F1 Owner Is Targeting an Income of $1.7 Billion From the Inaugural Las Vegas GP Despite the Divided Opinion

F1 Owner Is Targeting an Income of $1.7 Billion From the Inaugural Las Vegas GP Despite the Divided Opinion

The upcoming Las Vegas Grand Prix has divided opinions among Formula 1 fans and paddock insiders. Despite the criticism, however, Liberty Media, the owners of Formula 1, are expecting to generate an income of around $1.7 Billion, per Formule1.nl.

Greg Maffei, the CEO of Liberty Media, recently spoke to The Independent. While apologizing for the trouble the locals faced leading up to the race, he ensured it was for the benefit of all. He said (as quoted by Formule1.nl), “I would like to apologize to the people of Las Vegas. We appreciate that they have so much patience and are willing to tolerate us. But this isn’t just about benefits for the fans who want to watch. We hope to deliver many economic benefits to all of Las Vegas. This will generate approximately $1.7 billion in profits for the region.”

The sport has a pretty solid reason to back the Las Vegas GP. Unlike other circuits on the calendar, F1 actually owns the GP. Reportedly, the sport has made a long-term $500,000,000 investment to make this a reality.

True to form, Vegas has been a gamble for F1. There has been a lot of discontent from fans who are calling the sport out as they feel the race is merely a marketing extravaganza. Locals have been protesting as their pedestrian lives have come to a halt as the “show” is assembled. What is more, even the teams are apprehensive about the given given the very chilly weather and track conditions.

Despite concerning signs, F1 is confident about Las Vegas’ potential

In terms of actual ticket sales, the Las Vegas GP will be the second-worst seller this year. Nonetheless, Maffei is pretty buoyant about its fortunes. “105,000 people are coming. The scale alone makes this the biggest event Las Vegas has ever had,” he added.

American/F1 racing sensation Willy T. Ribbs has also thrown a ridiculous proposition into the mix! He said, “I wouldn’t be surprised if King Charles comes along. Without exaggerating, this will be the biggest race in the history of racing.”

Almost everyone on the grid is pretty excited to visit the iconic Vegas strip. Well, except for Max Verstappen. The three-time F1 champion was recently quoted by Motorsport.com as saying, “I’m actually not that into it. I’m more like, I’ll go there and do my thing and be gone again,” whilst talking about the Las Vegas GP.

Post Edited By: Samriddhi Jaiswal
Las Vegas GP Max Verstappen

About the author

Anirban Aly Mandal

Anirban Aly Mandal is an F1 writer at The SportsRush, with over 1000 articles under his belt, Anirban's love for F1 started when he discovered a copy of F1 2014 on his computer. With over half a decade's worth of time spent religiously following the sport, he’s dived deep into the world of motorsports. However, Anirban's expertise goes beyond just writing - he has also written several academic papers focused on the domain of motorsports and the law. His passion for the sport is so immense that he aspires to work as a legal advisor in the most prestigious racing series in the world someday. When it comes to Formula 1, Anirban finds great pleasure in re-watching classic races and idolizes the likes of Ayrton Senna, Nigel Mansell, and Sebastian Vettel. His top picks include Brazil '91, Silverstone '92, and Germany '19. Outside of the sport, Anirban is an avid sim racer, often found racing on titles like Assetto Corsa, F1 22, and Automobilista. Apart from his interests in gaming, Anirban has a keen interest in philosophy, literature and music.

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