The first F1 Las Vegas Grand Prix race weekend could prove to be a very expensive trip...
The race in Nevada is set to run for the first time next year as the Las Vegas strip will be shutdown in what could prove to be one of the most exciting events of the year.
When it comes to glitz and glamour, Vegas could give even Monaco a run for its money and with a city so synonymous with both winning and losing high amounts of cash, it is no surprise to see tickets for this maiden event being set at an eye-watering amount. Standard ticket prices for the race have yet to be announced but a report has emerged that some hotel and race packages could cost up to $100,000.Sports Business Journal reporter Adam Stern tweeted that MGM Resorts is planning to buy $20-25 million worth of tickets so that it can create hotel and event packages for the race.
The information came from CEO Bill Hornbuckle who also noted that rooms could cost up to three times their usual rate. MGM, who own several hotels on the Strip including the MGM Grand and the Bellagio, are one of the pricier hotel suppliers already with a one-night November stay costing $249 at the Grand and $279 at the Ballegio.
The hotels are not the only ones looking to cash in as Formula 1 itself has purchased a $240 million plot of land to build facilities such as the pit and paddock“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 even when the race is not underway,” Liberty Media president and CEO Greg Maffei told investors, as reported by RaceFans.net.
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