Formula 1 is exploring ways to ensure the facility it is building to host the Las Vegas Grand Prix next year will be used for other activities during the year.
As part of the deal with F1 to promote its race in the world-famous tourist destination of Nevada, it has bought $240m (£198m) land on which to build facilities, including the pit and paddock.
Speaking to investors on a call with Liberty Media yesterday, Chairman and CEO Greg Maffei said the series intends to ensure the buildings don’t sit idle outside of the weekend. F1 race end.
“Our goal was to have a facility that is not only beautiful for racing, but has the ability to have activations and events going on at that facility even when racing isn’t in progress,” a- he declared.
F1’s decision to bear the costs of promoting its new race is unusual, as this is usually left to third parties. However, Maffei said his handling of the Vegas race would not put undue strain on his finances.
“You should think we can handle this well with the capital we have. It’s not going to wear us out in any way, and it’s not going to stop us from doing other actions,” he said.
The series last raced in Las Vegas in 1981 and 1982. Despite holding the championship-clinching final races for two consecutive years, the event did not generate significant local interest, and the CART IndyCar Series replaced F1 at the site in 1983.
The series is aware that it needs to redouble its efforts to promote itself when racing returns to the 2023 F1 calendar, said series CEO Stefano Domenicali.
“It’s important that we work very hard to drive engagement and build excitement in the new city for Formula 1,” he said. “We will come back with all the plans we have to make sure that we want to bring F1 to life with emotion, passion. It is really important to increase the level of commitment that we expect from Vegas City.
Announcement | Become a RaceFans supporter and
2023 F1 season
Browse all articles from the F1 2023 season