Preparations are in full swing for the Formula 1 Las Vegas Grand Prix, despite the fact that there are still seven months until the event takes place. The sport is ready to return to Las Vegas later this year for the first time since 1982 and fans will get the amazing chance to watch an F1 race that will include the well-known Strip as part of the track layout. The event is scheduled to take place on Saturday at 10 p.m. with the clear goal of targeting the primetime audience on the west coast of the United States and at the same time the fans that will have to wake up early in Europe.
In a completely different manner to how the rest of the races are organized, the Formula 1 top management is in charge of the promotion of the event. As a result, Formula 1 was even willing to invest more than half a billion dollars in the project, including a permanent paddock building in Las Vegas. Two months ago, the Clark County Commission confirmed a plan to shut the Strip for the following decade, targeting a “lifetime in partnership.”
In a recent conference call with investors and shareholders on Thursday, Greg Maffei, the chief executive officer of Liberty Media, which is the owner of Formula 1, pointed out that their intention is to be “long-term greedy” with the Las Vegas event and the main goal is to get the most of the 2023 experience for all stakeholders and further improve in the next years given the complexity of organizing such an event.
“We’re going to have a high revenue stream, (and) 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,” Greg Maffei explained – “I think we will make a lot of money in Vegas over the long term. I’m very excited. I think we will make good money this year. But way more important than that is that we have a great experience, for our drivers, for our patrons, for our fans, for our viewers, for everybody involved. That’s the goal.” – he added.
When asked about the $500m investment in the project, Greg Maffei pointed out that he is confident Formula 1 and his company would get a “very good return on that money.”
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The Las Vegas Grand Prix has become the most-anticipated race on the 2023 Formula 1 calendar and is scheduled to take place as the second-to-last round one week before the Abu Dhabi Grand Prix, which will mark the end of the championship. The Las Vegas event will also be the final of the three races in the United States in 2023, after the events in Miami and at the Circuit of the Americas in Texas.
This situation is the result of a huge increase in terms of interest for Formula One in the United States during the last few years, also generated by the Netflix series “Drive to Survive” and rising viewership both at the race circuit or in front of electronic devices.
However, Formula 1 and Liberty Media are not worried that three races in the United States could negatively affect the overall outcome or draw fans away. Greg Maffei is confident each event would have “unique and distinctive” features. At the same time, former Ferrari boss Stefano Domenicali, the current Formula 1 CEO, strongly feels that three races in the US will be beneficial for all parties involved
“I don’t see any kind of cannibalization. Everyone is different; everything is different, events are different. I don’t see any problem there.” – Stefano Domenicali added.
Renee Wilm, Chief Legal Officer and Chief Administrative Officer at Liberty Media and the chief executive officer of the Las Vegas Grand Prix, confirmed that there are ongoing talks with officials in both Miami and Texas about how to work together for the best fan experience.
“We’re talking about sharing resources. We’re talking about how we can leverage each other’s activations in terms of what’s working and what’s not. We do believe that rising water raises all ships. That’s the intention, not to galvanize or cannibalize someone else to build something in Vegas.” – Renee Wilm concluded.
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