{"id":212442,"date":"2022-05-07T16:06:02","date_gmt":"2022-05-07T23:06:02","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=212442"},"modified":"2022-05-07T17:24:53","modified_gmt":"2022-05-08T00:24:53","slug":"f1-pays-240-million-for-39-acres-of-las-vegas-land","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/f1-pays-240-million-for-39-acres-of-las-vegas-land\/","title":{"rendered":"F1 Buying 39 Acres of Las Vegas Land for $240M in Advance of 2023 Race"},"content":{"rendered":"

Formula One Group (NASDAQ:FWONA) has announced its partner, Liberty Media, is paying $240 million for 39 acres of land near the Las Vegas Strip in advance of the league\u2019s first race in Sin City.<\/p>\n

\"F1
The proposed Las Vegas Grand Prix circuit (red). F1 is buying $240 million in land for the race. (Image: Motorsports.com<\/em>)<\/figcaption><\/figure>\n

CEO Greg Maffei unveiled the purchase on the company\u2019s first-quarter earnings conference call on Friday, May 6.<\/p>\n

I would note that Liberty Media did enter an agreement to acquire 39 acres east of the strip to lock in circuit design and create capacity for the pit and paddock,\u201d<\/strong> said Maffei.<\/p><\/blockquote>\n

He added that the transaction, which is being funded with Formula One cash on hand, is expected to close in the current quarter. The company didn\u2019t confirm as much, but it\u2019s speculated that the land it\u2019s buying is at the northeast corner of Flamingo and Koval. Some of that acreage was previously occupied by the now-shuttered Ice nightclub. The seller of the land wasn\u2019t identified.<\/p>\n

Las Vegas Could Be Crown Jewel<\/h2>\n

F1 is looking to boost its presence and fan awareness in the US. After racing for several years in Austin, this weekend brings the league\u2019s inaugural Miami Grand Prix.<\/p>\n

\n

Las Vegas could be the centerpiece of F1\u2019s emerging US strategy. In March, F1 said that starting in November 2023, the world\u2019s highest tier auto racing association will annually come to the largest US casino center for the Las Vegas Grand Prix.<\/a><\/p>\n<\/div>\n

F1 held the Caesars Palace Grand Prix in Las Vegas in 1981 and 1982, but there wasn\u2019t racing on the Strip. The Las Vegas Grand Prix, scheduled for Saturday, Nov. 25, 2023, will take place on the Strip, running past iconic venues such as Bellagio and Caesars, among others.<\/p>\n

The Las Vegas circuit will be 3.8 miles and features 14 turns<\/a>, with a straightaway that will allow drivers to push upwards of 200 miles per hour. It\u2019s clear there\u2019s already huge interest in the night race even though it\u2019s 19 months away.<\/p>\n

\u201cIn the 24 hours following the official announcement, Las Vegas resorts saw more requests for hotel room reservations than any other one day period in their history,\u201d <\/strong>said F1 President Stefano Domenicali on the call. “We also saw the announcement generate four times more social media activity than the 2024 Vegas Super Bowl announcement.\u201d<\/strong><\/p>\n

Betting Implications<\/h2>\n

Las Vegas loves sports, including motorsports. The gambling hub hosts two annual NASCAR Cup Series<\/a> events.<\/p>\n

How that plays out in terms of betting handle remains to be seen. In Europe — the region that’s home to the most F1 races — the sport is heavily wagered-on. In the US, however, motorsports, including NASCAR, are in sportsbooks\u2019 \u201cother\u201d category, meaning auto racing generates a handle that\u2019s miniscule compared to traditional domestic fare such as football, basketball, and baseball.<\/p>\n

The Las Vegas Grand Prix could change that, at least for that one race. While F1\u2019s Austin race is popular and the Miami Grand Prix is expected to be a hit, sports wagering currently isn\u2019t allowed in Florida or Texas. Conversely, Sin City is one of the sports betting hubs in the world, indicating it\u2019s possible that the Las Vegas Grand Prix will be one of the most bet-on motorsports events in US history.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Formula One Group (NASDAQ:FWONA) has announced its partner, Liberty Media, is paying $240 million for 39 acres of land near the Las Vegas Strip in advance of the league\u2019s first race in Sin City. CEO Greg Maffei unveiled the purchase on the company\u2019s first-quarter earnings conference call on Friday, May 6. I would note that […]<\/p>\n","protected":false},"author":46,"featured_media":212443,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,81886],"tags":[],"acf":[],"yoast_head":"\nF1 Pays $240 Million For 39 Acres Of Las Vegas Land<\/title>\n<meta name=\"description\" content=\"F1 doling out $240 million for 39 acres of land near Strip ahead of Las Vegas Grand Prix.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/f1-pays-240-million-for-39-acres-of-las-vegas-land\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"F1 Pays $240 Million For 39 Acres Of Las Vegas Land\" \/>\n<meta property=\"og:description\" content=\"F1 doling out $240 million for 39 acres of land near Strip ahead of Las Vegas Grand Prix.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/f1-pays-240-million-for-39-acres-of-las-vegas-land\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-07T23:06:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-08T00:24:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/f1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/f1-pays-240-million-for-39-acres-of-las-vegas-land\/\",\"url\":\"https:\/\/www.casino.org\/news\/f1-pays-240-million-for-39-acres-of-las-vegas-land\/\",\"name\":\"F1 Pays $240 Million For 39 Acres Of Las Vegas Land\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/f1-pays-240-million-for-39-acres-of-las-vegas-land\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/f1-pays-240-million-for-39-acres-of-las-vegas-land\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/f1.jpg\",\"datePublished\":\"2022-05-07T23:06:02+00:00\",\"dateModified\":\"2022-05-08T00:24:53+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"F1 doling out $240 million for 39 acres of land near Strip ahead of Las Vegas Grand Prix.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/f1-pays-240-million-for-39-acres-of-las-vegas-land\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/f1-pays-240-million-for-39-acres-of-las-vegas-land\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/f1-pays-240-million-for-39-acres-of-las-vegas-land\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/f1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/f1.jpg\",\"width\":1200,\"height\":800,\"caption\":\"The Las Vegas Grand Prix circuit (red). 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