F1 is spending $500m on Las Vegas Grand Prix and plots $500m revenue - this is how…
Liberty Media, the owners𓆉 of F1, acquired a 39-acre site for $240m and expec🍒t to spend at least the same sum on the 3.8-mile circuit and pit, according to the Financial Times.
They hope that the first race in Vegas since🐎 1982, on🐻 November 18, will generate $500m in revenue.
The strategy to purchase and own the land is different to usual, where 🐎F1 works alongside a local promoter to shar🌞e 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 $500m purchase of the land in Vegas means that F1 will expect pr▨ofits to soar in future years.
Liberty Media bought F1 for $8 bill🌟ion six years ag♐o.
The sport’s US profile has grown massively since, in part due to Netflix series ‘Drive To S𝄹urvive’ and the Miami Grand Prix.
F1’s revenue was $1.8 billion in the fi🔯rst three quarters of 2022, a $300m increase ✱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 completel🍰y, opening up a new way of communicating,” F1 boss Stefano Domen♔icali told the Financial Times.
“Our objective is to make sure tha📖t all the fans [who are] attracted by the lifestyle [and the] the protagonists behind the scen🔜es get into real racing.”
ꦬJames was a sports journalist at Sky Sports for a decade covering everything from American sports, to football, to 🐟F1.
