Liberty Media CEO Greg Maffei has revealed plans to ensure that the all-new Las Vegas Grand Prix facilities can be used ‘all year’.
F1 owners Liberty Media have completed a $240 million land purchase to the east of the iconic Strip where it will build a permanent pit and paddock facility.
But far from allowing this land and the facilities that will be created for the inaugural Las Vegas Grand Prix to lay dormant for 51 weeks of the year, “year-round activations” are being discussed with potential partners.
“We completed the land purchase at the FWON corporate level,” Maffei said in a call with Wall Street investors.
“We’re excited about the corporate potential of this property. We do expect to have year-round activations on this site.
“The main paddock building which is estimated to be 900 feet long, the length of three football fields, will be exciting and we’re actively working with potential commercial partners to expand our opportunities there.”
Liberty Media is investing heavily in Las Vegas as it will be self-promoting the event.
Asked to forecast the extent of the upcoming expenditure, Maffei added: “On Vegas, it’s a little hard to forecast the Cap-Ex because we are still putting together the program that we will undertake there.
“As I mentioned, 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 even when the race is not underway.
“I think you should be well thinking that we could well manage this within the capital that we have. It’s not going to drain us in any way or stall us.
“We’re still working through the specifics on [crowd] capacity but I note that our founding partners in Vegas, Caesars, Wyn and MGM are seeing incredible demand and we haven’t even announced the formal date.
“We will obviously share more details on Vegas in time.”