Formula One Group (NASDAQ:FWONA) — the operator of the F1 racing serial — is wagering its November 2023 rush in Las Vegas testament bring forth at least $500 jillion inwards revenue.

Should the series’ first run inward Sin City since 1982 run into sales expectations, it’d likely stand for a substantial chunk of Formula One Group’s 2023 upside line, as the keep company posted $1.8 1000000000000 inward revenue through and through the number one nine months of 2022. It hasn’t yet delivered results for the October through and through December period.

The grouping derives its revenue and operating income solely from the Formula One rights. The Formula One rights ply trinity briny sources: hosting fees from run promoters, the cut-rate sale of broadcasting rights to loose and pay-TV networks around the world, and sponsorship and advertising revenue for the serial and single races. These trey sources generated over 82% of 2019 revenue for Formula One Group,” wrote Morningstar senior equity psychoanalyst Neil Macker.

The Las Vegas Grand Prix, scheduled for Nov. 18, is single of three US races this year for the series, with the other two slated for capital of Texas and Miami.

Plenty of Revenue Opportunities in Vegas for F1

Formula One’s revenue streams are in the first place corporate sponsorships, fees from brokers marketing rush tickets, media rights, and the company’s Paddock Club hospitality unit.

Las Vegas offers plenty of corporate sponsorship possible for the series. While beer whale Heineken is sponsoring the race, gambling casino operators Caesars Entertainment, MGM Resorts, and Wynn Resorts are all listed as founding partners.

For the Las Vegas race, attendees put up buy three-day tickets for $500, piece those seeking a to a greater extent elite group get tin purchase five-day passes for $15,000 apiece. Casino operators are sledding above and beyond those cost points.

MGM, which reportedly bought $20 meg to $25 billion worth of tickets for the Las Vegas Grand Prix, is offering packages tied to the rush of up to $100,000. Wynn has a $1 meg F1 offering. Not to be outdone, Caesars recently unveiled a $5 million “emperor package.”

From owners to drivers to fans, many of whom are well-heeled celebrities, F1 is the highest of high-dollar motorsports, indicating that those price points aren’t necessarily outlandish for the Las Vegas race.

Las Vegas Part of F1 Expansion Plans

In the US, NASCAR – itself a twice a yr visitant to Las Vegas – is the motorsport that commands the most attention. However, the glitz and glamor of F1 is enticing to a greater extent American fans, and Las Vegas is telephone exchange to the series’ expanding upon plans.

“Over the past 20 years, the summercater has expanded its contact further exterior of its traditional stronghold of Western Europe and the U.K. past adding races inwards Orient and Central Asia, the Middle East, and Russia,” added Morningstar’s Macker.

It’s expected the serial testament spread out to the maximum 25 races as before long as next year.

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