F1 officials eyeing non-race weekend use for Las Vegas paddock
Liberty Media, F1’s parent company, closed on 39 acres near the Strip on the northeast corner of Harmon Avenue and Koval Lane for $240 million.
Formula One could look to host events at its planned Las Vegas paddock site for more than just race weekends.
In June, Liberty Media, F1’s parent company, closed on its $240 million deal for 39 acres near the Strip on the northeast corner of Harmon Avenue and Koval Lane. F1 officials previously told the Review-Journal they acquired the land to create capacity for hospitality and race-support venues.
Greg Maffei, CEO of Liberty Media, said last week during an earnings call that the company is looking to get maximum use out of the space.
“Our goal is to have a facility which is not only magnificent for the race, but has the opportunity to have ongoing activations and events at that facility when the race is not underway,” Maffei said during the conference call.
Crews have already demolished the structure that sat on the site and have begun leveling the parcel ahead of potential construction.
The 2023 Las Vegas Grand Prix is set to occur during a weekend in November. The exact dates of the race weekend, including the Saturday night race, are set to be announced sometime this month, according to the Las Vegas Convention and Visitors Authority.
Las Vegas is set to host the race for at least three years beginning next year, but officials noted during the event’s announcement they hope to make it a permanent fixture on the city’s calendar.
The track design for the race is planned to be 3.8 miles long from start to finish with speeds expected to exceed 212 mph. The race will be 50 laps around the course, which will feature three main straightaways and 14 corners.
The LVCVA will invest about $6 million annually to host the race on the Strip, with resort companies paying an undisclosed fee toward hosting the race. The race will mark the first Las Vegas F1 race since 1982, when it was held in the parking lot of Caesars Palace.
Contact Mick Akers at firstname.lastname@example.org or 702-387-2920. Follow @mickakers on Twitter.