Race-goers looking to make the most of a weekend at the Las Vegas Grand Prix could find themselves with a bill of up to $100,000.
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 (£198 million) plot of land to build facilities such as the pit and paddock but wants to have it in use all year round.
“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.
🔳 He said rooms may cost three times their usual rate and packages could retail for up to $100,000. pic.twitter.com/azmwRSUSWZ
— Adam Stern (@A_S12) August 16, 2022
Unlike other races which are typically left to third parties, F1 has decided to bear the brunt of the Las Vegas Grand Prix itself but Maffei said there was no cause for concern.
“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 race has not officially been given a date yet but a leaked document states that the race is slotted for November 18, a week before Thanksgiving, and would see it become the penultimate race in the F1 season.