With the upcoming and much-awaited Formula 1 races in Las Vegas, the sport has gained immense popularity at a rate never seen before. It is unknown if the growing excitement is due to the fast-paced nature of the races or the glittering new backdrop of Las Vegas. Still, the sport has lured in many new fans with the prospect of an unforgettable and unique racing spectacle. Audience attendance experienced a 36% increase compared to 2019, the last year preceding the onset of the pandemic.
The 2022 season of Formula 1 season has demonstrated a noteworthy increase in wealth. During the calendar season, they gained a total revenue of $2.537 billion as compared to the income of the 2021 season, $2.136 billion. Despite incurring corporate losses amounting to $66 million, the operating income of the sport has surged by an impressive 333%, with further substantial increases anticipated for the upcoming 2023 season. The promotion of the races and the fact that the audience was not capped for the first time in the 2022 season due to the pandemic has caused these significant increases and made the sport gain such large amounts of popularity.Â
The process of building the Las Vegas Grand Prix has been a challenge and an expensive one at that. The entire cost of revamping the strip has amounted to $560 million, and now that time is slowly ticking away and the racing season is just around the corner, contractors are also racing to complete their jobs. A lot must be done to ensure that the road is safe for the drivers and in the right quality. The roadwork entails the removal of certain medians, like 5-10 inches of existing pavement, to make it more compact. Then, a very smooth racing layer will be applied to ensure a ripple-free surface. The racetrack’s surface is meant to last for about six years before needing to be renovated.
Not only is this one of the hardest and seemingly impossible tasks, but it has also caused large crowds to abstain from the strip. The construction covers one of the main attractions and visuals that the strip has to provide, so this time of year is not the time to plan a fun weekend in Vegas.