18/08/2022
NEWS STORY
MGM is among those seeking to capitalise on F1's return to Las Vegas as most fans look likely to be priced out of the inaugural event.
Though the Miami Grand Prix was co-promoted by F1's owners, Liberty Media, the American company is basically the sole promoter in Las Vegas, indeed such is its belief in the event that it has purchased a $240m plot of land to house the pit and paddock complex, which, it was recently announced, will include a facility for all-year round entertainment.
"F1 is coming to Vegas," proclaimed MGM Resorts on Twitter earlier this week. "Experience the rush of the race and the thrill of Vegas all in one place.
"Be the first in the know on our exclusive room and ticket packages when the Formula 1 Las Vegas Grand Prix makes its debut in 2023," it advised, as it guided readers to a page where they were promised a "full-throttle racing and entertainment spectacle on the Las Vegas Strip" that they wouldn't want to miss.
"Sign up for access to exclusive room and ticket packages and adrenaline-filled experiences that nobody delivers like MGM Rewards. Be first to feel the roar!"
While the Miami grid was filled with the sort of celebrities that Liberty is clearly craving in order to give the sport 'validation', it is likely that mere mortals will be unable to even attend the Las Vegas event such are the prices being mentioned.
MGM CEO Bill Hornbuckle said earlier this month that room rates for next November's race would be three-times what is normally charged for a weekend, with estimates that ticket packages could sell for $100,000 (£83,000).
Revealing that MGM is looking to pay between $20m and $25m for tickets, Hornbuckle said: "We have access to those tickets, and then the ability to charge as we want and package as we want."
Ironically, the MGM Casino was hesitant when it came to backing the race when it was first mooted, but now looks set to make a killing when it does go ahead.
If MGM is looking to buy $20m worth of tickets what of its rival casinos and hotels who will be just as keen to jump on the F1 bandwagon.
For once it appears that what happens in Vegas may, in the opinion of most fans, well and truly stay there… certainly at those prices.