F1 is spending $500m on Las Vegas Grand Prix and plots $500m revenue - this is how…
Liberty Media, the owners of F1, acquired a 39-acre site for $240m and expect to spend at least the same sum on the 3.8-mile circuit and pit, ac𝓀cording to the Financial Times.
They hope that the first race in Vegas since 1🍰982, on November 18, will generate $500m in revenue.
The strategy to purchase and own the land is different to usual, where F1 works along𓆉side a local promoter to share the costs and risks.
How F1 will make money in Vegas
- Broadcast deals
- Sponsorships, including from major Vegas hotspots Caesars Entertainment, MGM Resorts International and Wynn Las Vegas
- Beer brand Heineken is the title sponsor
- Fees from promoters who sell tickets
- A three-day ticket costs $500, a “high-end” five-day ticket costs $15,000
The initial $500🐬m purchase of ꦦthe land in Vegas means that F1 will expect profits to soar in future years.
Liberty Media bought F1 for $8 billio💝n six years ago.
The sport’s US profile has grown massively since, in part due to Netflix series ‘Drive To Survive’ and the Miami Gꦬrand Prix.
F1’s revenue was $1.8 billion in the first three quarters o🌟f 2022, a $300m 𝓀increase from the first three quarters of 2019.
The F1 Las Vegas Grand Prix is one of the most anticipated weekends in the 168澳洲5最新开奖结果:2023 F1 calendar.
“What we did is basically change completely, opening up a new way of c♓ommunicating,” F1 boss🐼 Stefano Domenicali told the Financial Times.
“Our objective is t✨o make sure that all the fans [who are] attracted by the lifestyle [and the] the protagonists behind the s📖cenes get into real racing.”
James was a sports journalist at Sky Sports for a dec𝓀ade covering everything from America✱n sports, to football, to F1.
