'INSANE' Las Vegas GP costs have SOARED as race moves closer
F1 News
'INSANE' Las Vegas GP costs have SOARED as race moves closer
Liberty Media have admitted the Las Vegas Grand Prix has been affected by rising costs - but the company are confident the event will still be a financial success.
Formula 1 will return to the iconic, winding streets of the city's infamous Strip later this year, with drivers and spectators alike eagerly awaiting the drama.
However, the organisers have been forced to scramble to ensure the paddock area and road resurfacing are fully completed and in place for the race.
Indeed, Liberty first purchased a site on which to build a permanent pit and paddock and construction is progressing ahead of the November deadline.
But it has now emerged that their work has been hit by soaring costs.
READ MORE: Las Vegas GP chief admits fans 'are NOT HAPPY' about vital element of flagship race
Capital confidence
"I am pleased to say preparations are running on schedule," Liberty Media CEO Greg Maffei said in a call with Wall Street analysts.
"Despite inflationary cost pressures, we expect no change in revenue and profitability assumptions that we laid out previously. We are increasing CapEx [capital expenditure] estimates for the paddock building and track work.
"We remain confident in the return profile of this incredible project, which will support the incremental capital investment that we are making."
Liberty's chief financial officer Brian Wilding revealed the paddock building is 85 per cent complete, with an overall outlay of around $400m expected.
Ahead of the race, Red Bull boss Christian Horner shared his excitement.
"That race is going to be insane," Horner said. "I've never known so much hype around a sporting event as a race on Saturday night down the Strip in Las Vegas.
"Everybody I meet says 'oh, I want to be in Vegas.' That weekend will be insane."
READ MORE: Christian Horner makes astonishing Las Vegas Grand Prix claim
Related news
F1 in Las Vegas: All you need to know about the showdown on The Strip
Las Vegas Grand Prix to ditch HUGE F1 tradition due to dark past
Vegas to play host to sale of F1 legend's winning car
F1 Las Vegas GP in 'bigger than COVID' fears over key strike
Most read
FIA take action after Verstappen track limits mishap
F1 News Today: FIA make changes as Mercedes receive double penalty and Horner curses bad luck
Stroll issues Alonso Aston Martin contract verdict
Red Bull to replace driver at Abu Dhabi Grand Prix
Horner takes aim at Kravitz with savage jibe at Sky Sports pundit
F1 Standings
Drivers
- Charles Leclerc
- Carlos Sainz
- Lando Norris
- Oscar Piastri
- Pierre Gasly
- Esteban Ocon
- Sergio Pérez
- Max Verstappen
- Alexander Albon
- Logan Sargeant
- Lewis Hamilton
- George Russell
- Nico Hülkenberg
- Kevin Magnussen
- Fernando Alonso
- Lance Stroll
- Valtteri Bottas
- Zhou Guanyu
- Nyck De Vries
- Liam Lawson
- Daniel Ricciardo
- Yuki Tsunoda
Races
- Gulf Air Grand Prix of Bahrain 2023
- Saudi Arabian Grand Prix 2023
- Grand Prix of Australia 2023
- Grand Prix of China 2023
- Grand Prix of Azerbaijan 2023
- Miami Grand Prix 2023
- Qatar Airways Gran Premio Del Made In Italy E Dell'emilia Romagna 2023
- Grand Prix of Monaco 2023
- AWS Gran Premio de España 2023
- Grand Prix du Canada 2023
- Grand Prix of Austria 2023
- Aramco Grand Prix of Great Britain 2023
- Grand Prix of Hungary 2023
- Grand Prix of Belgium 2023
- Heineken Dutch Grand Prix 2023
- Grand Prix of Italy 2023
- Grand Prix of Singapore 2023
- Grand Prix of Japan 2023
- Qatar Grand Prix 2023
- Grand Prix of the United States 2023
- Gran Premio de la Ciudad de Mexico 2023
- Rolex Grande Prêmio de São Paulo 2023
- Heineken Silver Las Vegas Grand Prix 2023
- Grand Prix of Abu Dhabi 2023
About GPFans
GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.
With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.
Follow us on your favorite social media channel
Corporate & Media
Innovatieweg 20C7007 CD, Doetinchem, Netherlands
+31645516860