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F1 Expecting Big Revenue Boost From Las Vegas Grand Prix – Casino.org
Posted on: January 11, 2023, 02:54h.
Last updated on: January 11, 2023, 02:54h.
Formula One Group (NASDAQ:FWONA) — the operator of the F1 racing series — is wagering its November 2023 race in Las Vegas will generate at least $500 million in revenue.
A rendering of the Las Vegas Grand Prix circuit. Formula One is hoping the race adds $500 million in revenue. (Image: Formula One)
Should the series’ first race in Sin City since 1982 meet sales expectations, it’d likely represent a significant chunk of Formula One Group’s 2023 top line as the company posted $1.8 billion in revenue through the first nine months of 2022. It hasn’t yet delivered results for the October through December period.
The group derives its revenue and operating income solely from the Formula One rights. The Formula One rights provide three main sources: hosting fees from race promoters, the sale of broadcasting rights to free and pay-TV networks around the world, and sponsorship and advertising revenue for the series and individual races. These three sources generated over 82% of 2019 revenue for Formula One Group,” wrote Morningstar senior equity analyst Neil Macker.
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The Las Vegas Grand Prix, scheduled for Nov. 18, is one of three US races this year for the series with the other two slated for Austin and Miami.
Plenty of Revenue Opportunities in Vegas for F1
Formula One’s revenue streams are primarily corporate sponsorships, fees from brokers selling race tickets, media rights and the company’s Paddock Club hospitality unit.
Las Vegas offers plenty of corporate sponsorship potential for the series. While beer giant Heineken is sponsoring the race, casino operators Caesars Entertainment, MGM Resorts and Wynn Resorts are all listed as founding partners.
For the Las Vegas race, attendees can buy three-day tickets for $500 while those seeking a more elite experience can purchase five-day passes for $15,000 apiece. Casino operators are going above and beyond those price points.
MGM, which reportedly bought $20 to $25 million worth of tickets for the Las Vegas Grand Prix, is offering packages tied to the race of up to $100,000. Wynn has a $1 million F1 offering. Not to be outdone, Caesars recently unveiled a $5 million “emperor package.”
From owners to drivers to fans, many of whom are well-heeled celebrities, F1 is the highest of high-dollar motorsports, indicating that those price points aren’t necessarily outlandish for the Las Vegas race.
Las Vegas Part of F1 Expansion Plans
In the US, NASCAR – itself a twice a year visitor to Las Vegas – is the motorsport that commands the most attention. However, the glitz and glamor of F1 is enticing more American fans and Las Vegas is central to the series’ expansion plans.
“Over the past 20 years, the sport has expanded its reach further outside of its traditional stronghold of Western Europe and the U.K. by adding races in East and Central Asia, the Middle East, and Russia,” added Morningstar’s Macker.
It’s expected the series will expand to the maximum 25 races as soon as next year.
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