LAS VEGAS — There is no such thing as a flawless first-year event, so go ahead and accept that there will be bumps and bruises in Formula One’s $500 million Las Vegas Grand Prix.
The warning signs were as bright as The Sphere when early pricing opened for this week’s extravaganza, the most expensive grand prix to attend on this year’s 24-race calendar.
With multimillion-dollar hospitality packages, exorbitant hotel rates and an initial average “get-in price” of about $2,000, this race was never about attracting new fans to the global motorsports series or growing the American audience. F1 owner Liberty Media clearly viewed a race in Las Vegas as an international showstopper for the highest of the high rollers.
Renee Wilm, CEO of the grand prix, vowed “we will be sold out by the time of the event” on a Nov. 3 earnings call by Formula One Group.
Well, the big race has finally arrived and t ickets are still available, both directly and on a dramatically reduced secondary market. Hotel prices along the Strip have plummeted and all signs suggest first-time F1 race promoter Liberty appears to have grossly overshot the price point for drawing in new fans and spenders.
Ticket prices slashed as much as 60% for some of the days ahead of Saturday night’s race are only a small part of the behind-the-scenes heartburn. Locals were infuriated by the daily disruptions caused by construction of the 3.85-mile (6.2 kilometer) street circuit that utilizes a large portion of the Strip while highlighting several Las Vegas landmarks with a 17-turn layout that’s been likened to a ” flying pig.”
There were early reports that F1 was demanding exorbitant licensing fees from any business that had a view of the track. F1 eventually relaxed its fees, but not before reportedly threatening to erect structures that would block the views. There are fresh concerns as to how casino employees will get to work once the Strip is closed so Max Verstappen can win another race in a season…
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