Formula 1 has invested heavily in its upcoming Las Vegas Grand Prix — and it’s expecting a huge return.
The series is targeting $500 million in revenue from the November race, its first in Las Vegas since 1982.
- The race generates cash through media deals, fees from race promoters selling tickets, corporate pacts, and its Paddock Club hospitality business.
- Three-day tickets cost around $500, with high-end, five-day packages hitting over $15,000. The first batch of tickets released by F1 sold out in under an hour.
- F1 booked $1.8 billion in the first nine months of 2022.
Heineken Silver will be the title sponsor of the race, while iconic Vegas names MGM Resorts, Wynn Las Vegas, and Caesars Entertainment are founding partners.
The latter three are devising high-end luxury package deals, with Wynn offering $1 million experiences and Caesars a $5 million package.
The 2023 calendar will have 24 F1 races, up from 22 in 2022, and include three in the U.S., with Austin maintaining its longtime presence and the Miami Grand Prix entering its sophomore year.
Road Rage
The track could get more crowded in future years, with Andretti Global and Cadillac preparing a joint bid.
F1 president Mohammed Ben Sulayem expressed surprise at the pushback the group has gotten from other F1 teams, tweeting, “We should be encouraging prospective F1 entries from global manufacturers like GM and thoroughbred racers like Andretti and others.”
