What you need to know:
The original budget was 400 million dollars and until September the expenditure was 435 million
Since the end of 2022, when it was announced that the United States would have three Formula 1 Grand Prix with the inclusion of the Las Vegas Grand Prixexpectations began to build around this race on a street circuit, which will also take place at night.
The Las Vegas Grand Prix It is the first to manage and promote Libertythe company that has owned Formula 1 since 2019 and has invested large amounts of money to shape one of the most spectacular settings of the Great Circus.
The Las Vegas GP was going to cost 400 million dollars
It is said that the Las Vegas Grand Prix will be more about the spectacle than the race itself, and from the start Liberty CEO Greg Maffei He indicated that he hopes it will be one of the five best Grand Prix of the year, although the originally established budget has been exceeded for this purpose.
The Original estimates were that Liberty would spend $400 million throughout the project, and this included comparing the land on which the permanent buildings were built, where, for example, the pit area, the paddock and control tower.
Until the month of September, The expense had been 435 million dollars. The amount would increase drastically when the expenses of the month of October and part of November are included, However, it is not something that worries Liberty too much, as it is considered to be a profitable Grand Prix.
Why were more millions spent for the Las Vegas GP?
Maffei explained that part of the increase is related to security aspects, as well as the inauguration ceremony. “I have mentioned increased security, opening day ceremony, but there are others like the consultants who helped us set it up, the permit costs that were unusual, and things like that, so There are a lot of upfront costs that are probably higher than we initially estimated.”he said according to Motorsport.
The CEO of Liberty had already given clues about an increase in expenses to carry out the Las Vegas Grand Prix, however, it is not something that sets off alarms, as he trusts that everything invested can be recovered. “I remain very optimistic about the impact on Formula 1 in general due to Las Vegas, and the potential of this career to be a profitable exercise in itself“.
The Las Vegas Grand Prix will debut as the most expensive for fans, since There are packages that sell for up to five million dollars for groups of up to 12 people who will be able to watch the race from the terrace of the Villa, in addition to having access to the pitlane, but that is another story.