As I have predicted, as the Las Vegas Grand Prix approaches, ticket prices would continue to plunge and indeed they are. Recent reports on Instagram are that less than 25% of the hospitality tickets have sold, and that does appear to be the case.

The most stunning development is that now 3 day passes to Champions Club, which has a face value of $11,999, are being sold on StubHub for $1836 - 15 percent of face value. StubHub confirms that tickets are selling at this price. Attached is my screenshot I just took of StubHub showing this. To be clear, this is for a three day pass - not for a single day.

Champions Club is the F1 Experiences hospitality lounge that sits right under Paddock Club in terms of desirability. You get food and beverage there. You’ll also be getting an appearance by legend Sir Jackie Stewart and various F1 personalities and many other perks. It’s not Paddock Club, but it’s a great value.

This indicates panic selling given the race is now less than two weeks away.

The Red Bull Energy Station, with a face value of $13,080 is now on sale on SeatGeek for $5044. That price is 38% of face value.

Skybox hospitality tickets that had face value of $10,900 and still do and are being sold by the race are now on stubHub for $4702 (43 percent of face value). Yesterday they were $4950. Those are at the top of the East Harmon grandstand and have full hospitality, alcohol, food, and beverage from the opening ceremony onward through the race weekend. Those are the ones with views of the grid and the pits.

Club Paris, which is currently on sale by the race for $5595 is now on StubHub for $2003 (35 percent of face value). Yesterday it was $2219.

Club SI, which is now on sale by the race for $7630 is now on sale on StubHub for $3501 (45 percent of face value). Yesterday it was $3920.

Heineken House which is now on sale by the race for $8720 is now on StubHub for $3690 (42 percent of face value). Yesterday it was $4094.

The one place where they are trying to minimize the price erosion is paddock club. A few weeks ago, I was seeing a few sales for $9000 and $10,000. Today they are priced on StubHub as low as $13680 for Haas. For the last week for so, they were as low as $14,400 on StubHub for Haas. however, StubHub shows that those seats are absolutely not selling at all.

And my understanding is the Paddock Club seats are simply not selling. Those are going to end up getting dumped at the last minute for very low prices. The ticket brokers who bought the seats many months ago are trying to hold strong, but at some point they won’t be able to without losing their entire investment in the seats, which, in some cases is likely at least hundreds of thousands of dollars or more. They’re already dumping all of the other hospitality and seat options they foolishly bought thinking people would pay higher than face value for the already overpriced seats and hospitality options at this race.

The bottom line is the hospitality operators and likely F1 are dumping the seats through ticket brokers on StubHub, because they’re simply not selling and they’re mostly not sold.

The prices will only continue to plunge as the race approaches. This is exactly what happened in Miami where in the week before the race you could buy a Paddock Club ticket for 1/3 face value on StubHub for $4000. For this race that would put the Paddock Club ticket somewhere around $7000. At that price, I am a buyer.

Hotel pricing, on the other hand, seems to be stabilizing after a huge plunge, which began months before the race tickets. It appears that the 75% reductions in rates hotels have been offering for a while have worked. Ticket brokers, and I believe the race promoter (F1) have tried to hold firm on pricing, but will probably lose their shirts as a result of that decision.

The Hilton at resorts world is still at $359 per night

The Waldorf Astoria is at $725 per night. It has been a bit lower. Same with the Conrad Las Vegas at Resorts World currently at $664 per night.

note that Hilton family hotel prices such as those above may be stabilizing, because Hilton will not be affected by the strike.

Vdara, the Ferrari team hotel, is $544 (it had been $537)

The MGM Grand is $229 (it had been $226)

The NoMad appears sold out.

Bellagio and Aria still demand sky high rates - starting at $1,302 and $1,150 per night.

The Nobu Hotel is now $794. It had been in the $600s

Planet Hollywood is $242

Paris Las Vegas, which I have been offering rooms in the 300s appears sold out.

I will continue to monitor developments. But it is my full expectation that eventually we will see paddock club tickets selling at the $7000 to $8000 range or lower in the week before the race and hospitality option tickets regularly at 30% or less. The champions club tickets, selling at 15% of face value or absolutely astonishing and indicates virtually none whatsoever sold. It is entirely possible based on the Miami model we could see Paddock club tickets selling for four to $5000 as they did in Miami.

It’s my own personal opinion, that if I wanted a paddock club ticket or a hospitality option, I would not buy one now, and would wait until the last minute. There is a lot more room to go downward for most of these options, other than champions club.