LAS VEGAS (KTNV) — A new Formula 1 season is on the horizon and planning is underway for the upcoming Las Vegas Grand Prix.
On Wednesday, Liberty Media, which owns Formula 1, had its fourth quarter earnings call. President and CEO Greg Maffei called the race "hugely successful".
"We were fortunate to have such a great outcome with a record 181 overtakes and the podium came down to the final lap," Maffei said. "It created new commercial opportunities and generated fantastic global buzz. It was also hugely successful for the local community. The total economic impact of the race was estimated at $1.2 billion and the average visitor spent 3.6 times what a typical visitor spends for a non-F1 event."
It's a sentiment echoed by Formula 1 CEO Stefano Domenicali.
"Hospitality and experiences revenue grew nearly 100% year on year. These were driven by expansive suite and hospitality offerings at the Las Vegas Grand Prix," Domenicali said. "Total ticket sales were 316,000 for the weekend. The race was incredible from start to finish. The race generated buzz and brought in new viewers who haven't engaged all season. Local casino parlors had record revenue with mostly gaming revenue for Clark County at all-time highs for the month of November."
However, Maffei said there is definitely room for improvement in year two.
"Because we moved with real speed to try and get Las Vegas up in a record time, many things were done to accommodate a great fan experience and make sure we got done on time. With the benefit of time, there are many things we can optimize," Maffei said. "For example, there is a temporary structure, a bridge, that was put over one of the roads. It was our cost. It will not be re-incurred. There was work that was done around insuring great security. I think we'll learn how to do that in a more cost effective manner."
That includes looking at hospitality and ticketing, which will see some changes for the 2024 race.
"We will be going on sale pretty soon. You'll see we have a significantly higher number of general admission [tickets]. We are actually creating a brand-new general admission-only zone, which will have single-day tickets and be at the lowest price point for the Las Vegas Grand Prix," said Renee Wilm, Chief Executive Officer of the Las Vegas Grand Prix. "This is largely driven to accommodate the lower-end properties on the Strip and bring downtown into the mix. We are working with the LVCVA to engage downtown with activations and watch parties so everyone can benefit."
Meantime, Formula 1 teams are getting ready for the 2024 season. Teams completed pre-season testing sessions last weekend at the Bahrain International Circuit in Sakhir.
Two testing sessions were interrupted after drivers drove over loose drain covers, similar Ferrari's Carlos Sainz incident in Las Vegas. His teammate Charles Leclerc hit a drain cover on Thursday, which scattered debris and led to Ferrari checking the vehicle for damage. On Friday, it was Red Bull's Sergio Perez who drove over a curb. Drivers said track safety needs to be checked to prevent anything serious from happening.
"Before you start driving on the weekend, to double-check that everything is solid, I think, is a must for the upcoming tracks so that we don't have another situation where cars get destroyed," reigning world champion Max Verstappen said. "Especially with the budget cap in place as well. It's not nice when these things happen."
"It's a serious issue because it can have big consequences," Leclerc said. "We have to look into it for the future for it to not happen again. Because [on Thursday] we were quite lucky that it didn't happen in a place and in a situation similar to Vegas but in Vegas it was quite serious for Carlos."
The first Formula 1 race of the season is this weekend in Bahrain. Las Vegas is the 22nd race on the Formula 1 calendar with festivities scheduled to take place from Nov. 21 through Nov. 24.
