Formula 1 is headed to Las Vegas next year, and worries about the cost of tickets have been put to rest — for the most part.
Renee Wilm, CEO of the race, said there will be an area with a watch-party feel that offers more “affordable” prices and is aimed at a younger audience.
Wilm, who is also Liberty Media’s chief legal officer and chief administrative officer, said the tickets will likely go on sale in early 2023, but did not give exact ticket prices. Liberty Media acquired Formula 1 for $4.4 billion in a deal that closed in 2017.
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William Hornbuckle, CEO and president of MGM Resorts International, said his company wants to buy $20 million to $25 million worth of tickets to the race to resell them with a hotel room bundle.
- Hornbuckle said on an earnings call last month that MGM would purchase the tickets, then “charge as we want and package as we want.”
- He added that some packages retail for $100,000.
Formula 1 expects ticket demand to “far exceed the 100,000-plus official spectator capacity” for the event.
Las Vegas isn’t the only race that has F1 fans worried about prices.
Last Thursday, Silverstone temporarily suspended ticket sales for the 2023 British Grand Prix following criticism of ticketing provider Secutix’s “dynamic pricing” system, which increases ticket costs in real time depending on demand. The system also shut down and kicked fans out of ticketing queues.