Las Vegas F1 Grand Prix's extortionate ticket prices revealed, they still sold out in minutes

The ticket prices for the Las Vegas Formula Grand Prix have been revealed – and they won't come cheap.

That said, they have already gone on sale and sold out within minutes.

According to Fox Sports, the cheapest general admission tickets started at US$500.

If you were one of the lucky buggers who got your hands on one of these bad boys, then you were guaranteed a standing-room access pass near the back end of the circuit for all three days, although track visibility wasn't a certainty.

For all your latest F1 odds, check them out on the news TAB app RIGHT HERE.

If you fancied sitting down for the race, you'd have to fork out $3112 at the very least – that's what the cheapest one sold for.

A ticket in the grandstand, right in front of the straight, was fetching a hefty sum in the region of $3890.

When it comes to VIP hospitality passes, they're still available to purchase.

A whopping $12,090 is what a VIP ticket will set you back, but with Michelin star food, ice cold beverages and perfect views on offer it'd be well worth it – if you've got that kind of wedge in your back pocket, of course.

There's no doubt that the arrival of F1 will bring plenty of business to the already-very-profitable Vegas Strip.

More people on the pokies, more players on the tables, more partygoers in the day clubs and definitely more Elvis Presley impersonators than you can shake a stick at – it really was a no brainer to bring one of the biggest events on the planet to Sin City.

And it seems even the casinos themselves have got onboard early doors with a number of the big dogs offering resale package deals to cashed-up punters.

MGM, for example, reportedly bought $20 million worth of tickets ahead of their initial release and is now bundling them up into packages valued up to $155,500.

On top of that, prices for rooms at these swanky casinos is expected to skyrocket too.

MGM reckon the price of a hotel on the Strip has jumped up by an average of 300 per cent for the Grand Prix weekend.

Whether it's the sheer excitement of the sport itself or the arrival of things like the Drive To Survive TV series, Formula 1 is certainly booming at the moment with more fans than ever before.

So come time for the chequered flags to be waved on November 16, you can bet your bottom dollar that there will be plenty of people flocking to the Las Vegas Strip to catch a glimpse of the action.

The City is expecting “170,000 visitors on race weekend to account for 400,000 nights of hotel rooms and an estimated economic impact of half a billion dollars,” Nevada Governor Steve Sisolak said.