F1 will spend half a billion dollars on the first race in Las Vegas since the 1980s

F1 will spend half a billion dollars on the first race in Las Vegas since the 1980s

formula1_is_coming_to_las_vegas_in_novemberFormula 1 Heineken Silver Las Vegas Grand Prix is coming to Sin City in November 2023. It will be the first F1 race held there since the 1980s and is expected to generate hundreds of millions of dollars in revenue for race organizers. It is one of three races to be held in the US this year with the other two taking place in Miami, Florida, and Austin, Texas.

If you ever wanted to see the fastest of the fast cars, this might not be the best opportunity for it unless you are very well-heeled. extremely lucky or patient and lucky. Even the standing-room-only general admission tickets that went on sale at $500 each are no longer available to the general public, nor are Grandstand seats that were going for $2,500 for a three-day pass. We did find some high-end 5-day tickets still available for $15,000 each.

While those prices might seem astronomical to common race fans, most F1 fans are not so common. Celebrities drive some of the cars and the pits are full of A-list entrepreneurs.

Who Has the Tickets?

If you wondered where the tickets went for the NASCAR fans who might want to expand their horizons, look no further than the local casino operators to find them.

MGM Resorts is rumored to have squirreled away over $20 million worth of tickets and is offering customers offering “all-inclusive” packages that happen to include race tickets for up to $100,000 per package. Wynn and Caesars are said to be offering elite packages ranging from $1 million to $5 million. And Taylor Swift fans thought they had it bad with scalpers.

Take heart that if you can’t afford one of the $8,000 or $15,000 packages still available on the website, it does note that more buying opportunities will be made available in late winter and early spring. Patrons can visit the website and click on “Stay up to speed” in order to get alerts and other news.

Liberty Media, owners of F1, expect to spend $500m to put up the event and then generate that much again in revenues. They’ve already spent $240m on a plot of land and are sinking another equal amount on the 3.8-mile circuit through the heart of the gambling zone as well as into the pit. Construction has already begun on the facilities.

A Departure in F1 Strategy

Purchasing the land for the event is a departure for the company which usually works alongside local stakeholders to put together an event. What the purchase means is that F1 is investing in Las Vegas for the long run and this November’s race is more than an exhibition but a flagship for things to come year after year.

According to Financial Times, F1’s revenue was $1.8 billion in the first three quarters of 2022, without even accounting for year-end revenues. That’s a $300m jump in revenues from Q1-3 2019.

The F1 Las Vegas Grand Prix is perhaps the most highly anticipated weekend on the 2023 F1 calendar. F1 boss, Stefano Domenicali told the FT: “What we did is basically change completely, opening up a new way of communicating.”

“Our objective is to make sure that all the fans [who are]

attracted by the lifestyle [and the]

the protagonists behind the scenes  get into real racing,” said Domenicali.

The race is billed as such: “The greatest racing spectacle on the planet and the sports and entertainment capital of the world collide as Formula 1® will light up the Las Vegas Strip on November 16-18, 2023, for an unforgettable race cutting right through the neon heart of the city.

“The Las Vegas Grand Prix’s 3.8-mile track will weave past world-famous landmarks, casinos and hotels as drivers push their luck to breaking points at speeds of up to 212 mph.

The stakes have never been higher.”

Premium Hospitality

Among the venues for enjoying the event is F1’s own Paddock Club. The club is being constructed on the 39-acre parcel of land adjacent to The Strip and will serve as the “central point” of the Las Vegas Strip Circuit, accommodating more fans than any other zone.

The Wynn Grid Club will be located within the Paddock Club and will feature a 1920s Great Gatsby vibe.

Opulent Skyboxes will be located above the grandstand with views of the start and finish, along with festivities before and after the race.

Private Suites will be available along the Koval straightaway, and shared hospitality areas will offer semi-private space with views of turns 4 and 5.

Source: F1® Is Coming To Las Vegas November 16-18, 2023, F1 Las Vegas Grand Prix

Author: Henry Brown