November's Las Vegas GP is set to be the biggest and brashest F1 event ever held: the world's going to know about it! What might that mean for other races? 👀
What makes it unique is that it is being promoted by Liberty Media and F1 and not by a local third party. The city and the casinos that own the land are partners, but the commercial rights holder is taking the big risks and stands to win or lose depending on how the weekend pans out.
"Las Vegas was a clear opportunity that was important for us to take, to maximise from one side what we believe a promoter should do," says F1 CEO Stefano Domenicali."And on the other side to leverage on this experience. "Of course, we are there to make the best business possible," he says."And therefore if there are other opportunities, for sure we will not be shy.
"We need to be humble, we know what to do," says the Italian."But also I think that we put in place ideas that other promoters take with a lot of experience. "Of course, it's also for us a big challenge in a positive way to show what we believe is the right thing to do. "And we probably thought if we were going to opine on that, to some of our promoter partners, we might actually want to be a promoter so we can walk the walk as well as talking to talk."
Renee Wilm, the Liberty legal executive who has been seconded to the role of CEO of the Vegas event, makes an intriguing observation. "And I think we've been able to work with Brandon's team to really reach out to the promoters and further enhance those relationships and help the negotiations and say, 'Okay, here's what we're seeing as a promoter. Here's how I think we can get to a better deal with you.'Inevitably, the races with the keenest interest in what happens in Vegas are Austin and Miami, the existing US events.
Domenicali agrees that there's no need for Austin and Miami to feel threatened by Vegas – there's room for all three, and they all have their strengths. "I don't see any kind of cannibalisation, everyone is different, everything is different. I don't see any problem there." "So that's why with the so-called historical Grands Prix, we are really focusing on understanding what is the view of the future.
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