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MGM’s strategy for the 2023 Las Vegas F1 Grand Prix

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The famous city of Las Vegas in Nevada has been a leading international sports destination for decades.

We had further proof of this on Wednesday, March 30, when the Formula One World Championship announced that it will visit there every year for the Las Vegas Grand Prix, starting in November 2023.

This prestigious competition should do a lot of good for the entire local tourism industry. The MGM Resorts International group, for example, intends to make the most of it.

20 to 25 million dollars in tickets

Not long ago, the CEO of MGM Resorts International (Bill Hornbuckle) stated that his group planned to buy 20 to 25 million dollars worth of tickets for the 2023 Las Vegas Grand Prix. With them, he plans to create $100,000 hotel plus race packages.

In addition, the operator is also expected to triple the room rates in some of its hotel-casinos so as to take maximum advantage of the race.

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It should be remembered that MGM Resorts International is the most present operator on the famous Las Vegas Strip. It manages the Bellagio, the Circus Circus, the Mandalay Bay, the New York-New York and the Park MGM among others.

>>> Read also: “F1 pays $240 million for land near the Strip”

A usual trend that should reach a new dimension

At present, Las Vegas regularly hosts large-scale trade shows, shows and sports events. And it’s well known: the operators of the main hotel-casinos on the Strip have taken the habit of increasing their room rates at the time of the most important events.

With the Formula One Grand Prix in the works, this trend could reach a whole new dimension. Whether we’re talking about the team owners, the drivers or the fans, many of whom are wealthy celebrities, this is the most lucrative sport in the world.

So it doesn’t seem far-fetched that MGM Resorts International is considering tripling its room rates or putting together $100,000 hotel-plus-race packages.

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Even bigger increase expected at Bellagio and Cosmopolitan

In the past, the Formula 1 World Championship has already stopped in Las Vegas in 1981 and 1982. However, the race did not take place on the famous Strip, but simply around the mythical Caesars Palace.

Scheduled for Saturday, November 25, 2023, the Las Vegas Grand Prix will feature a 6.12 km circuit with 14 turns and a straight line of about 1.9 km where vehicles should exceed 320 km/h.

At this time, MGM Resorts International has not yet specified which of its hotel-casinos will see the biggest price increases for this race. Nevertheless, we can expect it to be the Bellagio on one side and the Cosmopolitan on the other. Indeed, they are proving to be extremely famous and the racers must pass right under them during the competition.

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