F1 reveals plan to ensure all-new Las Vegas GP facilities can be used ‘all year’
08/06/2022 06:41 AM
American businessman Greg Maffei, the president and chief executive officer of Liberty Media, has confirmed plans to make sure that the all-new Formula 1 Las Vegas Grand Prix facilities can be used during the whole year.
Formula 1 owners Liberty Media have secured a $240million land purchase to the east of the iconic Strip, which will represent the location where F1 will build a permanent pit and paddock facility.
But the intention is not to let this area and the facilities which will be created for the first edition of the Las Vegas Grand Prix to remain dormant for the rest of the year, and as a result “year-round activations” are taken into consideration in talks with potential partners:
“We completed the land purchase at the FWON corporate level,” Greg Maffei explained, in a recent discussion with Wall Street investors. We are excited about the corporate potential of this property. We do expect to have year-round activations on this site. The main paddock building which is estimated to be 900 feet long, the length of three football fields, will be exciting and we’re actively working with potential commercial partners to expand our opportunities there.” – he added.
Liberty Media is carefully monitoring the work and preparation for organizing the 2023 Las Vegas Grand Prix, given its big investments and the decision to be self-promoting this special sporting event. When asked to comment on the extent of the future expenditure, the chief executive officer of Liberty Media explained:
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“On Vegas, it’s a little hard to forecast the Cap-Ex because we are still putting together the programme that we will undertake there. As I mentioned, our goal is to have a facility which is not only magnificent for the race but has the opportunity to have ongoing activations and events at that facility even when the race is not underway. I think you should be well thinking that we could well manage this within the capital that we have. It’s not going to drain us in any way or stall us. We’re still working through the specifics on [crowd] capacity but I note that our founding partners in Vegas, Caesars, Wyn and MGM are seeing incredible demand and we haven’t even announced the formal date. We will obviously share more details on Vegas in time.” – Greg Maffei concluded.
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