Formula 1 Las Vegas Megathread

Tldr, popular restaurant lost 2 million. Employees lost 20% of their income. Customers and workers alike were miserable.

No doubt locals that would normally go to a spot like Ferraro’s stayed away due to the construction and traffic. Feel bad for them, it’s hard enough running a restaurant as it is.

I wonder how much ordinary tourist gambling traffic everyone lost, because they had either heard, or knew, everything on the Strip was FUBAR. Than it starts all over again, probably in the summer.

Las Vegas police arrest more than 70 in sex trafficking operation during Grand Prix week

Video description: Police arrested more than 70 people and identified more than 200 victims in a sex trafficking operation during the Las Vegas Grand Prix.

When a professional economist analyzes the impact and projects 1.3 billion or whatever you don’t think they take all factors into account?

But a handful of random Joes who decide to stay home compared with hitting a few bar slots might round down to zero anyway

Depends who is paying the professional economist to arrive at their conclusion.

Yes, I do. Do I think there's a good chance they will lie if the numbers make the overlords look bad? Absolutely.

Lol yeah it’s all one big conspiracy, except there’s a very long track record of similar projects and their verified impacts. These were posted earlier.

But please continue with the anecdotes about how Caesars missed out on pig4bills $300 dinner because he couldn’t get a taxi when there’s huge whales dumping millions at Wynn and other casinos. Do the math on how many small fries need to be turned away to negate one single whale.

What is the difference between a professional economist and a non-professional one?

Those getting paid to do the study are pros

The people in here saying “nut uhhh” without showing any type of work or providing counter estimates are the non pros

I think that works for now

I mean estimates don’t seem crazy to me given the inflow of people and demographics but feel free to show your numbers and work. You are the ones going against the experts so the onus is on you.

So if you pay your truck driver neighbor to fix your broken leg he's a surgeon but if a MD does it pro bono he's not?

No idea what the real financial benefit for Vegas was, I assume it was at least decent. But all those economic impact studies use absurd assumptions benefiting the people who pay for the study. That's the reason why studies that support public funding for sport stadiums always produce exaggerated numbers that have nothing to do with reality.

Oh good we get to "debate" whether destroying successful local businesses and well paying jobs to benefit a couple transnational corporations is a good thing or a bad thing.

Oh good, none of that happened

Show your work on your estimated economic impact

But the easiest to define are the none pros with their great argument of “nut ahhh!!”

Are those successful local businesses part of any S&P 500 ETFs?

I don't have to, there's plenty research out there on the abuse of economic impact studies regarding sporting stadiums/events. Aside from made up / exaggerated numbers those studies usually claim an improved economic welfare through additional income. People doing those studies use that "extra money" to assess economic impact even though they've probably learnt in undergrad micro-/macroeconomics that's not an adequate indicator.
In simpler words: Not only do they lie about the numbers they also lie about who benefits from them because "that money helps everyone" sells way better than "that money helps a couple rich people".

But again, I don't dispute that F1 brought a decent amount of additional regional income. I'm just saying the studies usually both exaggerate the numbers and lie about who benefits from it.

I studied economics at the University of Chicago, took a course from a Nobel Prize winner in economics and received a BA degree in politics, rhetoric, economics and law. I thereafter studied economics at Yale University, taught by another fellow who afterwards received a Nobel Prize in economics. I received an MBA.

HOWEVER, none of that sufficed to make me an economist, professional or otherwise.

Sometimes, I like to dress up in a Brooks Bros. suit, smoke a cigar, walk around the house and lecture our dogs on the Laffer Curve; doesn't make me Milton Friedman, Bengt Holmstrom, or a better poker player, never will.

Aren't lawyers supposed to wear Brioni?

And no, your MBA doesn't make you an economist. Same goes for mine.

Funny that you bring up the Laffer Curve because that's the prime example for a misapplied theoretical economical concept. Reaganomics simply claimed the US was to the right of the peak of the curve so slashing max income tax was the way to go. When that didn't work out people were like "sorry, looks like we just misjudged where the peak is". Today we know that if anything, the curve is actually asymmetric and the US is far to the left of the peak with the max income tax rate to maximize tax revenue around 70%.

Kind of sick of me to say this...but going east-west along Flamingo, it's been nice not having to stop that stupid long stoplight at Koval anymore because of the bridge.

But I certainly understand the business owners frustration and they should be adequately compensated if others were enriched at their expense (which is what happened; lol at anyone saying otherwise). And I am far to much of a pessimist regarding the people who "run" this city to believe the bridge will come down after the Super Bowl.

Instead of arguing with Scotch can we just take a cue from the right, repost this, and accuse him of supporting sex trafficking every time he posts his rainbows and unicorns bullshit?

Oh, you liked the F1? Begone you trafficker!

Or just, you know, ignore him?

Some weird people on this forum

I know, right?

The nut low, except we aren’t playing high low split game