As in, on TV, if you want to bore yourself to death (it's even worse than golf as a spectator sport).
Room rates for the weekend at the Silver Legacy downtown are about $175 inclusive of resort fee. The Peppermill is about $200; the Atlantis is about $150. Compare these rates to what Vegas is charging that weekend. And Reno has lots of excellent restaurants, better gambling than Vegas, and lots to do when you get tired of the casinos.
I know that getting there isn't as easy as Vegas, with fewer flights--but there are quite a few flights between Vegas and Reno every day on Southwest. And getting through Reno's airport is an absolute breeze compared to fighting your way through Reid.
Give the Formula 1 gouge your middle finger and come up to where you can spend a fun weekend and not get ripped off!