Who owns F1 Las Vegas GP?
The Las Vegas GP is by far the most ambitious project that Formula One has ever seen.
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The Las Vegas GP race track (via Formula 1)
The Las Vegas Grand Prix is slated to be the biggest extravaganza that the Formula 1 world has ever seen. With a 3.8 mile long race circuit being constructed on the famous Vegas Strip in the Sin City, it is expected that the race will serve some great entertainment to the fans. But such a huge project has required an unimaginable amount of funds that had to be poured in by someone or some corporation. Formula One franchise owner Liberty Media group have the biggest stake in the Las Vegas GP which is projected to be the most expensive race in F1 history.
According to a report by the Las Vegas Review-Journal, the revenues raked in by the Las Vegas GP will go north of $1.3 billion dollars. Race CEO Rene Wilm talked of this amount during her speech at Preview Las Vegas at the city’s Convention Center. The break down of this amount shows that about $966 million will be coming in from the projected F1 visitor spending. On top of that, the Financial Analysts expect another $316 million to pour in from event operations and support costs. The Las Vegas GP revenue will perhaps be twice the amount involved in the greatest sports show on American soil–the NFL Super Bowl.
The Las Vegas GP is going to be Liberty Media’s dream come true as they had always targeted for an American takeover by Formula One ever since purchasing the rights to the franchise from Bernie Ecclestone. The CEO of the corporation sounded ambitious as he talked about the expected turnout at the Las Vegas race.
Who is leading the operations at the Las Vegas GP?
In an attempt towards a massive leap for gender equality, the Las Vegas GP will have a team of women at its helm. The group, headed by Renee Wilm, is currently hard at work to realise the Liberty Media’s vision of the biggest show the entire F1 community has ever seen. With a degree in law, Wilm was previously a Chief Legal Officer at Liberty Media. When she was promoted to the post of the CEO of the Las Vegas GP, she had to put together a team and it turned out to be quite diverse and inclusive.
Proudly speaking of the incredible women who make up the team that is controlling the operations at the Las Vegas GP, Renee Wilm hailed her co-workers.
My team here is also run by women. (Chief commercial officer) Emily Prazer, (senior director of race operations) Silvia Bellot, (vice president of event operations) Vanessa Anthes. We didn't go about putting the management team together with the intention to have four women running this event, but we have incredibly qualified, dedicated women of whom I'm incredibly proud.
But the road to organizing the Las Vegas GP has not been smooth till now. Several local shopowners had complained that the road blocks due to the circuit construction have cost their businesses over $1 million in losses. And a major strike was also organized by the culinary workers who work at the shops around the Vegas Strip since they refused to work at the same pay when the Las Vegas race is expected to rake in millions of dollars in profits.
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Riddhi Mondal
(1821 Articles Published)