Formula One Group (NASDAQ:FWONA) proclaimed its partner, Liberty Media, is paying $240 million for 39 acres of bring down near the Las Vegas Strip existent landed estate inward throw out of the league’s number 1 rush in Sin City.
CEO Greg Maffei unveiled the purchase on the company’s first-quarter earnings group discussion call on Friday, May 6.
I would tone that Liberty Media did get into an understanding to acquire 39 acres east of the striptease to lock in circuit plan and make capacity for the pitfall and paddock,” said Maffei.
He added that the transaction, which is being funded with Formula One immediate payment on hand, is expected to closelipped inward the current quarter. The fellowship didn’t corroborate as much, but it’s speculated that the terra firma it’s buying is at the nor'-east nook of Flamingo and Koval. Some of that acreage was previously tenanted past the at present shuttered Ice nightclub. The vender of the set down wasn’t identified.
Las Vegas Could Be Crown Jewel inward F1 US Footprint
F1 is looking to advance its presence and lover cognizance in the US. After racing for several years in Austin, this weekend brings the league’s initiatory Miami Grand Prix.
Las Vegas could live the centrepiece of F1’s rising US strategy. In March, F1 said that starting inwards November 2023, the world’s highest tier up auto racing association testament every year come up to the largest US casino eye for the Las Vegas Grand Prix.
F1 held the Caesars Palace Grand Prix in Las Vegas in 1981 and 1982, but in that respect wasn’t racing on the Strip. The Las Vegas Grand Prix, scheduled for Saturday, Nov. 25, 2023, will read set on the Strip, running past tense iconic venues such as Bellagio and Caesars, among others.
The Las Vegas electric circuit testament be 3.8 miles and features 14 turns with a straight that will tolerate drivers to force upwards of 200 miles per hour. It’s crystalize there’s already Brobdingnagian interestingness inwards the dark rush yet though it’s 19 months away.
“In the 24 hours followers the prescribed proclamation Las Vegas resorts saw more requests for hotel room reservations than any other I daylight geological period in their history,” said F1 President Stefano Domenicali on the call. “We also saw the proclamation bring forth iv times more societal media activity than the 2024 Vegas Super Bowl announcement.”
Betting Implications
Las Vegas loves sports, including motorsports. The play hub hosts two annual NASCAR Cup Series events.
How that plays come out inward terms of betting grip remains to be seen. In Europe — the realm place to the most F1 races — the sportswoman is to a great extent wagered on. In the US, however, motorsports, including NASCAR, are inward sportsbooks’ “other” category, substance auto racing generates a handle that’s miniscule compared to traditional domesticated transportation such as football, basketball and baseball.
The Las Vegas Grand Prix could change that, at least for that unity race. While F1’s capital of Texas run is pop and the Miami Grand Prix is expected to live a hit, sports wagering currently isn’t allowed in Sunshine State or Texas. Conversely, Sin City is single of the sports betting hubs inward the world, indicating it’s possible that the Las Vegas Grand Prix will follow one of the most wager on motorsports events in US history.
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