2023 see’s the return of Las Vegas GP for the first time in over 40 years. The night race will be held in the streets of Sin City under the bright neon lights of the Las Vegas Strip. However, unlike its predecessor, the Caesars Palace GP, Formula 1 aims to make the race it’s the biggest spectacle of the season.
F1 has devoted itself to the growing fan base in the US. The popularity of Netflix’s ‘Drive To Suvive’ series has elevated the sport’s popularity in the States. By providing the American audiences with their 3rd Grand Prix in a season, F1 has made a huge statement.
Conducting a street race from scratch will be a huge challenge for the Formula 1 group. Nevertheless, an enormous $19 Million bill does not concern the sports authorities.
F1 has already spent $19 Million on Las Vegas GP
On 18th November 2023, it would be “light out and away we go” on the streets of Las Vegas. However, a report by Business F1 has estimated that F1 already has $19 Million on the inaugural Las Vegas GP. This makes the race the most expensive Grand Prix to be staged in the sport’s history.
F1’s costs have been restricted to the administrative and promotional expenses for its most hyped race. This amount does not include the $240 Million spent by F1’s parent company Liberty Media to acquire a 29-acre plot to construct its paddock and pitlane.
The sky-high expenses do not seem to concern Liberty Media and F1, as the Grand Prix is set to bring in as much as $500 million in revenue. The race is also set to remain on the F1 calendar for another 10+ years.
With the American fan base growing every season, the sport can tap into a new audience each year. Along with the support of sponsors ready to throw loads of money, the race is set to be a commercial success for the sport.
F1, Liberty Media rally behind the increase in revenue
The Las Vegas GP will be the penultimate race of the 2023 season. However, to suit the timing of the local American West Coast Audience, the race will take place on Saturday, 10 PM local time. This break’s F1’s long accustomed Sunday afternoon schedule, meant to suit their loyal European viewers.
F1 is not shying away from exploiting its revenue from the race in Vegas. Liberty Media CEO Greg Maffei believes the high costs involved in hosting the race will pay its dividends in the long term.
Maffei said, “We’re going to have a high revenue stream, and we’re going to have a high-cost stream. So we must have a great experience for everybody involved in the first year.”
He added, “I think we will make a lot of money in Vegas over the long term. I’m very excited. I think we will make good money this year. It’s also important that we have a great experience, for our drivers, our patrons, our fans, our viewers, and everybody involved. That’s the goal.”
The words by the Liberty Media boss were echoed in Stefano Domenicalli’s statements. The Formula One CEO wants the race to be the “Super Bowl of F1.”
Tickets for the race have been sold out in hours despite the exorbitant costs. Grandstand tickets have been sold for a minimum of $2000, making them the most expensive tickets of the 2023 season. F1 has also patterned with some casinos on the Las Vegas Strip to promote the race. The Wynn Las Vegas offers a ‘next-level experience’ with a ticket package of $ 1 million.
