NEVADA VIEWS: Formula 1 can afford Las Vegas. So why are we paying?

Supporters of the Las Vegas Grand Prix routinely point to hundreds of millions of dollars in economic activity generated by Formula One. If those claims are accurate, they raise an obvious question: Why are Clark County taxpayers being asked to contribute another $100 million to one of the world’s most profitable sporting events?

A private enterprise that delivers such extraordinary financial returns should be able to pay its own way and not rely on public subsidies, while Southern Nevada residents and small businesses shoulder the costs of traffic congestion, road closures, lost revenue and disruptions that last for months.

For months before the race, Southern Nevadans pay the real price. Public roads are closed, bridges are built, and lanes are restricted. Traffic worsens. Commutes grow longer. Deliveries are delayed. Customers stay away from local businesses. Tourists are inconvenienced. Uber drivers avoid the Strip. Many small-business owners lose revenue they will never recover, while billion-dollar corporations enjoy the spotlight.

Las Vegas Boulevard, Harmon Avenue and Koval Lane are public streets. They belong to the people of Clark County — not to Formula One. Yet every year taxpayers lose access to roads they paid to build and maintain so a private enterprise can generate enormous profits.

Why should taxpayers finance a business that is clearly capable of financing itself?

Then there is the issue almost no one discusses: infrastructure. Let’s not forget that Formula One initially sought about $37 million in public infrastructure funding from Clark County for the roadwork and related improvements before the first race. Each race, those cars place extraordinary stress on our streets. Eventually those roads will require expensive repairs and repaving. Has anyone publicly calculated those long-term costs? Has an independent analysis been conducted? Or will taxpayers simply receive another bill when the pavement wears out?

This debate isn’t about opposing major events. Southern Nevada has built its reputation on hosting the biggest entertainment and sporting events in the world. It is about insisting that public-private partnerships actually benefit the public.

Before another taxpayer dollar is committed to Formula One, Clark County residents deserve a full and independent accounting, not just of the event’s gross economic impact, but of its true net economic benefit. That calculation must include every taxpayer dollar invested, every promised economic benefit actually delivered, the documented losses suffered by small businesses during months of construction and road closures, the costs imposed on residents and workers through traffic disruptions, and the long-term infrastructure and public safety expenses borne by the community.

Economic impact should not be measured solely by money spent during race week. It must also account for the businesses that lost customers, employees who lost wages, visitors who stayed away and public resources diverted to support the event.

Only by weighing both the gains and the costs can elected officials honestly determine whether the Las Vegas Grand Prix is delivering a positive return for the people who ultimately pay the price. While official reports include some adjustments for displaced visitors and certain local impacts, critics, including economists, argue that broader community costs and small-business losses remain underrepresented in the headline economic figures.

Formula One should never have been given exclusive use of Clark County’s public streets, and taxpayers should never be treated as its ATM. Our roads belong to the people who live and work here, not to a billion-dollar sporting event. It’s time to end the subsidies, demand full transparency and put the interests of Clark County residents and businesses ahead of Formula One.

Cory Harwell is CEO of Eleven Hospitality Group. Gino Ferraro is the owner of Ferraro’s Ristorante. Ann Highlander is an Uber independent contractor.