Liberty Media Chief apologizes to Las Vegas residents on F1’s behalf as he hopes the $1.7 billion revenue turns out to be ‘an economic benefit’

Liberty Media Chief Greg Maffei, commented on the recent complaints voiced by the Las Vegas residents ahead of the awaited Las Vegas GP.

Liberty Media Chief apologizes to Las Vegas residents on F1’s behalf as he hopes the $1.7 billion revenue turns out to be ‘an economic benefit’

Greg Maffei (via imago)

Recently, several Las Vegas residents came forward and voiced their discomfort regarding the preparations in the city ahead of the slated Grand Prix Weekend. Since its announcement, The Las Vegas Grand Prix has skyrocketed to being the most awaited race weekend on the 2023 calendar. The race is scheduled to run down the iconic ‘Vegas Strip’ and thus has required the construction of a permanent pit and paddock complex to be built in the middle of the city.

The Sin City has been under heavy construction as the scheduled race has also led to severe road resurfacing along with the pit and paddock buildings. This process has taken over 9 months and has resulted in reduced traffic flow and narrowed walkways, impacting both vehicles and pedestrians. This has led to a significant increase in the number of residents voicing their disdain for the sport as a whole. Greg Maffei, Chief of Liberty Media recently addressed these residents and acknowledged their challenges while extending his gratitude to them for their patience.

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Maffei also emphasized the economic benefits the race would bring and expressed hope for smoother operations in the future, assuring that the current construction phase was the most challenging.

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I want to apologise to all the Las Vegas residents and we appreciate that they have their forbearance and their willingness to tolerate us. We’re going to bring something like $1.7bn of revenue to the area. We hope this is a great economic benefit in Las Vegas. We hope this is the most difficult year with all the construction that went on and things will be easier in the future.
Greg Maffei addressed the enraged Las Vegas residents, as reported by The Guardian.

Liberty Media enjoy HUGE rise in Formula 1 revenue between 2022 and ’23

Liberty Media, the media group holding the commercial rights for the Formula 1 World Championship, witnessed a significant surge in viewership in recent years. This increase is largely credited to the release of the popular Netflix series, ‘Drive to Survive.’ The Docu-series served as an introduction to the world of Formula 1 for many previously unacquainted viewers from across the world.

F1 grid (via imago)
F1 grid (via imago)

After 2021’s intense title battle between Lewis Hamilton and Max Verstappen, a season that propelled F1’s popularity to unprecedented heights, a slight dip in viewership was expected for the following year – 2022. However, contrary to expectations, there was a remarkable 36% increase in viewer count, marking one of the highest growth rates between consecutive years. This surge in Formula 1’s popularity translated into an increased revenue for Liberty Media.

In 2023, despite a slight decline in the average viewer count compared to 2022, the commercial success of Formula 1 remains at an all-time high. Reports indicate a staggering growth of over $100 million between 2022 and 2023, despite the slight dip in viewership numbers. The revenue from Formula 1 soared from $715 million to $887 million over the last year. This increase highlights how the sport is continuously traversing, previously, unknown heights as a new era for Formula 1 beckons.