2024 Summer Issue of Urban Land - 60
NEED FOR
SPEED
Formula 1 is driving billions to American cities
BEN JOHNSON
Liberty Media invested
$240 million to purchase
vacant land, and almost $1
billion to construct a pit
lane building and other
permanent structures
at Las Vegas Grand Prix
Plaza.
Move over IndyCar. Formula 1 racing is
finally gaining traction in the United States.
Places as diverse as Las Vegas, Austin, and
Miami (and their respective states) are reaping
major economic windfalls from permanent and
temporary grand prix racetracks, along with
first-class fan amenities and facilities, for this
international sport.
Long overshadowed by its popular American
cousin IndyCar racing, F1 tried and failed
for decades to establish a long-term foothold
in the U.S., even staging grand prix in 17 cities
over a 25-year period, but with only modest
gains. Then came the Netflix docuseries Formula
1: Drive to Survive, giving America its
first behind-the-scenes look at the global phenomenon
known as F1.
In 2023 alone, races in Austin, Miami, and
Las Vegas produced a combined economic
impact of more than $3 billion. The most
60
URBAN LAND SUMMER 202 4
L AS VE GAS GR AND PRIX, INC.
2024 Summer Issue of Urban Land
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