Although Formula 1 has never been a sport that generates great expectation in the United States, it has always remained faithful with legendary circuits such as Indianapolis, Detroit, Phoenix or Austin, among others. Still, the country, through Liberty, which entered the Great Circus in 2017, has seen an increase in interest and, both this and other causes, led to the creation of the Miami Grand Prix in 2022. Now, the sound of single-seaters will roar loudly again in Las Vegas, 41 years after its last I remember in F1.
However, the financial forecasts for this event have been deflated to the point that many tickets have become worth half as much. In this sense, the cheapest tickets for the GP were sold on Wednesday for more than $807, a figure that contrasts with more than $1,600 last month and $1,060 a week ago, according to estimates from Forbes.
Prices also plummeted for this weekend’s practice and qualifying tests, including Thursday practice, which fell 70% from a month ago ($385 to $119), and Friday practice. , which fell 68% in the same period (from $825 to $259), according to TickPick.
On the other hand, the competition offers exclusive packages ranging from $2,199 to $40,000, with almost total access to the paddock, the pit-lane in the run-up to the race, the podium area and will also have the right to a guided ‘tour’ of the circuit. Added to this are exclusive views of the race, special culinary experiences and an open bar.
Hotels have also suffered variations. For example, three- or four-star accommodations offer three-night packages for less than $1,000 total. On the other hand, luxury hotels, such as the Bellagio, maintain prices above 1,500 euros per night.
Factors
A major reason for lower ratings and ticket sales may be the lack of excitement of the race. After winning a record 15 races in 2022, Red Bull star Max Verstappen has won 17 of 20 races so far this season. He has already secured this year’s world champion title and Red Bull the Constructors’ title.
Additionally, this weekend’s delayed start time and cold weather could factor into lower ticket prices, as low temperatures are expected to drop into the 50s for Saturday’s main event (the race is scheduled to start at 10 pm local time).
Amortized investment
F1 owner Liberty Media revealed it had spent between $400 million and $500 million. Instead, Las Vegas Convention and Visitors Authority CEO Steve Hill told Forbes that the cost could be much higher, calculating a closest cost towards 650 million.
“I remain very optimistic, we remain very optimistic about, as I said, the impact on F1 in general because of Las Vegas, and the potential for this race to be a profitable exercise in itself,” Maffei stated.
According to a study carried out by the company Applied Analysis and announced by Renee Wilm, CEO of the Las Vegas Grand Prix, the Formula 1 race that will take place on a street circuit in the city on November 18 will have a economic impact of almost 1.3 billion dollars. Included in this number are $966 million expected to be spent by visitors coming to watch the race and $316 million on event operations and costs.
“Austin is still the only race where fans are guaranteed to have a good experience,” said Nicole Sievers, one of two producers of the Two Girls 2 Formula podcast. “They will see good races and it won’t cost them a fortune,” she says.
