Formula 1’s Miami Grand Prix hosted events and programming for the week leading up to the race, but its Las Vegas edition could stage activity at the paddock site year-round.
“Our goal was to have a facility which is not only magnificent for the race but has the opportunity to have ongoing activations and events, even when the race is not underway,” Greg Maffei, CEO of F1 parent Liberty Media, told investors.
- In May, F1 purchased a 39-acre plot of land in central Las Vegas to house the pit and paddock area for $240 million.
- The purchase resolved questions about how F1 was going to find space for the pit and paddock near a track that will run through the Las Vegas Strip.
- F1 will race in Las Vegas in November 2023, for the first time since 1982.
Unlike most of its other races, F1 and Liberty Media are self-promoting the Las Vegas Grand Prix, along with Live Nation and local stakeholders.
“It’s a bit difficult to forecast for investments because we’re still working out the program we’re going to undertake there,” said Maffei. “We can well manage this within the capital we have. It’s not going to drain us in any way, and it’s not going to forestall us from doing other actions.”
Maffei noted that F1 founding partners Caesars, Wynn Las Vegas, and MGM Resorts are already “seeing incredible demand” related to the race.