The new kid in Las Vegas is nearly ready to go.
Formula One dropped a video on TikTok showing the progress of its paddock building in central Las Vegas which is set to launch in time for the motorsport’s highly anticipated street race in Sin City from November 16-18, 2023.
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The video shows that the massive building has started to take shape within the 39 acres of land Liberty Media - LSXMA, parent company of Formula 1, acquired last year for $240 million. The paddock is slated to be finished about a month before the race to allow time for F1 to move in.
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But the paddock activities will go well beyond the once-a-year race. Liberty Media President and CEO Greg Maffei has talked about the Vegas paddock area as a place that can hold conventions and other racing events. There may also be an opportunity for fans to hop in one of F1’s 200-mile per hour machines and experience racing firsthand according to a report by Casino.org.
Formula One raced in Las Vegas from 1981 to 1984 but had not returned since. But in the last few years, Vegas has turned into a top sports city with the entry of teams like NFL’s Raiders and WNBA’s Aces plus the rumored interest from MLB and NBA teams.
Formula One has started to focus on the U.S. market in recent years. Last year, they secured a multi-year broadcasting rights deal with ESPN worth at least $75 million. F1 also has its first American driver on the grid, Williams Racing’s Logan Sargeant, in nearly eight years.
F1 has also gone from one to three Gran Prix events in the U.S. over the last two years. The U.S. Gran Prix, held in Austin, Texas -- has been a staple of the Formula One schedule over the last decade, but F1 added the Miami GP last year and will add Las Vegas this year.
