F1 expects $500 million return for Las Vegas GP after making $240 million investment in 39 acres of land
F1 as a sport is growing rapidly all over the world. Since Liberty Media took over the sport in 2017, they have seen tremendous growth with organizers focusing on both the sports and entertainment side of things. The introduction of new races such as the Miami GP and the Las Vegas GP have certainly added to the popularity of F1.
Since Drive to Survive first aired on Netflix in 2019, the American public has had a keen interest in getting into F1 more. The United States Grand Prix in Austin has been a mainstay on the calendar since 2012, but F1 felt that more American races needed to be added to the calendar.
As 2023 begins, we can’t help but think about what we’re most excited about this year. Any guesses as to what it could be? 😉 #LasVegasGP #F1 pic.twitter.com/JEtMMlURhW
— F1 Las Vegas (@F1LasVegas) January 3, 2023
In 2022, the Miami GP made its debut and was a very successful commercial event for F1 and Liberty Media. Miami being one of the biggest tourist destinations in the US brought even more people to the city and the tracks. In addition, some of the biggest celebrities in the US came to the event, bringing more eyes from around the world.
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F1 optimistic about Las Vegas GP bringing in big revenue
Having only Miami and Austin on the calendar was not enough for F1. For many years it was discussed to have a race in Las Vegas, but nothing concrete came of it. The city in Nevada held F1 races between 1981 and 1984, but they turned out to be business failures.
Now that the sport is finally taking off in the US, F1 decided to make a decision on the Las Vegas GP and add it to the calendar in 2023. It will be held this year, and fans and drivers are already excited to see what the race has to offer. However, the Las Vegas GP will also be a very expensive event, with some tickets selling for close to a million dollars!
Amazing progress on paddock building for @F1LasVegas. Only 11 months away… @f1 #Vroom pic.twitter.com/bfbTkAilEz
— gregmaffei (@gregmaffei) December 15, 2022
F1 is also targeting big profits from the Vegas Grand Prix weekend. They spent $240 million to buy 39 acres of land in Sin City. According to the Financial Times, they want to generate at least $500 million in revenue.
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