Palace, and the Bellagio. This will be a once-in-a-lifetime experience. There are many renowned locations like Monaco, but this is Vegas. Through this, F1 will also gain more popularity in the USA, increasing its fanbase. There were 30+ designs made before finalizing the layout, which proves how different this F1 is. This F1 will bring tremendous benefits to Vegas and the overall US economy.
Let's divide benefits into three categories: economy, environment and community.
Economy,
As per official website, check here.
It is believed that the Las Vegas Grand Prix will create a $ 1.2 billion economic impact. Creating 7,500 jobs in just one year.
There will be Non-profit benefits, and a $ 5 million project sales tax will be distributed to local schools. $ 1 million in cash contribution to local schools will also be given.
Environmental,
They aim to achieve a net zero carbon commission by 2030, and we know that these races are not environmentally friendly. As awareness for sustainability is increasing, F1 has made sure it does not involve any negative publicity; therefore, there are many Environmental precautions taken by F1 management. Here are some, The basic one is they have removed single-use plastic to eco-friendly alternatives. Apart from that, they are procuring NEVADA renewable energy certificates, aka RECs. They are also pursuing a lead certificate for the pit building. These certificates will help the F1 race in Vegas be more environmentally friendly and also help set a good image in the public eye. They will also be implementing food reuse plans and water conservation activities.
Community,
The Las Vegas Grand Prix Foundation uses the power of motorsport to impact Southern Nevadans positively in a long-lasting way. The Las Vegas Grand Prix and the Las Vegas Grand Prix Foundation are dedicated to allocating resources that directly address some of the most pressing issues facing local families and communities. Together, they have raised nearly $1 Million in pre-race contributions for organisations and programmers throughout the state. Look for partners here.
Apart from these benefits, hotels will have full bookings and will generate additional revenues for it. The casino will be full all night, and there will be publicity of the city itself and hotels as well. Hotels like MGM & Caesars Palace are showing prices around $1,000, even for a normal room.
Although the Las Vegas Grand Prix is sure to be an exciting event, there are worries regarding its potential environmental impact. The carbon emissions and fuel consumption of Formula 1 races are well-known, which contradicts the sport's recent pledge to achieve net-zero carbon emissions by 2030.
In addition, the lavish expenditures of the event on opulent hotels and casinos—where room rates sometimes approach exorbitant levels—might be perceived as a sharp contrast to the notable economic inequalities and inequity that continue to exist in the larger community.
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