Nov.20 (GMM) Several Las Vegas businesses that had filed lawsuits against Formula 1 over losses caused by the first two editions of the Grand Prix have now reached confidential settlements with the organisers.
According to Le Journal de Montreal, local restaurateur and bar owner Randy Markin – one of the most vocal critics, claiming a 50 percent drop in attendance and “several hundred thousand dollars” in losses – has agreed to end his case.
His neighbour, gas-station owner Wade Bohn, and the owners of Ferraro’s Ristorante also settled.
Court documents describe the agreements as “no-prejudice” and not involving disclosed payments. F1 maintains no money changed hands, with the Las Vegas tourism authority confirming that Markin and Bohn’s companies have instead entered into partnerships with the event.
The Ellis Island hotel and casino reached a similar deal last year and now hosts a ‘fan zone’ for the race.
Despite the settlements, some businesses will still close during Grand Prix week due to access difficulties caused by the multi-month construction of the 6.2km street circuit.
Formula 1’s Las Vegas contract currently runs through 2027, with last year’s race generating an estimated $934 million in local revenue.
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