Updated October 1, 2022 - 8:35 am
Formula One racers are still more than a year out from zooming down the Strip, but numerous Las Vegas hotels are already fully booked.
Bryan Ercolano, a vacation-property owner, is looking to cash in too.
His portfolio includes the 59th-floor penthouse at the Palms Place tower, and he wants to rent it out for $100,000 per night, with a three-night minimum, during the race next fall.
“I think we’ll get close,” said Ercolano, founder of TurnKey Pads.
He said there’s already been interest in the place, which occupies the entire top floor of the high-rise, located next to the Palms hotel-casino on Flamingo Road roughly 1.5 miles west of the Strip.
Casino hosts have approached his firm on behalf of gamblers, as have people who went to the F1 race in Miami this spring, he said.
Its outdoor deck offers a distant view of Las Vegas Boulevard between Bellagio and Caesars Palace, an intersection surrounded by pedestrian bridges, no less. But Ercolano noted guests could walk to the high-speed race and figures they would hear the buzz of the action from the penthouse.
F1 announced in March that it would hold a race in Las Vegas in November 2023, saying the 14-turn track would stretch 3.8 miles and top speeds could hit around 212 mph. Last week, it announced the dates for the event, Nov. 16-18.
The route is designed to include a stretch of the Strip and nearby roads.
Crowds probably will be massive. As seen Friday on Hotels.com, dozens of hotels in the Las Vegas area are sold out that weekend, including what seemed to be virtually everything on the Strip.
On Friday, only 11 properties showed availability through the site for the F1 weekend. They included Red Rock Resort in Summerlin with room rates starting at $899 per night; a downtown-area motel starting at $642 per night; and a Boulder City motel starting at $558 per night.
Ercolano’s group acquired the Palms Place penthouse for nearly $12.5 million in fall 2019. It has more than 6,000 square feet of interior space, floor-to-ceiling windows, a DJ booth, and an outdoor hot tub and movie screen.
Ercolano said it costs $5,000 and up to rent on weekdays, and typically $8,000 to $10,000 per night on weekends with two-night minimums. Rentals can include a DJ, butler services and a private chef.
And, this being Vegas, the place can get messy.
Ercolano said someone tried to get pizza to stick to the ceiling, and people have “fallen through walls.”
“I wouldn’t go in the hot tub, I’ll say that much,” he noted.