My weekend at the first F1 Vegas Grand Prix
Three Things I Learned in SaaS, Sports, Tech & Live Events 11.22.23
Three Things I Learned in SaaS, Sports, Tech & Live Events:
Formula 1 Las Vegas Grand Prix
Last week, I had the chance to catch F1 Vegas. We were very well set up by our friends and partners at Resorts World Las Vegas and Quint Events (F1 Experiences). A major Thank You.
Here's what I learned and saw:
There really are narratives around events. Some are true. Many are not. Ignore the noise.
I arrived in Las Vegas on Thursday and attended the now-infamous practice round, which lasted eight minutes. I work in sports and my job is to keep up with the press around events. It was all negative, and it shaped how I was welcomed to Vegas.
Media hit after media hit highlighted how empty Vegas was, how much of a nuisance it was to get around, and how everything was blocked. This was going to be "one of the biggest flops in sports history"- this was actually written by a friend, no less.
When I got to the airport, everyone was parroting the same thing: Hotel room prices were plummeting, and so were tickets. It was a disaster.
Only it wasn't. And it never was.
It was easy to get around. I had no trouble going from RWLV to the MGM to the Flamingo to the Cromwell and then to our hospitality and back to RWLV the first night. And every one of them was packed on a Thursday night in late November.
I live in Southern California and travel to Vegas often during down seasons (more on that in a bit). We work with nearly all the major casinos and teams in town. I'm there ALL the time. I've seen it empty. I've seen it packed. The casinos in and around action? They were packed.
Since the event, most of the detractors have walked back their analysis to the truth: the high-end events and casinos were full, the locals were kept away, and their hangouts were empty.
Our VP of Sales had a meeting at the Wynn on Saturday before the races. He tried to get a table at every bar/restaurant in the resort - even the small ones we mostly walk by - and the shortest wait was over an hour. It was slammed.
The bones are there for a phenomenal event.
I've been to a lot of "firsts" events. I thought of one in particular all weekend: The first Stagecoach Music Festival.
Stagecoach was Empty. Capital E. We showed up after the gates were already opened, parked right in front of the entrance, walked in, and set up our chairs about 50 yards from the main stage. We had plenty of room. We could walk back and forth to the food vendors, and there were no lines.
Now look at Stagecoach.
What happened?
The bones were there. The time of year was great. The location, in the desert, is even better. Stagecoach had some things to figure out, as all events do, but they were minor. We left knowing our days there were likely numbered as the word would get out.
Vegas looked great. It was easy to get around- especially during the day. There are plenty of VIP options. The paddock was a huge win and many of the learnings there will be applied to other offerings.
This event is going to be a monster.
The time of year actually makes sense.
I have a tight group of friends who travel together to sporting events. We mostly go to UFC fights, but many of them are big F1 fans. The texts started flying the day F1 announced they were going to Vegas: "We’re going."
Except that didn't happen. Once the date was announced, the group fell off quickly. The weekend before Thanksgiving? That's a terrible time, especially for those of us with families. I thought the same.
Until I saw what happened. The weekend before Thanksgiving is notoriously slow in Las Vegas. As is much of December - we attend the December UFC card most years.
F1 changed that.
The weekend was a massive win for the resorts. You know, the ones who were so put out by all the construction and trouble? They're gushing with praise for the event.
Did it sell out the smaller fringe resorts? No.
But it sold out the big resorts. And they loved it.
The event part of live events matters the most
The event itself is the most nerve-racking aspect of taking customers to an event. The pomp and circumstance can be second-to-none, but if the event stinks or the weather sucks, it doesn't matter.
And my goodness, did the race deliver!
The track looked like a Mario Kart level on television. The race featured more exciting passes than I can remember.
Firsts make properties.
F1 Vegas couldn't have drawn up a better first than this race.
Vegas knows how to put on a show. They will iterate on this year's event to make next year even better by making it more accessible to locals, moving the start times to prime time, and leveraging the wins in the Paddock to build out the experience for the rest of the track.