By
Amelia Walker
Senior Content Writer Updated: 27 January 2024
Amelia Walker Senior Content Writer
Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.
It has been revealed that following the inaugural Formula 1 Las Vegas Grand Prix last year, a group of local businesses has approached the Las Vegas Convention and Visitors Authority seeking substantial compensation. This is said to be for the financial losses incurred during the event.
Despite the F1 race, which was held from November 16 to 18 last year, injecting an estimated $1.2 billion into the city’s economy, small businesses along the race circuit have reported significant downturns in revenue. They have attributed this to the disruptions caused by the event.
Lisa Mayo-DeRiso, who is acting as a representative for these local businesses, recently presented the case to the LVCVA in a public meeting.
The proposal involves a $23 million compensation package for approximately a dozen small business owners, including owners of restaurants, gas stations, and stores, which claim to have suffered a huge negative financial impact due to nine months of road closures, traffic diversions, and obstructed access to their establishments.
The F1 Las Vegas Grand Prix was hailed as a major economic success for the city. However, some believe that it has overlooked the adverse effects on some local businesses. The owners of these establishments argue that the race preparations and subsequent infrastructural changes have significantly hindered their day-to-day operations.
One major issue was a temporary bridge constructed on Flamingo Road over Koval Lane, intended to facilitate traffic flow and access during the event. Business owners in the vicinity claim losses amounting to millions because of the bridge.
The bridge was initially built as a temporary measure in October, but it is still in place. This has added to the ongoing problems of affected businesses in the area.
Clark County Public Works is currently assessing the traffic situation before making a decision on whether to propose a permanent structure. However, they have stated that the bridge will be removed after the upcoming Super Bowl on February 11.
Gino Ferraro, the owner of Ferraro’s Ristorante on Paradise Road, wrote a letter to Clark County Commissioners recently, which read:
Who profited? A few hotels? How do we know what the ROI is with all the money that was spent to destroy the Strip, its surroundings, and ultimately, people’s lives?
He claims to have suffered losses of $2.5 million because of the F1 event.
The businesses affected have expressed their willingness to negotiate with the LVCVA, county, and race officials to find a mutually acceptable resolution.
However, there is the possibility of a lawsuit if these discussions do not provide a satisfactory outcome.
LVCVA President and CEO Steve Hill said that the impact on local businesses had been acknowledged and that the authority would be working closely with businesses in a bid to try and reach a satisfactory solution.
However, Las Vegas journalist Andrew Kiraly has questioned why it is down to just the LVCVA to deal with compensation. He stated that F1 or the four big casinos should also be made to pay into a recovery fund.
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