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2023 Formula One Las Vegas A Significant Event for MGM Resorts

By TheNevadaGlobeStaff, August 19, 2022 6:21 pm

(Photo Courtesy: F1)

The 2023 Formula One Las Vegas Grand Prix Will Be a Significant Event for MGM Resorts.

Author: Nevada Globe Staff

 

LAS VEGAS – MGM Resorts has big plans for next year’s Formula One race.

“Retail potential and upside are substantial,” MGM Resorts CEO Bill Hornbuckle said on Aug. 3 earnings call.

Hornbuckle said accommodation rates for the 2023 race would be three times higher than normal.

MGM Resorts tweeted a link for interested parties to sign up to be notified when accommodation packages for F1 weekend are available.

MGM will provide many race packages and acquire millions of dollars in tickets.

“Tickets alone will cost $20-$25 million,” Hornbuckle added. “We have access to those tickets and can charge and bundle as we like… “That one excites me.”

In 2023, 2024, and 2025, the Las Vegas Convention & Visitors Authority will spend $19.5 million to sponsor F1 races.

In February, Gov. Steve Sisolak stated that 170,000 tourists are expected for the F1 event. The race’s indirect economic impact maybe $1 billion.

The event is on a 3.8-mile track in the Resort Corridor. 50 laps will be run under the Strip’s nighttime lights. The race is projected to peak over 212 mph.

Credits: Review Journal

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