The $500M paddock building has been topped off 5 months ahead of Las Vegas’ F1 race weekend.
The 300,000-square-foot, four-level paddock building is the central feature of the Las Vegas Grand Prix, with the race’s start-finish line and grandstands lining several locations along the track area. The first floor includes the pit row and adjoining garages, while the upper levels include high-end luxury suites and a rooftop area for race viewing.
F1 has contracted construction companies to work 20 hours a day to build the new F1 Las Vegas HQ quickly, and they’ll work 24 hours a day toward the end.
The 39-acre site will serve as the main hub for the inaugural Las Vegas Grand Prix weekend planned for Nov. 16-18.
Liberty Media, F1’s parent company, is spending more than $500 million on the project between the land acquisition and the construction of the 1,000-foot-long, 100-foot-wide, four-level structure.
Seeing the structure come out of the ground in just five months since the ground-breaking ceremony was a sight to be seen by Liberty Media President and CEO Greg Maffei.
“It’s incredibly gratifying,” Maffei said. “It’s a testimony of what Las Vegas can do, and I like to think it’s somewhat of a testimony of what we can do. There’s a lot of money in that building and a lot of resources, but I think it’s going to be a great result.”
“We’re building this first and foremost to be the best possible racing experience. … The opportunity to have conventions, other kinds of racing, to have tours … it’s great. But that’s not our focus.”
“This will be by far the biggest race in terms of revenues, VIP experiences, everything about this will be the top,” Maffei said. “It will be the paragon for Formula One.”
Formula One President and CEO Stefano Domencali noted the half-a-billion dollar investment in Las Vegas shows they are committed for the long term.
“It’s a sign of respect because when you invest in this magnitude, it means that we believed in this project for a long time in this community,” Domencali said. “We do believe F1 brings to Las Vegas something new, and we do believe that Las Vegas will bring Formula One something special.”
Wilm said the facility will be used year-round and not just during race weekends. She said those details will come later, but noted some ideas are already falling into place.
“We’re looking to create exponential opportunities for the younger fans, for the families in town and for people who want to understand more about F1 and enjoy the thrill and the excitement of being a driver,” Wilm said. “That could be a racing school, it could be a convention center, it can be a restaurant opportunity. The sky’s the limit right now and we’re just beginning to scratch the beauty of Las Vegas for our viewers.”
Before the topping-off ceremony, Nevada Gov. Joe Lombardo was given a tour of the paddock area by F1 and Las Vegas Grand Prix executives. Formula One CEO Stefano Domenicali called Lombardo, who took office in January, “Formula One’s newest fan.”
Lombardo found that remark amusing.
“I didn’t realize I was the newest fan. I’ve actually been watching it on Netflix for a couple of years,” Lombardo said of the streaming service’s “Drive to Survive” documentary series on F1.
“As we look toward November, this is such an exciting time for Las Vegas and for all of Nevada,” Lombardo said. “This November, we get to take our commitment to professional sports to the next level when we welcome Formula One.”
In a presentation in January at the annual Preview Las Vegas, the business community’s annual economic showcase, Wilm said the race’s three nights of running – Thursday Friday, and Saturday — practice runs, qualifying and the 190-mile, 50-lap race — will each attract more than 100,000 spectators daily. She said the economic impact for Las Vegas would be more than $1.2 billion.
“To give you some perspective on that number, [Las Vegas financial research firm] Applied Analysis conducted a similar study for the 2024 Super Bowl, which is projected to bring in approximately $600 million from that weekend’s event,” she said.
Wilm said Formula One and the Las Vegas Grand Prix are “contributing significantly” to the capital investment and startup costs.
“By race weekend, we will have created over 7,000 jobs for this community,” she said.