Tickets for the Las Vegas Grand Prix, the newest addition to the 2023 F1 calendar, aren’t cheap at launch. And for those prepared to pay top dollar, pro-competition casino-hotels are rolling out lavish packages with eye-catching price tags.
Wynn LV overlooks the 11th track that will host the final round of the 2023 F1 season. He was one of the founding partners of the event, with whom F1 had to work to make the Great Race a success.
Last month F1 announced a ‘million dollar universal access experience’ for a staggering – $1,000,000 (£830,000). A “Personally Assembled” package for six people (Rs 166,666.67 per person) starts at the event’s opening ceremony on Wednesday and ends when the competition concludes on Saturday night.
For seven figures, the six race participants will receive Wynn’s personal hospitality at the F1 VIP Paddock Club, luxury transport to the paddock and from the city’s airport to their hotel during their four-night stay and all Wynn facilities. Like a three-liter bottle of Jeroboam champagne.
But that $1 million package has already been relegated to second place. Caesars Palace Resort has announced a $5 million (£4.1m) “Emperor’s Package” for the Grand Prix weekend at the pit straight.
Another of the tournament’s founding partners, the Caesars Package includes five nights in a three-bedroom villa and other luxurious amenities. They include 24-hour concierge service and a terrace where 75 people are invited to watch the track action. There are also 12 Paddock Club tickets, dinner for a dozen from a celebrity chef and an invitation to a performance by singer Adele.
Can buyers be found for these giga-expensive F1 viewing opportunities? Or can other hotels cook for more complex and expensive packages?
There is a distinct possibility that none of these will be taken away. But that’s okay – it’s all part of the promotional game. The perception that the United Casinos are trying to outdo each other in the treatment of ‘VIPs’ to bring F1 to Las Vegas will help maintain focus on a race in which all parties have a mutual interest.
Various publications and social media influencers have drawn attention to the price tag and deal details. This builds on two important insights: The Las Vegas Grand Prix is a must-see event, and that’s already a success. None of those statements can be true, but that’s the point of good marketing. The shocking cost of the high prices may prompt attendees to look for cheaper ways to gain ‘special access’ to the Grand Prix.
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How F1 is avoiding the mistakes of the last Las Vegas race.
Earlier attempts at racing in Las Vegas did not result in long-term success. F1’s final was one of many incidents in its short life, a result that the organizers of the grand prix were keen to avoid.
A permanent track west of the city hosted the top North American sports car championships from 1966 to 1968 before it was demolished. Then Formula 1 arrived in 1981 to race on a temporary circuit in the Caesars Palace Hotel car park.
Unstable track layout, extreme day heat, cost of running the event and various other factors undoubtedly made it a failure. F1 was far away from the famous city in the Nevada desert, the obvious appeal of F1’s current commercial chief, Bernie Ecclestone.
Once CART left F1, it raced at the same Caesars Palace track for two years and returned to Las Vegas in 1996 where a new oval was built in the north-east of the city. Promotion of this event proved difficult as the hot weather remained a problem and the location of the track had no visual connection to the city.
Champ Car hit downtown in 2007, six kilometers from F1’s new venue, but that track never got a second chance. A few tall hotels in the background weren’t enough for spectators to establish the connection to Las Vegas, a city most immediately recognizable by the signature lines that feature F1’s new course.
IndyCar has not returned to the Las Vegas Oval since the horrific 2011 crash that killed Dan Weldon. Circuit president Chris Powell said he’s met with IndyCar several times over the years to discuss the track’s future, but considers it “very emotional” that the series is returning at this stage.
It looks like the boxes that need to be ticked for an F1 return in 2023 have been ticked. Downtown views and racing on the spectacular Las Vegas strip, late start time which gives a low temperature which makes the event less tiring for drivers and teams, and the scope to do more work with destruction. Keep track of the package to make it more viable and suitable as the longest running event on the F1 calendar.
Key to that latter point is promotion, which is normally in the hands of certain event organizers. But this time, first, F1 took matters into its own hands.
The logistical impact of the F1 race on the city’s streets complicates matters for casinos that always rely on their revenue footfall. This will be solved by building several bridges around the site to ease the passage of workers and patrons.
However, the arrival of F1 will inevitably disrupt the casinos’ business, which is why it is important to have them on hand. In the year They are making the race as public as possible ahead of November 2023, and the marketing of these very expensive Las Vegas Formula 1 packages is further proof. Some of the city’s residents are talking about the Grand Prix being the first billion-dollar event.
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