Las Vegas Grand Prix Plans To Stay In Vegas As ‘Monaco Of North America;’ More Race Tix On Sale Late Feb/Early March For F1 Event In November
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By Alan Snel, LVSportsBiz.com Publisher/Writer
Well, it looks like the Formula One Grand Prix race in Las Vegas is going to stay a lot longer than three years.
“We’re here to stay. We’re not spending all this money for three years,” said Renee Wilm, chief executive of the Las Vegas Grand Prix.
Wilm and F1 CEO/Prez Stefano Domenicali were on hand at the Vegas Chamber preview event this morning to chat about and promote the big car race down the Strip and its race-related activities that are set for five days in mid-November.
Wilm said she envisions Las Vegas as “The Monaco of North America” and made a bold statement that she expects 100,000 visitors a day to attend the Las Vegas Grand Prix with a total economic impact of $1.2 billion. As is the case with these economic impact statements related to Las Vegas sports events, there was no explanation, proof or methodology behind the spending number. The $1.2 billion number means that 100,000 visitors are spending $12,000 per person — a per capita spending number way above typical visitor spending in Las Vegas. (Assuming 100,000 visitors do attend the event.)
Back in May, the LVCVA — Las Vegas’ public tourism agency — approved a three-year, $19.5 million deal for the grand prix to be held in Las Vegas. Liberty, based in Englewood, CO, will receive $6.5 million in services each year for the three years.
Domenicali put it this way for the Las Vegas chamber audience Monday morning: “This is a golden moment for F1.” (Take note of “golden” reference, Vegas Golden Knights.)
F1 already has races in Miami and Austin in the U.S. and the Las Vegas Convention and Visitors Authority (LVCVA) sent two staffers from their office to Texas on the public dime to check out the most recent grand prix event in Austin.
F1 plans to rebuild the Strip as part of the entire 3.8-mile, 14-turn course, which even includes a part where the cars will whiz by fans at The Sphere under construction at the Venetian. Here’s a pic of the interior of Sphere, which is projected to be completed in the fall. Sphere President Lucas Watson also gave a promotional talk at the chamber event.
So, expect more construction on the Strip starting in April for the F1 race course — just part of the inconveniences facing motorists with the Nevada Department of Transportation also working on a nearby $350 million highway project at I-15 and Tropicana Avenue, a major east-west arterial and gateway to the Strip.
It’s a stark contrast coming to Las Vegas — open-wheel race cars zooming more than 200 mph down the Strip and motorists stuck in traffic jams because of Strip-related and I-15/Tropicana construction work.
It’s also comical to think the race is affordable for the common denizens of Las Vegas when Caesars Entertainment is offering a $5 million deal to watch the race, while Wynn Las Vegas is pitching a $1 million offer for the grand prix experience.
For the record, it won’t cost you $1 million to watch the Las Vegas Grand Prix in person — just hundreds of dollars. The bulk of the second wave of tickets will be on sale starting in either late February or early March for grandstand and hospitality suites.
The ticket pricing was based on the fact that food and beverage will be coming with the deals.
So, come with an empty belly and a full bank account.
F1 is also building a 300,000-square-foot paddock building to serve as the Las Vegas home base for the event. It will offer a perch at the start and finish line at Koval Lane and Harmon Avenue.
Wilm mentioned the F1 paddock can also be used for niche conventions, luxury hospitality and even a race car academy.
