Formula 1 knows how to make a dollar — and the circuit is squeezing every last cent out of its upcoming grand prix debut in Las Vegas this November.
Bars and restaurants adjacent to the 3.8-mile track, which will blaze through the famous Las Vegas strip, will be charged potentially millions of dollars to keep their venue’s view of the race unobstructed, according to the New York Post.
Venues in prime viewing locations will be charged a fee by F1 calculated by multiplying their maximum capacity by $1,500. The move is standard practice for F1 in major cities elsewhere on its schedule, like Monaco’s famous Grand Prix.
Meanwhile, the ultra-luxurious event is somehow becoming more expensive for everyone involved.
Founding partners of the Vegas GP are offering hotel and casino packages for well over $1 million. The Las Vegas Convention and Visitors Authority will spend $19.5 million to sponsor the race for three years.
This is all leading to what F1 parent company Liberty Media is expecting to be huge returns, despite already spending $500 million to build out infrastructure for the mega-event.
“We’re going to have a high-revenue stream, we’re going to have a high-cost stream,” Liberty CEO Greg Maffei said.
