F1’s Vegas race may’ve lost some grip before the start line
Slow roll… Formula 1’s Las Vegas Grand Prix got underway yesterday, kicking off a highly hyped weekend and F1’s third US stop of the year. Sin City’s been prepping to host the race since March ’22. Imagine: race cars in hotel lobbies, celeb-chef meal plans, and Sports Illustrated model parties. But ahead of the main event, on Saturday, there are signs it could be more Mater than Lightning McQueen.
Half off: This week tickets were selling for less than half what they were a month ago.
HotelTN: Last year, The Flamingo was charging $900 for a room during race weekend, but reportedly lowered that to as little as $35 for this Thursday (and ~$200 for Saturday). The Venetian has had rooms for ~$700, similar to other popular weekends.
Costly: Atlanta Braves owner Liberty Media, which bought F1 for $4.4B, said that startup costs could bite into profits more than it anticipated.
Life in the fast lane… Liberty’s sales and profit have climbed about 40% since it bought F1 in 2016. The US zoomed ahead to become F1’s fastest-growing market after Netflix’s hit docuseries “F1: Drive to Survive” premiered in 2019, and Liberty marketed the sport to younger demos. F1’s US TV ratings on ESPN hold the second-highest average on record, but… they’ve fallen 8% from last year, indicating F1’s peak in the States may be in the rearview mirror.
Don’t celebrate before the finish line… F1 may’ve overestimated its appeal by adding a third city to its American circuit (and giving the US the most races). And expecting US fans to pay for Monaco-level luxury may’ve been unrealistic. Enthusiasm for the racing may also be hampered by the colder weather expected this weekend (no poolside viewing) and low stakes: Vegas may end up being a victory lap for Max Verstappen, who won the season last month.