Formula 1 racing returns to Las Vegas in November after more than forty years since the last event of its kind. Las Vegas casinos are preparing for a huge cash injection, with work well underway to ensure that this global event lives up to expectations.
As per The Athletic, F1 owner Liberty Media CEO Greg Maffei told investors in April,
”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.”
Maffei added, “But way more important than that is that we have a great experience for our drivers, patrons, fans, viewers and everybody involved. That’s the goal.”
Expect Something Spectacular
Vegas is no stranger to memorable events, but November’s Formula 1 racing schedule looks set to make the weekend something spectacular. The showcase Las Vegas Grand Prix race takes place on November 18, with several practice and qualifying runs happening over the weekend.
Some 100,000 fans are expected to visit the Las Vegas Strip each day over the event, with the renowned casinos and resort hotels having been incorporated into the racecourse.Work began on public roads in April; the improvements should be completed by September 15.
A $500 million, 300,000 square “paddock” hub has also been created to provide a central location for organizing the event and is around 60% completed.
“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 Domenicali 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.”
A Sporting Spectacle Rivaling the Super Bowl Weekend
The global appeal of Formula 1 is clear when considering the projections coming out on how much casinos stand to make.
Tom Reeg, CEO of Caesars Entertainment, said he expected a 5% or better rise in revenues for the quarter, “driven by that weekend.” He then clarified that Caesars anticipated around $25 million in extra income over the event.
This means that it stands to be more profitable than the US penultimate sporting event: the Super Bowl Weekend.
That’s not to mention online sportsbooks and online gambling, which will undoubtedly contribute to the event, too.
Las Vegas is buzzing with anticipation for the Formula 1 Grand Prix in November — and rightly so. This looks set to be a sensational sporting event like none that have come before it.