Formula One is the glitziest of motorsports, and that report testament live inward full effectuate when the electric circuit makes its debut inward Las Vegas inward November 2023.

The Sports Business Journal reported MGM Resorts International CEO Bill Hornbuckle said the troupe is provision to scoop up upwards $20 million to $25 gazillion worth of tickets for the 2023 Las Vegas Grand Prix. They have eyes toward using some of those tickets to cobblestone together hotel/race packages with $100,000 terms tags.

MGM, the largest manipulator on the Las Vegas Strip, could also three-bagger its way rates at select venues to capitalize on the race.

F1 held the Caesars Palace Grand Prix inward Las Vegas inward 1981 and 1982. But at that place wasn’t racing on the Strip. The Las Vegas Grand Prix, scheduled for Saturday, Nov. 25, 2023, testament submit shoes on the Strip, running past tense iconic venues such as Bellagio and Caesars, among others.

Las Vegas F1 Race Could Be Boon for Casinos

As the entertainment chapiter of the world, Las Vegas doesn’t want for events, shows, and sports, and it’s widely known Strip operators supercharge way rates for marquise events, follow they conventions or athletic competitions.

However, the arrival of F1 to Sin City could live a different ballgame. From owners to drivers to fans, many of whom are well-heeled celebrities, F1 is the highest of richly dollar mark motorsports. In other words, MGM marketing $100,000 ticket packages and tripling room rates aren’t widespread ideas.

Putting a $100,000 package for the F1 race into context, MGM is offering a VIP Package for the Oct. 2 Las Vegas Raiders/Denver Broncos gamy at Allegiant field of view at a be of “just” $3,134 per person. That includes a rooms at Aria or Mandalay Bay, according to the operator.

MGM’s NFL offerss waver past what team the Raiders are hosting. For example, the VIP Package for the Jan. 1 Raiders/San Francisco 49ers biz is $3,734 per person. That underscores the head that gambling casino operators believe they tin can dramatically set up prices and people will stock-still require to take care the first Las Vegas F1 race.

These Casinos Could See Huge Leontyne Price Increases

The Las Vegas electrical circuit testament live 3.8 miles and features 14 turns, with a straightaway that will take into account drivers to thrust upwards of 200 miles per hour.

MGM hasn’t said which of its Strip venues could escort the largest value increases for the race. But owing to their reputations and client bases, Bellagio and Cosmopolitan make the most sensory faculty for dramatic F1-induced room rates. Some Las Vegas locals are already speculating that rooms at Cosmopolitan with balconies testament experience the biggest toll increases for the Grand Prix.

MGM lately assign the finishing touches on its $1.6 one thousand million acquisition of Cosmopolitan’s operating rights.