Formula One's Las Vegas $500 Million Paddock
How Formula One is making Las Vegas its American home
Happy Friday World,
As many know, the famed racing series Formula One (F1) has recently added a third race in the United States to its extensive 23-race calendar. With races in Austin and Miami already being established, all eyes are going to turn to the Las Vegas Grand Prix, which is owned entirely by F1’s parent company, Liberty Media.
This is quite uncommon as traditionally, they license it out for a fee, but F1 sees a lot of potential in its new U.S. home. They have even gone as far as to get a 39-acre, worth $240 million, to have the paddock in permanently. The paddock is the area where the pits are located and also has ultra-VIP ticketing.
But, in my opinion, the most exciting aspect of this all is the growth it is projecting for the city. There is a projected $1.1 billion economic impact for the city. Although Vegas is already a major hub for gambling, this will only further grow its reach internationally and set itself as a key US city.
The track is set to be one of the most glamorous on the calendar, with 17 corners, three straights, and estimated top speeds of 212 mph. One of those straights includes the Vegas strip, which will pass by famous hotels and landmarks we all love and know. It will also pass by some newer ones like MSG’s Sphere (read about how much that cost here).
Formula One has really gone all in on the United States market, and if expect it to be anywhere near as successful as the Miami GP, they are in for a majorly successful event. But we are still a considerable amount of time away from this iconic event, I guess we will settle for the Australian Grand Prix taking place this weekend.