2024 Summer Issue of Urban Land - 61

recent inaugural event in Las Vegas, which on
its own produced an economic impact surpassing
the recent Super Bowl LVIII (also held
in Vegas) and has been dubbed the largest
sporting event in city history.
" Obviously, the races are different in terms
of their structure, layouts, and economics,
but nonetheless very important to all three of
those markets, " says Jeremy Aguero, principal
with Las Vegas-based research firm Applied
Analysis. " You're talking about very substantial
impacts for the communities. "
All three cities are experiencing remarkable
financial returns from their alignment with
F1. These events attract foreign visitors who
follow the international racing circuits, and the
new F1 venues have been designed as multipurpose
entertainment hubs that draw local
and tourist audiences year-round.
" There are now three eagerly anticipated
races across [key U.S.] regions, " said Renee
Wilm, CEO of the Las Vegas Grand Prix, and
chief legal officer and chief administrative officer
at Formula 1's majority owner, Coloradobased
Liberty Media Corp. " We are excited
about the overwhelming enthusiasm from fans
and are committed to sustaining this momentum. "
Pole
position for Austin
Back in 2004, when rumors that a new Formula
1 circuit would be built near Austin, few
pundits inside or outside the racing world
believed it had even a slim chance of coming
into existence, never mind finding success. At
the time, the sport was controlled by British
billionaire Bernie Ecclestone, who charged
potential track owners and promoters tens of
millions in fees for the privilege of hosting a
race. If you had the money, your chances of
hosting an F1 grand prix were quite good.
That F1 management structure changed
in 2017, when Liberty Media, led by president
and CEO Greg Maffei, purchased a controlling
interest in the sport, valuing Formula 1 at
around $8 billion. Among its top growth initiatives
was to bring the sport to more cities in
the U.S. Whereas Ecclestone preferred secrecy
around F1's operations, one of Liberty's most
effective moves was to promote the sport via
Netflix and Drive to Survive. Now in season
six, the series is largely credited with helping
During its inaugural
running in November
2023, the Las Vegas
Grand Prix generated
nearly $1.5 billion in
economic impact for the
city and southern Nevada,
surpassing even Super
Bowl LVIII.
SUMMER 202 4
URBAN LAND
61
FEATURES
L AS VE GAS GR AND PRIX, INC.

2024 Summer Issue of Urban Land

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