Ticket Prices For The Upcoming F1 Race In Las Vegas Have Dropped Dramatically

The newest event in F1 racing is rapidly approaching, with the Las Vegas Strip transformed into a street track.

Construction for the track and grandstands has taken over the Strip, with the city's massive hotels being completely overhauled to accommodate F1 car or viewing requirements.

With one of the sports world's glitziest organizations heading to one of the world's glitziest cities, unsurprisingly, tickets and facilities for race day and the surrounding events have been...well, completely insane.

Some hotels, like the Wynn and Encore resorts, have offered "million dollar weekend" packages. Even a standard grandstand ticket and hotel room package can run around $15,000 or more. F1 organizers have even started charging restaurants that could see the race, or threatened to block their views entirely.

READ: FORMULA 1 REPORTEDLY CHARGING RESTAURANTS FOR VIEWS OF LAS VEGAS GRAND PRIX

But for those of us who aren't willing to spend some of our many millions of dollars on a race weekend, there's good news: regular ticket prices have dropped dramatically.

LAS VEGAS - A general view of the circuit prior to the F1 Grand Prix of Las Vegas on Thursday. (Photo by Dan Istitene - Formula 1/Formula 1 via Getty Images)

Did F1 Overestimate Demand At Insane Prices?

Just last month, according to sports podcaster Joe Pompliano, the cheapest available prices for Thursday's events were $385, Friday started at $825 and Saturday was a whopping $1,645.

As of Thursday afternoon, those had dropped to $162, $312 and $1,087 respectively. Even hotel rates reportedly dropped substantially too.

So what's responsible for such a prolific decline?

First could be the fact that the driver and constructor championships have already been decided. Max Verstappen's historically dominant season for Red Bull has removed some of the usual drama surrounding late-season races.

Prices could also have simply been too high for many regular fans to tolerate. $1,600 for a get in grandstand ticket likely pushed a lot of prospective attendees out, especially considering the exorbitant travel and hotel costs associated with the weekend. F1 also scheduled the race, confusingly, for 10 p.m. local time. Presumably to avoid traffic and pedestrian inconvenience on the Strip during the busier hours while providing an opportunity for European viewers to see the race on early Sunday morning, the late time may have turned off some potential buyers.

That said, the paddock and associated facilities look incredible, and there may be more competition than expected considering the battles for 2nd and 4th are still close.

So the good news is if you're looking to go, it will cost a bit less of an arm and a leg than it did last month. And who knows, maybe you can win some of the ticket price back at a casino. That happens a lot.