F1 News
Las Vegas makes history: most expensive Grand Prix in history
- GPblog.com
Ticket prices for the Las Vegas Grand Prix are sky-high: for a standing spot, interested people tap $500; for a seat, you spend at least $2,000. These huge prices can undoubtedly be explained when you consider how much it costs to organise the Las Vegas Grand Prix.
The race in the gambling city is the most expensive ever in the history of Formula 1, according to Business F1. As much as nineteen million dollars it is to cover commercial and administrative costs alone. Then we have to look at how much was paid to buy a piece of land and manufacture a paddock on it. For this, $240 million is put down.
Local promoter sidelined
These costs are all borne by Liberty Media, the parent company of Formula One Management (FOM). For the first time in history, there is no local promoter, but a Grand Prix is actually organised by Formula One itself.
Liberty Media is not shying away from high investment. Revenue from sponsorship and ticket sales is expected to top five hundred million dollars. Moreover, the intention is for the Las Vegas Grand Prix to remain on the calendar for at least ten years. Needless to say, there is no need to reinvest in a paddock in the coming years.