Last month, Formula 1 announced that racing would resume from 2023 in Las Vegas, which will serve as the third race in the United States. The circuit includes the legendary Strip, where all the major hotels and casinos are located. However, space is at a premium there and this has raised questions about where F1 wanted to place the pits and paddock. Recently, teams were even told that the paddock could potentially be more than a mile from the pits, but that seems off course.
Liberty Media CEO Greg Maffei announced on Friday that F1 itself has purchased a piece of land in the city to house the pits and paddock. The deal is expected to be finalized in the coming weeks. This situation allows F1 to build potentially permanent boxes, as the Miami Grand Prix organizers have already done. Maffei also confirmed that Sport and Liberty Media are making a significant investment in the project as co-promoters. “Of course you couldn’t miss our announcement of the Las Vegas GP in November 2023. As we previously reported, it will be a night race on the Strip,” Maffei said in a conversation with Wall Street investors.
“What’s different from other places is that F1 and Liberty Media are promoting the race themselves, in partnership with local stakeholders and Live Nation. Building this circuit requires more capital expenditures and operational costs. It’s too early to give numbers, but we hope to do so later in the year. I would like to point out that Liberty Media has entered into an agreement to acquire 15 acres of land east of the strip. In doing so, we determine the design of the route and create capacities for pits and paddocks as well as other catering facilities and race support. I expect the transaction to close in the second quarter. The purchase price was US$240 million and will be funded with cash from F1.”