The significant investment being made in Las Vegas by Formula One will be worth the cost down the road, Wendling said. Those include paving operations for the circuit curating the opening ceremony planned for Wednesday increased security overprovisioning of race access points and food and beverage options and the development of the Las Vegas Grand Prix smartphone application. On top of the building, the first year of preparing for and hosting the race has various start-up costs associated with it. It’s a massive undertaking and it will be an enormous spectacle.” Built a 300,000-square-foot pit building. “Stood up an entire commercial organization for an inaugural race. “It’s amazing how much Renee (Wilm) and her team have done in a year,” Greg Maffei, Liberty Media CEO said during investor day. The 300,000-square-foot building was built in just over a year following the groundbreaking ceremony on the 39-acre lot. “We believe the (capital expenditure) spend is an attractive and organic spend in the business versus acquiring an existing business.” “Our land and building purchases represent long-term investments in Vegas, where we expect to be racing beyond 10 years,” Wendling said Thursday during Liberty Media’s investor day. (Bizuayehu Tesfaye Las Vegas Review-Journal) the inaugural Formula Las Vegas Grand Prix scheduled to take place next week, event organizers are already looking toward the future races planned for Southern Nevada.į1 and Clark County this year entered into a 10-year partnership to allow for the race to take place on a mix of public and private roads in and around the Strip during the week before Thanksgiving.įor Liberty Media, F1’s parent company, to spend $500 million all-in on constructing the company’s pit building on the northeast corner of Harmon Avenue and Koval Lane shows they are committed to the future, according to Brian Wendling, chief accounting officer and principal financial officer for Liberty Media. Formula One CEO Stefano Domenicali, left, Liberty Media CEO Greg Maffei, and LV Grand Prix CEO Renee Wilm, right, pose for a photo after signing on a barrier during a topping off ceremony for the Las Vegas Grand Prix paddock building, on Thursday, April.
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