Recently, Liberty Media Group (Liberty Media) acquired 39 acres of land near the Vegas Strip, at a cost of $240 million.
The land will be utilized by the owners of Formula 1 for the Las Vegas Grand Prix races, starting from November 2025.
During a recent earnings call, Greg Maffei, the CEO of Liberty Media, announced that the land located on the northeast corner of Koval and Harmon will be used as the location for the pit, paddock, and additional hospitality areas.
Although Liberty Media has bought the land, the sale has not yet been officially confirmed.
Maffei said:
“I anticipate the transaction will conclude in the second quarter. The purchase price amounted to $240 million and the Formula One Group will finance it using available cash.”
Las Vegas Grand Prix Course Coming Together
The course for the Las Vegas Grand Prix will span 3.8 miles. This 50-lap race will occur at night and will include three straightaways. The Vegas Strip will be the highlight location and cars could potentially exceed speeds of 200 MPH on this section.
When vehicles speed past the Cosmopolitan and Planet Hollywood, they will make a left onto Harmon Avenue. Ordinarily, this drive would be far from glamorous. However, the acquisition of this land by Liberty Media is set to transform the experience.
This acquisition modifies what was previously a dormant section of the Las Vegas Grand Prix course. The Harmon land will now feature a fan hospitality area for viewing the action.
Since Liberty Media owns the land, it could also potentially modify the course layout.
The Las Vegas Grand Prix course could gain some personality from F1. A Google Earth image provides a potential layout of the course, showcasing its route through the property currently owned by Liberty Media.
This section of the track is expected to witness a lot of race action as cars utilize the pit boxes. Additionally, it’s also the location where Martin Brundle carries out his well-liked grid walk for fans before the race, which is broadcasted for those watching from home.
Highlights of the Las Vegas Grand Prix course include 14 corners, a chicane section, and two DRS zones.
Some Nevada sports betting apps already have odds for the 2025 race. However, considering the race is quite a way off, it may be prudent to wait for now.
Preparing The Las Vegas Grand Prix Course
The upcoming Las Vegas Grand Prix marks the first time an F1 race will be held on a road course in the city. In the 1980s, F1 races were conducted in a parking area behind Caesars Palace, which doesn’t quite match the level of glamour the sport seeks today.
The process of building an F1 course from the ground up is a massive undertaking. The construction of the road course for the Las Vegas Grand Prix will require a considerable amount of time.
Despite both new US F1 courses in Miami and Las Vegas being mainly temporary, the construction period for the Las Vegas F1 race might not be as long as the nine months it took to build the brand new Miami International Autodrome in Florida.
Constructing the Las Vegas Grand Prix course this year might require slightly more than the usual six or seven weeks needed to build the Monte Carlo road course.
The construction of the Miami Grand Prix course involved the use of 2,870 Geobrugg blocks for barriers and the laying of 24,000 tons of asphalt. The course in Las Vegas could benefit from more of these resources, given its location on older, already deteriorating roadways.
The construction of a road course such as Monte Carlo is truly intriguing. Have a look.
Liberty Media’s acquisition of land will enable the construction of permanent structures for future use. It’s likely that constructing the Las Vegas Grand Prix course in 2025 will take more time compared to future Las Vegas F1 races.
Vegas Strip Roadwork
Likely following Monte Carlo’s example, many other structures needed to construct the Las Vegas Grand Prix course will be off-site modular units. This method will enable Las Vegas to continue functioning as a city during the course’s construction and deconstruction.
The design of the Las Vegas Grand Prix course is primarily away from the Vegas Strip, which is essential since it is the main area where most tourists lodge during their visit to Las Vegas.
The 2021 Las Vegas Visitors Profile reveals that 75% of tourists lodged at a hotel on the Vegas Strip. This figure has surpassed 70% in the last four studies.
When Clark County decides to resurface the Vegas Strip, it will likely cause the biggest headache. Last year’s roadwork on and around the Vegas Strip was a nightmare for anyone attempting to navigate the area.
The construction project initiated last year involves more than just road resurfacing. Clark County will need to accelerate this work to ensure the roads are newly finished in time for the race next November.
Constructing the Las Vegas Grand Prix circuit will require time and the associated costs will be funded by the state and Liberty Media. Maffei does not foresee any issues with the amount of money needed for the construction and promotion of the Las Vegas F1 race.
“I don’t believe we should continue discussing the expenses in Vegas. They will be greater than expected, but still within our capabilities. I don’t foresee a need for external associates.”
The Las Vegas Convention & Visitors Authority (LVCVA) has recently greenlit a sponsorship deal worth $19.5 million to cover the three initial races. LVCVA will also assist Liberty Media by providing “operational project management” for the races.
The inclusion of Las Vegas in the race branding is one aspect. The sponsorship will enable the city to promote itself to F1 fans globally.
When constructing the Las Vegas Grand Prix course, we should remain hopeful for the best outcome but prepare ourselves for the worst.
Las Vegas Grand Prix Impact On Tourism
Front Office Sports reports that the Miami Grand Prix attracted 242,955 attendees over the course of the three-day event, including 85,280 people on the race day itself.
Over the three-day NFL Draft event in Las Vegas, there was a total attendance of 300,000 people, averaging to 100,000 people each day.
Around 170,000 visitors are anticipated in Clark County during the extended racing weekend, which equates to approximately 56,000 people daily.
The attendance for the Las Vegas Grand Prix may not match the NFL Draft or New Year’s Eve, but it could lead to unprecedented hotel, club, and restaurant rates. F1 fans are generally wealthier than NFL fans. Therefore, fewer people could potentially mean more profit for Las Vegas businesses.
Starting prices for Miami Grand Prix tickets last weekend were $640. In Miami, hotel and entertainment packages reached up to six figures.
This isn’t a crowd that’s interested in gulping down frozen drinks from a plastic cup shaped like the Eiffel Tower. A significant number of F1 fans are in search of luxurious experiences, such as the Carbone experience in Miami that costs $3,000 per person.
Some of the major sponsors of the Las Vegas Grand Prix are the biggest players in the Las Vegas casino industry, including Caesars, MGM Resorts, The Venetian, and Wynn Las Vegas.
Every sponsor will have at least one of their luxury properties visible somewhere along the racecourse.
- Bellagio (MGM Resorts)
- Caesars Palace
- Cosmopolitan (Soon to be renamed as MGM Resorts)
- Wynn Las Vegas
- The Palazzo and The Venetian
The county anticipates that 400,000 hotel room nights will be reserved by those visiting Las Vegas for the race.
During Liberty Media’s earnings call, Stefano Domenicali, CEO of Formula One Group, stated that in the 24 hours after the official announcement of wins in Las Vegas and the anchor resort, there were more hotel room reservation requests than any other one-day period in their history.
This comment pertained to the global enthusiasm of F1 fans who wish to stay at Wynn Las Vegas. The opulent establishment, located on the Vegas Strip, recently outperformed all independent hotel firms worldwide by winning the most Forbes Travel Guide Five-Star Awards. This is undeniably appealing to affluent racing enthusiasts.
Prepare yourself for unprecedented high prices for nearly everything in Las Vegas when F1 arrives in the city.
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