LAS VEGAS (KTNV) — More attractions could soon be coming to the Grand Prix Plaza.
On Thursday, Las Vegas Grand Prix CEO Renee Wilm announced the organization's future plans.
"Obviously, Vegas is a destination and we want to try to leverage that to bring these visitors over to learn more about Formula 1," Wilm told investors during Liberty Media Corporation's earnings call. "There will be a carting business there. There will also be a fun interactive experience, a 3D or 4D-type offering, and we'll include a little bit of the legacy of Formula 1 with an exhibition-type educational experience as well."
Wilm said they've been looking at additional off-season business opportunities in addition to the event conference segment.
"It's going to be very much focused around educating new fans and bringing new fans deeper into the sport," Wilm said. "A lot more to come and we hope to be giving more specifics around that during race week."
That's not the only F1 experience coming to the valley.
In May, I told you about plans for an F1 Arcade, which will be located at the Forum Shops at Caesars Palace.
On Thursday, Stefano Domenicali, President and CEO of Formula 1, said plans are still on track and the arcade is set to open in the third quarter of 2025.
According to venue officials, it will be the largest F1 Arcade to date and will be over 21,000 square feet. That will be spread out across two floors with terrace views of the Las Vegas Strip.
There will be race simulators and a 41-foot-long bar, which will serve signature cocktails and "Designated Driver" mocktails.
The first F1 Arcade opened in Boston in April and the second recently opened in Washington D.C.
There are plans to roll out another 30 locations globally over the next five years.
It's no secret that since Liberty Media Corporation purchased the Formula 1 brand in late 2016/early 2017, they have pushed to grow the sport's fanbase in the United States.
That includes the popular Netlflix show "Drive To Survive".
So far, Domenicali said the strategy has been paying off.
"Attendance is up across almost all races and 14 have sold out. Attendance at sprint weekends is up approximately 30% compared to non-sprint weekends," Domenicali said. "Beyond sprints, average viewership for race weekends through the Singapore race, we averaged 65 million on TV channels with 20 million incremental viewers on digital channels, including YouTube and F1 TV. Viewership on digital channels continues to increase year over year."
ESPN's media rights contract with Liberty Media and Formula 1 is set to expire in 2025. Las Vegas could be a bargaining chip for future media rights negotiations.
"We remain very positive on the benefits that Vegas is providing to the broader ecosystem of Formula 1," Wilm said. "We're looking to see the benefit next year, as well, when Greg [Maffei] starts those discussions."
And could F1 end up renegotiating with ESPN?
"I won't disclose the details. ESPN's been a great partner. We will look to see what we can do with them but there's also a lot of other interest from partners," said Greg Maffei, the President and CEO of Liberty Media Corporation. "We'll try to construct a deal that brings the best economic opportunity for F1 but also expose our fans to the best experience in the biggest breadth as possible. We'll go through economics and reach and hopefully come up with the best result for F1 fans and us."
The Las Vegas Grand Prix is scheduled to run from Thursday, Nov. 21 through Saturday, Nov. 23. You can see all of our coverage at ktnv.com/vegasgrandprix.
