LAS VEGAS (KTNV) — Formula 1 is continuing to evaluate ticket pricing for the Las Vegas Grand Prix.
During a company earnings call on Thursday, Liberty Media President and CEO Derek Chang said the 2024 Las Vegas Grand Prix didn't reach their expectations.
"2024 stand-alone event economics for Vegas missed internal expectations on revenue. The team has moved very quickly, however, to enact changes that will benefit 2025 and support a financially-successful race for F1 and continued growth and positive impact for the Las Vegas community," Chang told investors. "I think we all here were disappointed by some of the financial metrics in the early going here. But those, in my mind, are all sort of durable and fixable."
Some of those changes include continuing to adjust ticket pricing and certain aspects of the 2025 race, like moving the start time up by two hours.
"We now have two years of real data to understand what tickets and products sold well, the demographics of the fan base, and the overall cost structure of the event," Chang explained. "As a result, we are making revisions to the ticket product and pricing strategy, leveraging this data and more, and as importantly, we are actively managing our cost structure."
Chang also said the structure of the Las Vegas Grand Prix organization was reorganized last month "to integrate it fully into our London team and maximize those continued benefits."
"We want to take these opportunities for long-term benefit, even if there are early bumps in the road. We have a clear handle on near-term priorities for Vegas to improve and we are confident in the value it provides."
That value includes testing things in Las Vegas that can applied to all Formula 1 races.
"In addition to being an excellent lead generator for commercial deals, Vegas has been a successful test bed of innovation that we are now extending elsewhere in Formula 1," said Stefano Domenicali, President and CEO of Formula 1. "A few recent examples include expanding our licensed product and merchandise offerings, the global partnership with Gordon Ramsay after his involvement in Vegas and building a new CRM system for all of F1, which will enhance our fan targeting."
Domenicali added that one of F1's biggest goals is to continue growing their fan base in North America.
One way they are doing that is by offering new year-round activities at the Grand Prix Plaza here in Las Vegas.
On Thursday, Las Vegas Grand Prix officials announced that three ticketed attractions will open at the plaza on March 29.
"These new experiences are as close to an F1 race one can get without being a professional driver. This is the largest-scale F1 exhibition we've debuted in North America, and there was no better place to do it than the home of the Las Vegas Grand Prix," said Jonathan Linden, Co-CEO of Round Room Live and Producer of The Formula 1 Exhibition. "Whether you're a lifelong fan or new to the grid, this is an inside look at what makes F1 a global phenomenon - with plenty of thrills along the way."
F1 X is a 4D exhibition where fans can see artifacts, cars, championship-winning gear, and innovations that have shaped the sport from 1950 to today. Visitors can also create their own virtual car and test it on a virtual track. It will also include several racing challenges include the Pit Wall Challenge where guests can make real-time decisions on tire changes, pit stops, and team tactics as part of a simulation. They can also test their skills in the Pit Stop Duel or the Formula 1 4D Driving Theatre.
Adult prices start at $79 and for locals, it's $59.
F1 Drive will let guests try their karting skills by taking on a 1,650-foot track with 31 turns across the Las Vegas Strip Circuit.
Guests 12 and up can participate. Adult ticket prices start at $37 and locals prices start at $30.
The F1 Hub will feature racing simulators, Fuel & Fork, which is a restaurant, and a flagship F1 store where locals will receive a 10% discount on merchandise.
"Grand Prix Plaza represents a significant investment in the future of Formula 1 in Las Vegas," said Emily Prazer, President and CEO of Las Vegas Grand Prix, Inc. and Chief Commercial Officer for Formula 1. "As part of our steadfast commitment to Las Vegas, we are thrilled to offer significantly discounted pricing to locals so that Grand Prix Plaza is an easily-accessible community asset all year long."
Grand Prix Plaza will be open to the public on Sundays through Thursdays from 10 a.m. to 10 p.m. and on Friday and Saturday from 10 a.m. to midnight.
There are also three new private event spaces that will be available to rent year-round.
Tickets will go on sale for those attractions on March 6 and officially open on March 29. You can learn more here.