Formula 1 is exploring ways to ensure the facility it is building to host next year’s Las Vegas Grand Prix will be used for other activities during the year.
As part of the deal for F1 to promote its race in Nevada’s world-famous tourist destination, it has purchased a $240 million (£198m) plot of land upon which to build facilities including the pit and paddock.Speaking to investors in a Liberty Media call yesterday, president and CEO Greg Maffei said the series intends to ensure the buildings do not lie dormant outside of F1’s race weekend.
“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 at that facility when even when the race is not underway,” he said.
F1’s decision to bear the costs of promoting its newest race is unusual, as this is typically left to third parties. However Maffei said its handling of the Vegas race will not put excessive strain on its finances.
The series last raced in Las Vegas in 1981 and 1982. Despite holding the championship-deciding final races for two years running, the event failed to attract significant local interest and the CART IndyCar series replaced F1 at the venue in 1983.
The series is aware it needs to make greater effort to promote itself when the race returns on the 2023 F1 calendar, says the series’ CEO Stefano Domenicali.
“It’s important that we are working very hard in driving the engagement and getting the new city excited about Formula 1,” he said. “We’re going to come back with all the plans that we have in order to make sure that we want to bring F1 to life with emotion, passion. It is really important to increase the level of engagement that we expect from Vegas City.”
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Adrian Hancox (@ahxshades)
6th August 2022, 12:29
So – hall of fame, F1 Museum, Conference / Speaking events with former F1 drivers. Makes perfect sense if there is a permanent facility to use it more.
SjaakFoo (@sjaakfoo)
6th August 2022, 13:02
It’s always been strange to me there was no official F1 Hall of Fame, so that really should be a part of this.
Gusmaia
6th August 2022, 18:14
Maybe it is an European thing – when some parkbenchs are older than F1 there is little attention to celebrating racing drivers. When kids have study about what people a millenium ago as relevant to their current governments, a 70 years sport series might not be that important.
As F1 had a larger British influence, an OBE commendation might be considered the only relevant recognition to a driver. And outside the US, most sport were amateur until a few decades ago. Thus, celebrating being famous for an amateur activity might not be appropriate to europeans.
Plus, hall-of-fame-ism seems to be a US thing. Lacrosse – which doesnt have a proper professional league – has a HoF since 1957. Rugby didnt have a HoF until 2006.
Bruno Verrari
8th August 2022, 15:22
There’s only been one British WCC the past 23 years…
However, any F1 museum or Hall of Fame should be placed in Italy, Monaco, or the UK. Vegas could have an F1 museum with US/Vegas specifics – but not even the interactive Coke museum could survive over there…
Ber101 (@cplchanb)
6th August 2022, 18:53
yea but to have it in las vegas… the site of the disastrous ceasars palace abortion of a race and nothing since…
put the HoF somewhere meaningful!!
Jonathan Parkin
6th August 2022, 19:56
Actually the Caesar’s Palace races and this new one aren’t in Las Vegas, but ìn Paradise an unincorporated town created to bypass gambling laws
some racing fan
7th August 2022, 3:22
Las Vegas metropolitan area
elchinero (@elchinero)
6th August 2022, 13:42
Bring your own water …
WimB
6th August 2022, 15:30
Welcome to the F1 Casino!
Here you can play blackjack at the Monaco Table where passing is almost impossible, high-stakes poker at the F1 Commission, or test your pure darn luck turning the handle on Pirelli’s one-armed bandits to keep their temperature in a random operating window …
floodo1 (@floodo1)
6th August 2022, 16:19
Why is F1 building a track?
Gusmaia
6th August 2022, 18:01
I think the track is a street one, so they are building only the main installations.
Anyway it is an odd decision, but it might be just some way to use F1 renevue to fund other businesses from Liberty.
It would be interesting to know who was the previous owner of the plot Liberty bought.
And in any case, Liberty/F1 have almost no capital expenditures. So, either you increase the prize distribuition or it almost make sense to invest in something other than F1.
NS Biker (@rekibsn)
7th August 2022, 4:17
Just seems really strange for Liberty (F1) to be “investing” money into relatively unique facilities for a place like Las Vegas, a race venue. Wonder if they asked the teams if they would contribute a portion of the prize pot for this.?
Whether it is Las Vegas of Paradise, someone in the municipal government pulled a really smart one. “You want to put on a race, knock yourself out, but you build it whether they come or not”.
If the NFL started building stadiums to host events, I suspect the reaction would be swift and damning.
some racing fan
7th August 2022, 21:39
95 percent of it is a street track, while the pit straight and the first 3 corners are permanent track.
