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Why The Las Vegas Grand Prix Is Formula 1’s Biggest Bet Ever
12.11.2023 - 14:13 / forbes.com
Next Saturday at 10 p.m. local time—that’s 1 a.m. on Sunday for East Coast night owls—Formula 1 racing will return to Sin City after a 40-year hiatus with the inaugural Las Vegas Grand Prix. Set against a neon-drenched cityscape, the high-octane spectacle will see 20 drivers take 50 laps around the 3.8-mile street circuit, with its 17 turns winding past the new MSG Sphere. After two quick bends and a hard left, it’s a straight shot down the Las Vegas Strip at speeds up to 212 m.p.h., racing past the Venetian and Caesars Palace and zipping between the famed Bellagio fountains and the Eiffel Tower at Paris Las Vegas.
“Vegas is going to be the biggest sporting event on the planet this year. I mean, it’s going to be insane, that race,” says Christian Horner, team principal of series champion Red Bull Racing. “I’ve never seen interest in a Grand Prix like this one.”
With that kind of hype, three-day grandstand tickets have sold for $1,500 or more—about double the cost of tickets to last month’s F1 race in Austin, Texas—and prices go up from there. Access to the newly built Paddock Club—Formula 1’s enormous trackside clubhouse in the pit building—went for $15,000 per person, and sold out eight months ago. And for packages that bundle hotel rooms with race tickets and meals, the sky penthouse is the limit. Caesars Palace’s “Emperor package,” for example, has a $5 million price tag and comes with five nights in the 10,300-square-foot Nobu Sky Villa plus a 4,700-square-foot terrace that hovers 140 feet above the Strip and can accommodate 75 guests for a race-viewing party—not to mention 12 tickets to the Paddock Club, a private dinner for 12 prepared by Michelin-starred chef Nobu Matsuhisa, and a Rolls-Royce and personal driver and for the stay.
Every venue on the Strip, it seems, is primed to party, with newly renovated facilities and a festive atmosphere filled with D.J.s, acrobats, percussionists and all manner of entertainment. The celebration kicks off Wednesday with an opening ceremony featuring a lineup that includes Keith Urban, will.i.am, Andra Day, Steve Aoki and Jared Leto’s band, Thirty Seconds to Mars. And for the actual racing on the track, with practice runs on Thursday and qualifying heats on Friday in addition to Saturday’s race, there are many other premium viewing opportunities. That includes Sports Illustrated’s Club SI on the Strip, which, as part of its three-day, $7,500 ticket, also offers access to parties hosted by the likes of David Beckham and Shaquille O’Neal.
Sports Illustrated spent $1 million converting the three-story Margaritaville restaurant at the Flamingo into Club SI, and plenty of other brands are pouring money into sponsorships and hospitality suites. Meanwhile, the Las
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