F1 sets £450m target for new landmark race as 2023 plans take shape

F1 confirm new 200mph Las Vegas track for 2023

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Four decades on from its debut in Sin City, Formula 1 will return to Nevada for the Las Vegas Grand Prix in 2023. And organisers are setting their expectations high amid reports they are hoping to bring in £450million of revenue.

The Las Vegas GP re-enters the field some 41 years after F1 first experimented in the town, though the long-cancelled Caesars Palace Grand Prix ran for only two seasons (1981-81). However, the powers that be have ploughed considerably more money and manpower into making a success of its rebirth.

That includes a $240m (£197m) investment put down by F1 owners Liberty Media to acquire the 39 acres of land on which the venue and surrounding facilities are situated. It’s understood construction of the pit and circuit itself will cost a similar amount, giving some sense of the deficit organisers must overcome in order to turn a profit.

The Financial Times recently reported half a billion dollars was the mark Liberty Media is expecting to hit when the Las Vegas GP returns to the schedule on November 18. The event has secured a prestigious place on the calendar in what will be the penultimate race weekend of the 2023 season, guaranteeing drama and excitement in its return.

Las Vegas will become the third stop in F1’s United States rotation, with the Miami GP having debuted last year in addition to the U.S. Grand Prix in Austin, Texas. However, it’s expected that the Nevada extravaganza will quickly establish itself as the most decadent of the three.

A $5m (£4.1m) ‘Emperor Package’ will give 12 guests the VIP treatment in Sin City, including paddock passes, tickets to see Adele in concert and a Las Vegas villa overlooking the track for the week. Anyone fortunate enough to purchase said package will also be granted use of a Rolls Royce with their own personal driver, as well as a 24-hour butler service.

Sponsorship will play a major role in ensuring organisers make a return on their investment, with beer label Heineken Silver already named as the race’s title sponsor. Telecoms titan T-Mobile has also been unveiled as the race’s official wireless provider, with more major brands expected to follow in the coming months.

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Liberty Media is under particular pressure to ensure their Las Vegas bet comes off without a hitch after taking a much more personal hand in its creation. F1 races are usually overseen and funded largely through local investment, but the company’s owners have used their own resources to bring racing back to Nevada.

The upcoming F1 campaign is set to comprise a record-breaking 23 races, with Netflix’s ‘Drive to Survive’ series steering a raft of new fans towards the sport.

While the inaugural edition of the Las Vegas may struggle to profit following such rampant expense, organisers will have high hopes of earning big in years to come after its infrastructure is put in place.

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