Darryn Smith (@darryn)
6th August 2022, 17:42
Could run a race the opposite way and call it the Phoenix Grand Prix. They really are going to pack the calendar with lifeless garbage. It least it will match the drivers personalities.
Gusmaia
6th August 2022, 18:50
If google didnt fail me, Liberty might have overpaid for the plot.
Three yeas ago, a larger plot – northeast corner of Harmon Avenue and Koval Lane – was sold for about $2 million dollars/acre (130 million for 60 acre). Now Liberty is paying almost $6million per acre ($240 milion for 39 acre). If this is right, bare plots in LV can triple in price in less than three years (over 60% CAGR).
Either Ferrari strategists advice Liberty on this deal or F1 is in the business of promoting Hard Rock Cafe.
Miami Gp is around Hard Rock Stadium and the Las Vegas GP is also around a HardRock Casino and Hotel.
https://www.reviewjournal.com/business/land-near-las-vegas-strip-once-planned-for-casino-has-new-owners-1600944/
Sensord4notbeingafanboi (@peartree)
6th August 2022, 19:25
A bit of a gamble I see.
BasCB (@bascb)
9th August 2022, 8:53
:-)
Sham (@sham)
6th August 2022, 22:29
Please, please let this be the last street track for a while.
F1 must not let it’s most famous tracks be lost for this sort of circuit.
wsrgo (@wsrgo)
7th August 2022, 9:07
@sham the next 5 new circuits are all gonna be street circuits built from scratch. Stefano Domenicali is a businessman who wants to be rich.
Gerrit
6th August 2022, 23:51
Large gamble in that Las Vegas could turn into a water less desert city. Lake Mead is near bone dry and Las Vegas is going to be out of water in the foreseeable future. “About 90 percent of the Las Vegas Valley’s drinking water comes from the Colorado River.”
https://thenevadaindependent.com/article/las-vegas-turns-on-low-level-lake-mead-pumps-designed-to-avoid-a-day-zero
Hoover dam is near its “Dead Pool” level and will not be able to supply electricity to the USA south west. Not looking good for Las Vegas.
wsrgo (@wsrgo)
7th August 2022, 9:08
They don’t care. F1 never cared about local ecological issues anyway.
PeterG
7th August 2022, 20:17
There spending a lot of money given how i doubt this race lasts for that long.
The 1st year will have tons of hype and be praised as the greatest success and most amazing circuit in the history of the sport. But after a few years once the novelty and hype has died down, It will drop off the calendar.
Same with the other recent car park circuits. They will all hopefully be gone soon enough.
some racing fan
7th August 2022, 21:59
Hopefully the schedule will look something like this:
1. Miami (February 26)
2. Bahrain (March 12)
3. Saudi (March 19)
4. Australia (April 2)
5. Qatar (April 9)
6. Azerbaijan (April 23)
7. Imola (May 7)
8. Spain (May 14)
9. Monaco (May 28)
10. Canada (June 11)
11. Austria (June 25)
12. Holland (July 2)
13. Britain (July 16)
14. Hungary (July 30)
15. Belgium (August 27)
16. Italy (September 3)
17. Singapore (September 17)
18. China (September 24)
19. Japan (October 1)
20. Austin (October 15)
21. Mexico (October 22)
22. Brazil (November 5)
23. Las Vegas (November 18)
24. Abu Dhabi (December 2)
some racing fan
7th August 2022, 22:16
I forgot about Ramadan
1. Miami (February 26)
2. Bahrain (March 12)
3. Saudi (March 19)
4. Australia (April 2)
5. Imola (April 16)
6. Qatar (April 23)
7. Spain (May 7)
8. Monaco (May 21)
9. Azerbaiijan (June 4)
10. Canada (June 18)
11. Austria (July 2)
12. Holland (July 9)
13. Britain (July 23)
14. Hungary (July 30)
15. Belgium (August 27)
16. Italy (September 3)
17. Singapore (September 17)
18. China (September 24)
19. Japan (October 1)
20. Austin (October 15)
21. Mexico (October 22)
22. Brazil (November 5)
23. Las Vegas (November 18)
24. Abu Dhabi (December 2)
China wants a fall date
South Africa won’t be ready for 2023
No Middle Eastern races between March 22 and April 21 (Ramadan)
Duncan Idaho (@didaho)
8th August 2022, 4:46
If they can convince the Kiwis to defend away from home and add skates to the foils – they could run the America’s Cup on plywood.
KrisK (@prime)
8th August 2022, 20:18
I live in Las Vegas, I’m excited. If they show F1 races live, I’ll be there even if it’s at 2am. I’m hoping they’ll have simulators and other interactive exhibits. This should be happening everywhere F1 races.