Formula 1 is exploring ways to ensure the facility it is building to host next year’s Las Vegas Grand Prix will be used for other activities during the year.
As part of the deal for F1 to promote its race in Nevada’s world-famous tourist destination, it has purchased a $240 million (£198m) plot of land upon which to build facilities including the pit and paddock.
Speaking to investors in a Liberty Media call yesterday, president and CEO Greg Maffei said the series intends to ensure the buildings do not lie dormant outside of F1’s race weekend.
“Our goal was to have a facility which is not only magnificent for the race but has the opportunity to have ongoing activations and events at that facility when even when the race is not underway,” he said.
F1’s decision to bear the costs of promoting its newest race is unusual, as this is typically left to third parties. However Maffei said its handling of the Vegas race will not put excessive strain on its finances.
“You should be thinking we can well manage this within the capital we have. It’s not going to drain us in any way and it’s not going to forestall us from doing other actions,” he said.
The series last raced in Las Vegas in 1981 and 1982. Despite holding the championship-deciding final races for two years running, the event failed to attract significant local interest and the CART IndyCar series replaced F1 at the venue in 1983.
The series is aware it needs to make greater effort to promote itself when the race returns on the 2023 F1 calendar, says the series’ CEO Stefano Domenicali.
“It’s important that we are working very hard in driving the engagement and getting the new city excited about Formula 1,” he said. “We’re going to come back with all the plans that we have in order to make sure that we want to bring F1 to life with emotion, passion. It is really important to increase the level of engagement that we expect from Vegas City.”
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