The huge risk in F1's $500million Las Vegas gamble
- Posted by storm on Nov 13, 2023
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It’s Vegas or bust for Formula 1, which has made a half-billion bet on a race in the self-styled sports and entertainment capital of the world.
The hype surrounding the Las Vegas Grand Prix has reached fever pitch ahead of the 2023 race. And that’s because this is an event that F1 desperately needs to work.
The race will take over Las Vegas, with the cars charging down the iconic Las Vegas Boulevard - better known as The Strip. The expectation is that having a grand prix that races past the legendary Vegas hotels and Casinos, which have starred in countless movies and TV shows, will supercharge F1’s growth.
But to do that, F1 has had to rip up its business model, put its hand in its pocket and invest heavily. This race isn’t being put on by an independent promoter that’s paying tens of millions for the privilege as per the usual model. Instead, F1 is promoting the race - and will do for at least 10 years.
00:00 F1's big bet
02:04 A unique race
03:33 New race model
04:53 The track
06
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