CEO of F1’s Parent Company Apologizes to Las Vegas Residents for Grand Prix Challenges

LAS VEGAS — In anticipation of the upcoming Las Vegas Grand Prix, the CEO of F1’s parent company, Greg Maffei, has issued a public apology to the residents of Las Vegas for the challenges they have faced during the road to bringing this major event to the city.

With an expected crowd of 105,000 people, making it the largest event Las Vegas has hosted, Maffei acknowledged the scale of the Grand Prix. He highlighted the multitude of activities beyond the race itself, including events at the Sphere, launch parties, musical acts, and side viewing parties hosted by sports figures from other disciplines.

Maffei, the CEO of Liberty Media, which owns Formula One, admitted that hosting such great experiences comes at a significant cost, partly due to external factors like hotel pricing and high demand for accommodations.

However, Maffei emphasized that the investment in the Grand Prix is a long-term commitment to Las Vegas, including the construction of a permanent paddock that will offer year-round experiences. While acknowledging the inconvenience caused by construction and road closures, he hopes the economic boost from F1 will compensate for the temporary disruptions.

“I want to apologize to all the Las Vegas residents, and we appreciate their forbearance. We’re bringing around $1.7 billion of revenue to the area. We hope this is the most difficult year, and things will be easier in the future,” Maffei expressed.

Credits: Fox 5 Vegas