F1’s $240 Million investment, Las Vegas GP wants to stay on the calendar ‘forever’

Las Vegas GP promoters say they want to be on the F1 calendar “forever” after purchasing land in the city for $240 Million.

F1’s newest addition will be a Grand Prix at the spectacular Las Vegas. In 2023, Fans can witness F1 cars racing the neon-lit Vegas Strip of ‘Sin City’.

Earlier it was announced that Las Vegas will be hosting F1’s newest race from 2023 onwards. The race will be held in the streets of the city.

Las Vegas GP marks F1’s return to the city since 1984’s Cesars Palace GP. But this time, F1 has planned the race to be a spectacle.

Vegas is scheduled to be the penultimate round before the season finale in Abu Dhabi. The race will also defer from recent F1 tradition by taking place on a Saturday.

 

But with F1 rising in popularity, many suggest that the sport is shifting from traditional circuits and becoming more of an ‘entertainment show.’ And the trend does not seem to die as organisers of the Las Vegas GP have asserted their desire to race here “forever.”

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F1 has invested heavily in the Las Vegas GP

Ahead of the inaugural Las Vegas GP, F1 entered an agreement with the city to acquire 39 acres east of the strip. The piece of land was purchased by Liberty Media for $240 Millin to build a permanent pitlane and paddock facility.

Liberty Media, who owns F1, have shown interest in expanding its markets since its takeover. They have eyed the lucrative American Market and races like Miami GP and Las Vegas GP align with their interests.

Emily Prazer, the Chief Commercial Officer of the Las Vegas GP said, “From our point of view, we purchased a piece of land intending to race here.

As of now, F1 has agreed on a three-year deal to host the Las Vegas GP. But Prazer clarifies, “I don’t think there’s any intention to only be here for three years. We want to be here forever.”

Prazer clarified F1’s intent in hosting the race was seen from its readiness to go ahead with the deal. F1 plans on making its investment in Vegas part of the city’s experience.

She adds, “This is such a unique market and somewhere that we think we can keep continuing to grow the sport. So we’re very excited about that kind of permanent infrastructure that will be in place.”

Also Read: MGM Resorts plans to buy $25 Million worth of F1 tickets for inaugural 2023 Las Vegas GP

American demand fuelling the Las Vegas GP

Las Vegas GP is a testament to the growing interest in F1 in the USA. The sport’s popularity was boosted by ‘Drive to Survive’ and now North America has surpassed Europe as the sport’s biggest market.

Vegas will be the third Grand Prix on American soil after Miami and COTA. And to cater to the demands of the US crowd, F1’s planning unique experiences.

The sport has tied up with the Casinos and Luxury hotels in the Begas strip for a unique hospitality package. Recently, MGM Resorts purchased $25 Million worth of F1 tickets and will bundle these tickets for packages worth $100,000.

But with F1 moving away from racetracks to shiny street circuits like Jeddah, Miami and Vegas, questions have been asked regarding the motive of the sport. Especially with Saudi Arabia inquiring about an additional slot to host a second GP in the desert state of Qiddiya by 2026.

Also Read: Liberty Media provides alternative to $100,000 worth Las Vegas GP tickets