Liberty convinced local authorities and major casinos to back the project and allow the city to be closed down, and for the first time the organisation also served as promoter of the event, taking on the associated financial risks.
There were logistical glitches along the way, not least the water valve cover that destroyed Carlos Sainz’s Ferrari chassis and led to practice ending in the early hours of Friday morning and run without fans in attendance.
But, as always, what really matters is the bottom line. The financial impact both for the city and Liberty was always going to take a little time to fully assess, but now the sums have been done it’s apparent the event paid off for both parties.
When announcing its 2023 annual results in February, Liberty noted that even with extra costs associated with creating the event had boosted its figures.
Then last month, Clark County released a detailed document that looked at every aspect of the race and the consequences for various public bodies, as well as the overall financial impact. The report pulled no punches regarding some of the challenges that were faced, which were inevitable given the scale of the event and its location right in the heart of the Strip.
It was a massive undertaking for the city’s infrastructure, involving everything from the airport being prepared for extra traffic to disrupted local access, fire department concerns over pyrotechnic displays, and the issuing of hundreds of catering and alcohol licences.
One of the more intriguing details is the fact that construction of the Grand Prix Plaza pit building proceeded at pace before permits were issued, which the authorities say, “created unrealistic expectations for plan review timelines and feedback from other developers”. Communications issues were also highlighted, with the report drily noting that “LVGP, F1 and FIA need to define what entity is in charge of what aspects of the race weekend”.
Sergio Perez, Red Bull Racing, 3rd position, the Red Bull trophy delegate, Max Verstappen, Red Bull Racing, 1st position, Charles Leclerc, Scuderia Ferrari, 2nd position, on the podium
Photo by: Glenn Dunbar / Motorsport Images
But what mattered most for the local authorities and the casinos that supported the event was the direct financial impact, and those numbers are impressive.
It’s no coincidence that the race was scheduled for mid-November – the period before Thanksgiving has…
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