Emily Prazer and the Formula One Las Vegas Grand Prix: Transforming the Racing Experience
A Strategic Partnership Begins
In 2021, Emily Prazer was tasked with a monumental mission—bringing Formula One to the iconic Las Vegas Strip. Her first step? A conversation with Lauralyn Sandoval, a vice president at Aristocrat, a gaming equipment provider, and spouse of former governor Brian Sandoval. Their connection dated back over a decade to the French Open in Paris, where they bonded over shared passions in sports and philanthropy. Given her background in tennis marketing, Prazer saw Sandoval as a valuable resource in navigating the complex landscape of Las Vegas.
Understanding the Local Landscape
Prazer’s initial foray into Las Vegas was accompanied by a steep learning curve. As F1’s head of commercial development and race promotion, she aimed to tailor the organization’s business model to fit the unique characteristics of Las Vegas. Traditionally, Formula One collected substantial fees from host jurisdictions to secure racing dates, with cities bearing the costs associated with the races. However, during a pivotal lunch meeting at Wynn Las Vegas, Sandoval advised Prazer that a different approach was necessary to gain local support.
A Revolutionary Business Model
Inspired by Sandoval’s insights, Prazer flipped the traditional F1 model on its head. For the Las Vegas Grand Prix, Formula One took charge of all promotional activities. This radical change meant that F1 itself funded the development of the race circuit, including a hefty $30 million investment for repaving the Strip and adjoining roads. Prazer’s approach not only ensured a smoother execution of the event but also fostered a stronger bond between F1 and the local community—a connection that would prove crucial in the years to come.
Building Community Connections
As Prazer prepared for the Las Vegas Grand Prix’s third race scheduled for November 22, her vision extended beyond the immediate economic benefits of the event. Recognizing the importance of local engagement, Formula One opened the Grand Prix Plaza to the public, featuring a mix of entertainment options that cater to a broader audience. This initiative aims to break down barriers and make F1 more accessible to the people of Las Vegas.
Economic Impact and Growth Projections
The Grand Prix has become a significant economic driver for Las Vegas, generating a staggering $934 million in economic activity in 2024 alone, as indicated by an economic impact statement released by Grand Prix executives. This figure, while reduced from the previous year’s total—due in part to the absence of initial construction costs—still showcases the event’s potential. Comparatively, the 2024 Super Bowl, another major event in the area, achieved an estimated economic impact of $1 billion.
Of the 2024 Grand Prix’s economic activity, emergency spending from visitors accounted for $556 million, covering essentials like hotel accommodations, food, and entertainment. With an eye on growing these numbers, Prazer’s team has plans in the pipeline for 2025, including expanded public access to the Plaza.
The Grand Prix Plaza: A Hub for Everyone
The Grand Prix Plaza has been developed as a multifunctional space that embodies the spirit of Formula One while simultaneously enriching the Las Vegas community. This 300,000-square-foot venue, located at the junction of Harmon Avenue and Koval Lane, features a start-finish line, pit row, race vehicle garages, luxury suites, and grandstand seating.
As part of the Plaza’s design, attractions include motion simulators that provide visitors a virtual racing experience, a go-kart circuit, and an interactive F1 museum—making the facility not just a race venue but a destination in its own right.
Moving Beyond Racing: Future Initiatives
Looking ahead, Prazer envisions the Plaza as an ongoing community hub, open for various events, from conferences to concerts outside of racing seasons. The adaptable nature of this facility allows for unique opportunities, potentially transforming the Plaza into a gathering place for Formula One fans and locals alike.
Navigating Challenges and Legal Issues
It’s not all smooth sailing for Prazer and her team. They are currently addressing several lawsuits from local businesses that claim the Grand Prix has disrupted their operations due to road shutdowns and construction. The team has committed to mitigating these disruptions, reducing circuit development from nine months to three, and conducting work at night to maintain business as usual during the day.
Balancing Tradition with Innovation
For Formula One, the Las Vegas Grand Prix symbolizes a unique opportunity to integrate with the local market. Prazer’s leadership not only aims to deliver an exciting racing experience but also to foster a sense of community investment. By offering affordable ticket options and evening race times, the Grand Prix is making strides to appeal to a wider audience, further intertwining itself within the fabric of Las Vegas.
A Vision for the Future
With her innovative approaches and unwavering commitment, Emily Prazer is not just steering the Las Vegas Grand Prix; she’s shaping the future of Formula One in North America. Her belief in Las Vegas as the true home of Formula One drives a collaborative spirit that is expected to yield exciting results for years to come.