The Las Vegas Grand Prix failed to meet financial expectations
Tickets to the Las Vegas Grand Prix are the most expensive in Formula 1. In 2024, the VIP offer cost up to one million dollars, and the cheapest general access tickets cost more than a thousand dollars.
Apparently, there were fewer people willing to pay such money for tickets to the race in Vegas than the Formula 1 owners had expected. Brian Wendling, Chief Accountant at Liberty Media, said during a conference call with investors that last year's stage did not meet financial expectations.
Brian Wendling: "The Las Vegas Grand Prix did not meet expectations, primarily in ticket sales. In 2024, we saw revenue growth at most stages in the Paddock Club, which somewhat mitigated ticket sales losses for the Las Vegas Grand Prix."
The total payments that teams will receive from Formula 1 owners in 2024 will amount to 1 billion 215 million dollars against 1 billion 266 million in 2023. Wendling added that the decrease in payments is largely due to the unsatisfactory financial results of the race in Vegas.
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The Las Vegas Grand Prix failed to meet financial expectations
Brian Wendling, chief Accountant at Liberty Media, said during a conference call with investors that last year's stage in Las Vegas did not meet financial expectations.