Since Liberty Media purchased Formula 1 in 2017, the growth of the sport in the USA has been phenomenal.
Aided by the popular Netflix series ‘Drive to Survive’, the viewership of Formula 1 in the US has increased significantly, with the race at the Circuit of the Americas last year breaking the attendance record.
The race in Austin was joined by the first ever Miami Grand Prix last season and 2023 will see the addition of a third race in the USA.
The Las Vegas Grand Prix will make its debut towards the end of the year, seeing the drivers race on a street circuit that will include many of the famous Las Vegas landmarks.
It is expected that the race will have an economic impact of almost $1.3bn when it takes place for the first time in November, with $966m projected to come from visitor spending and $316m expected to come from event operations and support costs.
Las Vegas Grand Prix CEO Renee Wilm has said that the race is expected to mainly attract domestic tourists, as the tickets are so sought after by Americans.
“The truth is that we sold out so quickly on the first wave that the European and our Asian fans didn’t even get the chance, due to the time zones, to participate,” he said.
F1 CEO Stefano Domenicali has explained that the race will have a bigger impact on the economy than the Super Bowl, which is expected to bring in $600 million when the event takes place in February 2024.
“Super Bowl will be for one year, but we’re going to stay for a long time,” he claimed.
“We are going to have a continuous flag here in the city, and we are going to mark not only for the week of the even, but we are going to mark F1 in Vegas as a place where we will develop the sport.”
The growth of F1 in the USA is currently being matched by the ambitions of the Middle East, with Saudi Arabia recently seeing a $20bn bid to purchase F1 rejected by Liberty Media.
There will be four races in the region next year compared to the USA’s three, leaving fans to worry about the future of Formula 1 in Europe.