The much-anticipated Formula One Las Vegas Grand Prix will take over the Strip Nov. 16-18, 2023. While the motorsports event lasts only three days, some of the infrastructure being built around the course will become a permanent addition to the city, available for year-round activation.
Liberty Media, the parent company of Formula One Group, bought 39 acres of land in downtown Las Vegas for $240 million. At the center of this plot will be a 300,000-square-foot paddock building. The estimated cost for the project is at least an additional $240 million.
During race weekend, the ground floor of the building, equipped with 13 garages, will be used for the teams, and the top floor will serve as host to a watch party with prime viewing of the start and finish line.
"We all need to enjoy the racing and the excitement, but we all want to feel the business benefit that a global sporting event like no other can bring to you all," Stefano Domenicali, president and CEO of Formula One, said at the Vegas Chamber's Preview Las Vegas in January.
The Las Vegas Visitors and Convention Authority plans to turn the weeks surrounding the Grand Prix into a "car month." On Oct. 14-16, the South Point 400 Nascar Cup Series will be held at the Las Vegas Motor Speedway, and the SEMA Show, an automotive trade show, takes place Oct. 31-Nov. 3 at the Las Vegas Convention Center. According to Steve Hill, president and CEO of the LVCVA, SEMA and F1 are already talking about how they can grow together. Following SEMA, there will be car auctions and classic car shows.
"We have plans to activate our paddock building all year round with unique events, exhibitions and more," said Renee Wilm, chief legal officer and chief administrative officer at Liberty Media. "We have just scratched the surface on the commercial opportunities that lie ahead for our brand-new building."
Formula One is the latest professional sport to develop roots in Las Vegas. In recent years, the city has very quickly established itself as a major sports destination. The influx of professional teams and facilities includes the WNBA's Aces (women's basketball), NHL's Golden Knights (ice hockey) and their home, the 20,000-seat T-Mobile Arena, and the NFL's Raiders (football) and their home facility, the 65,000-seat Allegiant Stadium.
"Everything that has been built in this town for sports has benefited our meeting and convention planner," said Lisa Messina, chief sales officer of the LVCVA. "You have the paddock building and that's going to be used for three days of a race. Well that's 362 days that we can activate it for meetings, conventions, off-premises events, things like that."
The building is anticipated to be ready for non-racing events in early 2024.