Las Vegas F1 construction costs raise to $400M, officials cite infrastructure needs from residents
“A lot of (the increased costs were) driven by the request, and quite honestly requirements, of the local stakeholders, as we began this process of preparing the track for actual usage,” Wilm said during the call. “This has led to additional equipment that was needed, as well as additional, actual roadwork.”
Now, it’s a race to the finish line: Saturday, November 18.
Liberty Media CEO Greg Maffei told investors that the tight deadline potentially raised the costs as well, and prevented them from capitalizing on other fan celebrations, sporting events, and music festivals near the weekend race.
“We moved with lightning speed, the F1 team, Renee’s team, to put this in place. And that’s probably led to increased costs. And it’s also meant there were opportunities we’ve had to not capitalize on,” Maffei said during the call.
While Las Vegas is on track to host Formula One races for the next 10 years, officials said millions of dollars more than first projected are being used just for year one.
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