F1 as a sport is rapidly growing all over the world. Since Liberty Media took over the sport in 2017, they’ve witnessed immense growth with the organizers focusing both on the sporting side and entertainment side of things. The introduction of new races like the Miami GP and Las Vegas GP have certainly added to F1’s popularity.
Ever since Drive to Survive aired on Netflix for the first time in 2019, the American public has taken a keen interest in getting into F1 more. The United States Grand Prix in Austin has been a mainstay in the calendar since 2012, but F1 felt that more American races had to be added to the calendar.
2022 saw the Miami GP make its debut, and it was a very successful commercial event for F1 and Liberty Media. Miami being one of the biggest tourist destinations in the US, brought in even more people to the city and track. On top of that, some of the biggest celebrities in the US turned up to the event, bringing in more eyeballs from around the globe.
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F1 optimistic about Las Vegas GP bringing in huge revenue
Having just Miami and Austin on the calendar was not enough for F1. For many years, having a race in Las Vegas had been discussed but nothing concrete came out of it. The city in Nevada held F1 races between 1981 and 1984 but they turned out to be failures in terms of business.
Now that the sport is finally taking off in the USA, F1 decided to make a decision on the Las Vegas GP and add it to the 2023 calendar. It is going to be held this year, and fans and drivers are already excited to see what the race has to offer. However, the Las Vegas GP is also going to be a very expensive event, with some tickets being sold at amounts close to a million dollars!
F1 is also targeting huge returns out of the Grand Prix weekend in Vegas. They have spent $240 million to acquire 39 acres of land in the Sin City. According to the Financial times, they want to generate a revenue of at least $500 million.
