Wow, a massive sum of money will be changing hands with F1 acquiring a plot of land in Las Vegas. The 39 acre site in the city will be home to the paddock and pits for the future races down the strip.
F1 were given the allowance to race along the strip by City authorities. It was thought originally that the pit straight may be up to a mile away from the paddock, due to area being surrounded by casinos and other businesses. This news however means that F1 will be able to build a permanent pit structure such as the one they built for Miami.
“The momentum in the United States continues with this weekend’s inaugural Miami GP.
“And of course, you can’t have not heard about the announcement of our Las Vegas GP for November 2023. As we’ve noted before, that’ll be a night race down the strip.
“And notably and differently than most places, F1 and Liberty Media are self-promoting the race in partnership with local stakeholders and Live Nation.
“The build out for this track will require increased Cap-Ex and Op-X to develop. It’s too early to provide you with numbers, but we intend to update you later this year.
“I would note that Liberty Media did enter an agreement to acquire 39 acres east of the strip to lock in circuit design and create capacity for the pit and paddock, among other hospitality and race support venues.
“I expect that transaction will close in the second quarter, and the purchase price was $240 million, which will be funded by cash on hand at the F1 group level.”
Liberty Media CEO Greg Maffei
This purchase will signal a huge investment in the circuit of Las Vegas, a race that some are hoping becomes a NEW flagship event in the Formula 1 calendar.