The demand for F1 seats at their original price points has dropped dramatically as the inaugural F1 Las Vegas Grand Prix approaches. With less than a week left until the event, over 10,000 tickets remain unsold, leading ticket brokers and private resellers to reduce their asking prices to well below face value.
According to CNN, the average price of a grandstand seat during the race on Saturday, Nov. 18, has dropped by 50% from last year, now sitting at $1,060. In the past month alone, the same tickets fell by 35%, from $1,645 to $1,060. The prices for Thursday’s practice run and Friday’s qualifying races have declined even more dramatically, falling by nearly 60% from $825 to $342.
An analysis conducted by Oversteer48.com found 10,000 unsold tickets in the Sphere and East Harmon Zone grandstands alone as of Nov. 8. This is a significant number for an F1 event, especially considering other grandstands for which data was not available.
The lack of demand for tickets has been attributed to the high prices, which are the most expensive F1 has ever issued. Additionally, the waning popularity of Netflix’s “Drive to Survive” F1 documentary series after five seasons and Max Verstappen and Red Bull’s 2023 World Championship win, which practically guarantees their dominance at the Las Vegas Grand Prix, have been speculated as factors.
As a result, sellers are panicking, and prices are expected to continue coming down as the event approaches. Gassman suggested that waiting a few more days might lead to securing a super cheap F1 ticket for the Vegas event.