It’s coming. Can you feel it? If you’re in Las Vegas, you definitely know that Formula 1 has arrived. From November 16 – 18, attendees will experience an unforgettable race, with Formula 1 race cars cutting right through the heart of the Las Vegas Strip, racing past the Bellagio, the Venetian, and Caesars Palace at 212 mph. Fifty laps later, the winner will be declared.
If you’re considering buying tickets to the 2023 Formula 1 Grand Prix race, options range from standing room only (sold out), grandstands, premium clubs, private suites, and luxury hospitality. These tickets are available in different zones placed along the 3.8-mile circuit length. Prices range from $1,000 to $22,800. If you’re a fortunate Las Vegas resident, you get the deal of the day, starting at $200.
Why so expensive? It’s all about supply and demand, and the Formula 1 Grand Prix race is the most popular event ever witnessed in Las Vegas. Wow.
For $1 million, Wynn Las Vegas will provide you with six tickets, four nights in a 5,800-square-foot three-bedroom duplex, Dom Perignon, caviar, dinner at Delilah, VIP access to events, tickets to shows, golf, spa sessions, and more. Caesar’s Entertainment is offering their ‘Emperor Package’ for $5 million. One can only imagine.
If you’re a restaurant in Las Vegas during this time frame, good for you. While there may have been some disruption as roads were repaved, bridges built (yes, a bridge), cables, wiring, and security addressed, the founders believe this spectacular undertaking will be well worth the disruption. It’s considered a long-term project that will extend far past the current three-year contract. If you’re wondering, the next race starts on November 23, 2024.
But wait, isn’t Las Vegas also hosting the Super Bowl? Yes, yes they are, just three months later. If any city can pull this off, it’s definitely the Entertainment Capital.
Unlike NASCAR, which consists primarily of oval tracks and stock cars, Formula 1 cars are built from the ground up, with teams creating aerodynamic wonders. So far this season, team Red Bull has taken the lead in every race except one.
They’re also, as noted, not oval tracks but take place in the midst of the cities on the same roads you and I drive on. According to Autoweek, this is the biggest event in the world in 2023. Founding partners, which include MGM Resorts, Caesars Entertainment, Wynn Resorts, and the Las Vegas Convention and Visitors Authority, have been attending Grands Prix to learn more about the race and how it will impact Las Vegas. Their goal? To create a new standard for the fan experience.
While much of 2023 has been devoted to creating the space for this grand event to occur, next year, you can expect more music and sporting events to offer an even better experience to the fans. This year, the Sphere, Las Vegas’ newest landmark, is a hot spot for premium entertainment, including J Balvin, Major Lazer, A-Trak, and Mark Ronson.
Restaurants and the Formula 1 Grand Prix
According to the New York Post, restaurants along the 3.8-mile circuit are expected to pay a $50,000 venue fee for access, a significantly lower amount than first anticipated. Some restaurants have been bought out. The good news is that the 300,000-plus people showing up for the event will be looking for restaurants to dine in.
According to KSNV, the race is expected to have a $1.3 billion impact on the local economy. Executive chef and partner at Ferraro’s Ristorante, Mimmo Ferraro, told the local news station that they’ve been preparing for the “last couple of months.” That would translate to June 2023. Just an eighth of a mile from the paddock, he believes it will be the best business his family’s restaurant has seen since its conception in 1985.
They’ll be loading up on caviar, lobster, crab, and white truffles!