Formula 1 Grand Prix Las Vegas Well Into Preparations for November’s Racing Event
The Las Vegas casino resorts are expecting a big cash flow boost later this year, as November will see Formula 1 World Championship motor racing return to the city for the first time since 1982. Work is already well underway to ensure the globally popular event goes smoothly.
“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,” F1 owner Liberty Media CEO Greg Maffei told investors last week, as reported by sports journal The Athletic.
“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,” Maffei added.
The showcase Las Vegas Grand Prix race will be held on November 18, with qualifying and practice runs held over the weekend.
It is set to be one of the most-hyped events of the motor racing calendar. It will be the penultimate event of the season, with some 100,000 fans expected to hit the Las Vegas Strip each day.
The famous Strip area, dominated by huge casino and hotel resorts, will be incorporated into the race course.
That means many public roads will be closed intermittently for resurfacing between now and September the 15th.
Last week, building work also reached the 60% completion milestone on the 300,000 square foot “paddock” hub for the race, as reported in the Las Vegas Review Journal.
The $500 million development aims to provide a stable central location for organizing the Las Vegas Grand Prix for years to come.
“It’s a sign of respect, because when you invest in this magnitude, it means that we believe in this project for a long time in this community,” F1 CEO and President Stefano Domencali told reporters.
“We do believe F1 brings to Las Vegas something new, and we do believe that Las Vegas will bring Formula One something special.”
Back in February, Caesars Entertainment CEO Tom Reeg told investors he expected a 5% or better rise in revenues for the quarter, “driven by that weekend”.
Reeg then clarified: Caesars is anticipating somewhere in the region of $25 million in extra income over the November weekend of the race.
That could make the Grand Prix more profitable to Las Vegas’ casinos than the Super Bowl weekend. The National Football League’s trophy game is the most popular sports event in the US, so the potential revenues here are a testament to the global popularity of Formula 1 racing.
Caesars itself is aiming at high-class customers during the event weekend. The Casino and Resort is offering a $5 million weekend package to international jet-setting motorsport fans visiting Vegas for the race.
The Emperor package includes five nights at the luxury Nobu Sky Villa in Caesars Palace, which has a 4700 foot terrace with sweeping Strip views – including all across the eventual racetrack.
The package also comes with 12 exclusive tickets to the Paddock, where guests can mingle with drivers, press, and other rich and famous attendees. Plus, they get Rolls Royce driver service and a personal chef for the whole five days.
This news is a more positive story for the Las Vegas Strip’s biggest casino and hotel operators this month. Earlier in April, lawyers representing MGM Resorts, Caesars Entertainment, Wynn Resorts, and Treasure Island moved to dismiss a class action price collusion lawsuit that alleges they manipulated hotel room prices by unfairly sharing data.