After F1's announcement in March about the 2023 Las Vegas Grand Prix, the company announced another big move in Las Vegas during its earnings call last week. Liberty Media, owner of F1, entered an agreement to acquire 39 acres east of the Las Vegas Strip for $240 million. The transaction is expected to close in the second quarter of this year and will be funded by cash on hand at the Formula One Group level. The site is located on the northeast corner of Harmon Ave. and Koval Ln.
Greg Maffei, president and CEO of Liberty Media, said, "And that'll be the site of the pit and paddock and some other hospitality. We don't have any other financial details yet to release on what else will be spent on that site."
The 14-turn Las Vegas race circuit is 3.8 miles (6.12km), the second longest street track in F1, behind the Jeddah Corniche Circuit, and the third longest overall. Top speeds expected to hit around 212mph (342km/h). The race will run 50-laps.
F1 and Liberty Media are self-promoting the race in partnership with local stakeholders and Live Nation. Local founding partners include MGM Resorts, Wynn Las Vegas, Caesars Entertainment, Las Vegas Convention and Visitors Authority (LVCVA). Presenting partners include Venetian Las Vegas, MSG Sphere, and Resorts World Las Vegas.
"I think Vegas is going to be large and unique, perhaps unique opportunity," Maffei added.