F1: Las Vegas race is going to be huge (2nd Update)

How big is F1 in the USA now?

By comparison, MGM offers ticket/room/meal packages of over $3,000 per person for Las Vegas Raiders NFL games, with price fluctuations based on the opponent.

Compare that to $100,000 F1 packages.

MGM’s purchase of $25 million of tickets for the race, with other casinos and race fans to follow, the ticket revenue for the Las Vegas F1 race will dwarf the Indy 500 ticket revenue – once considered the biggest race in the world.

The Las Vegas F1 race will have a global TV audience of 75 million.  The Indy 500 has a domestic audience of 4.8 million (2022) and worldwide, perhaps 10 million (numbers not published – IndyCar has no clue what they are).

Full-weekend VIP ticket packages offered by certain South Beach hotels cost as much as $120,000, so there is no reason not to believe Las Vegas packages won’t fetch that and more.

MGM Resorts is just one of the big casinos.  If they bought $20-$25million worth of tickets, expect some others to follow suit.

It appears the race, owned by F1, will rake in $100 million just in ticket sales.  Add in sponsors, track signage and hospitality, and it appears F1 will make a financial killing on the race, minus first year startup costs.

Years 2 and beyond will be a gravy train of profits.

How big if the Formula 1 race on ‘The Strip’ in Las Vegas going to be?

Huge!

According to Adam Stern of Sports Business Journal, MGM Resorts in Las Vegas is planning to buy $20-25 million worth of Las Vegas F1 tickets from Formula 1 who is also the race promoter.

They plan to create hotel+event packages for next year’s race, per CEO Bill Hornbuckle.

He said rooms may cost three times their usual rate and packages could retail for up to $100,000.