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Liberty Media sees Las Vegas as a great long-term bet for Formula 1.
Speaking with investors last week, CEO Greg Maffei said the company would get “very good return on that money,” which Liberty has applied to infrastructure and promotions around the Las Vegas Grand Prix scheduled for November.
The F1 owner has put down over $500 million in its Vegas operations, namely a permanent paddock building that will provide key race functions and host year-round events.
F1 purchased a 39-acre plot of land for the paddock last year for $240 million. The 300,000-square-foot paddock facility is around 60% complete, per the Las Vegas Review Journal.
“We’re going to have a high revenue stream, we’re going to have a high cost stream, but it’s more important that we have a great experience for everybody involved in the first year,” said Maffei.
F1 is defying its own conventions to bring the race to Vegas.
It will be the third U.S. race on the calendar along with Miami and Austin, at a time when it’s a rarity for any country to host more than one. It’s also holding the race on a Saturday night – its first race on that day in nearly 40 years.
