January 13th, 2022: The Formula 1 betting in Las Vegas is still a few months away, but the organizers are already locking in their potential revenues. According to published reports, the organizers expect betting revenues to top $500 million. If the Formula 1 group’s projections hold, it will represent a substantial part of its revenues for 2023.
Based on the group’s filed financial reports, the company earned $1.8 billion in revenue for the first nine months of 2022. The company hasn’t finalized its figures for October through December, so experts expect huge numbers from the company.
Formula One takes its revenues and operating income from Formula One rights. Three main income streams are integrated into these racing rights: hosting fees from race promoters, sponsorships and advertising revenues from the series and races, and the rights to broadcast the races in different countries and regions. According to an industry expert, these three income streams add up to almost 82% of the Group’s revenue for 2019.
F1 Las Vegas Grand Prix starts on November 18th
The Formula 1 race in Las Vegas is getting a grand treatment, Vegas-style. While the race will not start until November, people are revved up by the plans and teasers on what to expect. According to multiple reports, the race will use the Bellagio Fountains Grandstands as its backdrop. MGM Resorts International will construct the makeshift suites and the grandstands in front of the hotel, and the seats here are currently offered as part of the race-and-stay packages of MGM Resorts.
If you are one of the hundreds or even thousands planning to witness the event, you’ll need to spend at least $1,773 per night for a three-night stay at the resort. In addition to your stay here, you’ll get two race tickets.
We’ve already covered the premium packages offered in Las Vegas in time for the Formula 1 race. You may want to check out the $5 million “Emperor Package if you have the money. This package gives you access to Nobu Sky Villa at the Nobu Hotel Caesars Palace and a front-seat ticket to the races.
The Las Vegas Grand Prix is set on November 18th, and it’s one of the three US races this year as part of the Formula 1 series.
A Stream of Revenues and Betting Opportunities
With the scheduled Formula 1 races, several players are expected to benefit in the short term. The Formula 1 group is the primary beneficiary, thanks to its multiple revenue streams. Specifically, the group shall earn primarily from media rights, the selling of tickets, and its Paddock Club hospitality unit. In addition, the group can benefit from plenty of corporate sponsorship with top casinos in Las Vegas.
We can expect top gambling brands like MGM Resorts, Caesars Entertainment, and Wynn Resorts to benefit from the scheduled races greatly. For example, MGM bought up to $20 million to $25 million worth of tickets and is currently offering resort packages tied to the races. There’s also the $1 million offering from Wynn Resorts, and yes, Caesars has the Emperor Package.