The new grand prix in Las Vegas is a key ingredient in F1's plans to grow in the US. Here's why:
For the first time in three years, there were no restrictions on attendance, and F1 reported a 36% increase since 2019, the last season before the pandemic hit.contributed to an impressive turnover figure of over $2.5 billion, up 20% year-on-year. The operating profit of the business – the number left after the 10 teams were paid – rose from $92m to $239m.
"We are very focused on sustaining the growth and interest in F1, in many, many ways," said Liberty CEO Greg Maffei when discussing the 2022 performance. "And it'll open up our sport to many people who previously were not aware. While there are 16 and 17-year-olds who are crazed and get up every Sunday morning to watch, there are many people who really do not follow F1.
The Las Vegas event is special because it's a first as F1 itself is the promoter, working with the city and other stakeholders such as the major casinos. That suggests that even in the first season it will be up there with F1's biggest-paying races – those in the Middle East. The building will be used year-round as F1's toehold in the city, although few details have emerged thus far about the plans to exploit it. Wendling made the interesting observation that the Las Vegas GP will rent it from F1 Corporate for the race weekend.
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