Las Vegas business owners to sue F1, LVCVA, Clark County over revenue loss
LAS VEGAS (KLAS) — The return to normalcy at the intersection of Flamingo Road and Koval Lane was a sight for sore eyes as nearby business owners celebrated the takedown of the temporary bridge built for Formula One. However, the situation is anything but water under the bridge.
The business owners tended to the scars of the gaping holes in revenue lost from F1 construction, closures, and the temporary bridge. Now, owners are preparing to sue F1, the Las Vegas Convention and Visitors Authority, and Clark County to recover finances.
“They had lost upwards of $25 million,” advocate Lisa Mayo-deRiso said owners met with F1 representatives over the past three months to address concerns and hoped for a reimbursement. “The bridge was still up so access was limited to some of their properties and their revenues just plummeted. And we tried to settle in a good faith effort with f1 for an amount that was fair.”
They set the deadline of Wednesday, Feb. 21 for stakeholders to pay up or risk litigation. That date has come and gone. Now, they are in the beginning stages of suing.
Randy Markin said he is looking out for his Battista’s Hole in the Wall and Stage Door Casino staff. Some of whom have worked with him for more than two decades. He affectionately calls them his “kids”.
“We aren’t trying to make money off it. We just want to recoup where we were and have money that all the kids lost for their tips,” Markin explained. “It is not right, especially for the hourly person.”
Markin is one of several business owners in the process of suing after noticing fewer people through their doors, sitting at their tables, and now trying to recover the money they lost from F1.
Businesses including Jay’s Market on Flamingo Road, Las Vegas Souvenirs and Gifts, and Ellis Island.
Las Vegas Grand Prix staff confirmed the past meetings over business owners’ concerns and mitigating impacts of future races. However, Markin would have liked that collaboration from the get-go.
The race is coming back in November, and so is the bridge but there are conversations to minimize its impact.
“When that bridge is there no one can get to those businesses. They’re in essence shut down for months,” Markin said.
Las Vegas Grand Prix will share the construction schedule, including the bridge build, in the coming months. Businesses are set to meet with legal counsel next week with several others interested in joining the case.
There is no word yet on whether business owners will pursue legal action to stop the bridge’s return.
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