Billion-dollar revenue forecast as F1 set to rock Las Vegas

Locals and tourists have been disrupted by the enormous operation to build the pit building and circuit in the heart of the city.

The cost to F1 has been estimated at around $500m.

“We’re going to bring in something like $1.7 billion of revenue to the area,” Greg Maffei, CEO of F1’s owners Liberty Media, was quoted by The Independent.

“I want to apologise to all the Las Vegas residents and we appreciate that they have their forbearance and their willingness to tolerate us.

“It’s not just for the benefit of fans who want to view. We hope this is a great economic benefit in Las Vegas. 

“We hope this is the most difficult year with all the construction that went on and things will be easier in the future.

“There will be 105,000 people so the sheer scale of it, even for Las Vegas, will be the largest event Las Vegas will have.”

F1’s 10-year deal with Las Vegas

Unusually for Formula 1, they have chosen to purchase land in Las Vegas where they have built their own pit building and brand-new track.

Normally they work with a local promoter to stage their biggest races.

But in Vegas, F1 has struck a 10-year deal to race.

They invested around $240m to build the pits and the paddock.

The main building - which spans 300-square-feet and four storeys - will become F1’s US headquarters after this grand prix.