Senior Formula 1 figures including CEO Stefano Domenicali have given an update on plans for new Las Vegas Grand Prix including estimates of the income it is expected to generate.
Domenicali was joined by the event’s CEO Renee Wilm, who is also chief legal officer for F1’s commercial rights holder Liberty Media, at Preview Las Vegas, an annual economic forecasting event for the area.
The series used the event to promote its third race in the United States on the 2023 F1 calendar. Simulators and a full-size 2022 F1 car model were set up at the venue.
In a joint appearance, the CEOs detailed the projected economic impact for the local area of November’s grand prix. They projected that F1 operations and support alone would have an economic impact of $316 million (£257m) for Las Vegas, with $102m (£83m being spent by them on wages and with a recruiting target of 2,054 people.
Analysis: The ‘$5 million GP ticket’: Why Las Vegas is raising the stakes on F1 tour packages The financial benefit of grand prix visitor spending was estimated at $966m (£786m). Some resorts have already announced they are selling premium attendance packages for as much as $5 million. A requirement to have over 5,700 people working to provide services around the event meaning there could be $259 million-worth (£211m) of work for locals in those jobs alone.
Those working in F1 operations will be put to work in April, according to Las Vegas Convention and Visitors Authority Steve Hill, with the grand prix scheduled for 18th November. Some of the work may be finished last-minute to make the city streets race-ready.
“It’s a relatively short timeframe, but Las Vegas knows how to do these big projects,” said Hill. “We’re going to make sure that it’s done.”
Local resort and casino operators are especially sensitive to potential affects on their businesses of any disruption caused by construction work. Wilm told local television station KTNV that F1 will attempt to build the track in sections to minimise disruption.
Domenicali added: “There will be a lot of things that will be ready at the last minute. That’s part of the game. But there is an incredible professionality here that we found in the community working with us.”
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The F1 CEO intends to visit the circuit site repeatedly this year, in addition to following the series record-breaking 23-event schedule around the world, while Wilm will personally oversee the progress of the project until the race date.
“Construction on the paddock building is in full swing,” said Wilm at Preview Las Vegas. “Timelines for construction and set-up will vary in each zone depending on installations, but we’re really planning to start the build in earnest as early as June.”
Track data: Las Vegas Street Circuit The event team had already committed to installing bridges and other crossings for pedestrians (residents, workers and users of the businesses in the area who are not ticket-holders) to cross the roads being used for racing and access facilities on either side of the track. Wilm revealed that has now been extended to crossings for vehicles too.
“We do have plans for vehicular bridges, pedestrian walkways, business access points, and we are working very closely with Metropolitan [police] and Fire [rescue departments] to ensure that we’re mitigating traffic and working with our local partners to try to mitigate any inconvenience.
“We know it’s going to be a difficult, challenging traffic weekend, but we think that the value we’re bringing to the city and the experience we are creating will far outweigh the inconvenience factor.”
“We are less than 10 months out, and there is still much to be done,” Wilm concluded. “But I am incredibly proud of our amazing team that are working so hard to make this the greatest spectacle in motorsport’s history, if not sport’s overall. And we looking forward to continuing to share new developments and exciting updates as we get closer to race weekend.”
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