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Important revenues for the Las Vegas Grand Prix
In the early 1980s, there was already a Las Vegas Grand Prix. Nevertheless, this competition lasted only 2 seasons in 1981 and 1982.
This time, the Formula One Group seems to be determined to make this race last. We can easily understand why in the light of a recent announcement.
Indeed, we have just learned that the next Las Vegas Grand Prix, which will take place in November 2023, should generate at least 500 million dollars of income.
A major part of the Formula One Group’s turnover in 2023
The Formula One Group seems extremely ambitious with its future Las Vegas Grand Prix. Indeed, it has just announced that it estimates that this competition will generate at least 500 million dollars in revenue.
It should therefore represent a significant part of its turnover in 2023.
For comparison, we know that the company took in $1.8 billion in revenue, in the first 9 months of 2022. This is because the results for the period from October to December have not yet been made public.
Top revenue sources for Las Vegas Grand Prix
It should be noted that the Formula One Group derives all of its revenue from the rights to its competition alone. This provides 3 main sources: the accommodation fees of the race promoters, the sale of broadcasting rights to television networks around the world, and the sponsorship and advertising revenues from the race.
During 2019, for example, these 3 sources accounted for over 82% of Formula One Group’s revenue.
It is known that Las Vegas offers a lot of potential corporate sponsorship for the upcoming Grand Prix. The race itself will be sponsored by beer giant Heineken. In addition, it should be noted that the operators Caesars Entertainment, MGM Resorts International and Wynn Resorts are already established as fundamental partners.
Formula 1: the most expensive motorsport
To attend the 2023 Las Vegas Grand Prix, there have already been tickets sold for the 3 days of the competition for $500. Spectators who wish to enjoy an even more elite experience can also purchase 5-day passes for $15,000 each. It should also be noted that casino operators are offering even higher prices.
Take MGM Resorts International for example, they have already purchased $20-25 million worth of tickets for the race, allowing them to offer packages for up to $100,000.
The Wynn Resorts Group is going even bigger with a $1 million package. Not long ago, the Caesars Entertainment Group outright unveiled a package for as much as $5 million.
It is important to know that Formula 1 interests many fans and some of them are very wealthy. As a result, it is the most expensive motorsport at the moment.
Nevertheless, the Formula One Group has made it known that tickets for less than $500 will still go on sale during the year.
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