{"id":227076,"date":"2022-08-17T15:03:34","date_gmt":"2022-08-17T20:03:34","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=227076"},"modified":"2022-08-18T12:47:36","modified_gmt":"2022-08-18T17:47:36","slug":"mgm-mulling-six-figure-packages-for-2023-las-vegas-f1-race","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mgm-mulling-six-figure-packages-for-2023-las-vegas-f1-race\/","title":{"rendered":"MGM Eyeing $100K Packages for Las Vegas F1 Race"},"content":{"rendered":"

Formula One is the glitziest of motorsports, and that reputation will be in full effect when the circuit makes its debut in Las Vegas in Nov. 2023.<\/p>\n

\"MGM
A rendering of the Las Vegas Grand Prix F1 circuit. MGM is likely to raise room rates for the 2023 race. (Image: F1)<\/figcaption><\/figure>\n

The Sports Business Journal<\/em> reported MGM Resorts International CEO Bill Hornbuckle said the company plans to scoop up $20 million to $25 million worth of tickets for the 2023 Las Vegas Grand Prix. They have eyes toward using some of those tickets to cobble together hotel\/race packages with $100,000 price tags.<\/p>\n

MGM, the largest operator on the Las Vegas Strip, could also triple its room rates at select venues to capitalize on the race.<\/strong><\/p>\n

F1 held the Caesars Palace Grand Prix in Las Vegas in 1981 and 1982. But there wasn\u2019t racing on the Strip. The Las Vegas Grand Prix, scheduled for Saturday, Nov. 25, 2023, will take place on the Strip, running past iconic venues such as Bellagio and Caesars, among others.<\/p>\n

Las Vegas F1 Race Could Be Boon for Casinos<\/h2>\n

As the world’s entertainment capital, Las Vegas doesn\u2019t lack for events, shows, and sports, and it\u2019s widely known Strip operators boost room rates for marquee events, be they conventions or athletic competitions.<\/p>\n

However, the arrival of F1 to Sin City could be a different ballgame. From owners to drivers to fans, many of whom are well-heeled celebrities, F1 is the highest of high-dollar motorsports<\/a>. In other words, MGM marketing $100,000 ticket packages and tripling room rates aren\u2019t far-flung ideas.<\/p>\n

\n

Putting a $100,000 package for the F1 race into context, MGM is offering a VIP Package for the Oct. 2 Las Vegas Raiders\/Denver Broncos game at Allegiant field at a cost of \u201cjust\u201d $3,134 per person. That includes a suite at Aria or Mandalay Bay, according to the operator.<\/p>\n<\/div>\n

MGM\u2019s NFL offers fluctuate by what team the Raiders are hosting. For example, the VIP Package for the Jan. 1 Raiders\/San Francisco 49ers game is $3,734 per person. That underscores the point that casino operators believe they can dramatically raise prices and people will still want to attend the inaugural Las Vegas F1 race.<\/p>\n

These Casinos Could See Huge Price Increases<\/h2>\n

The Las Vegas circuit will be 3.8 miles and features 14 turns<\/a>, with a straightaway that will allow drivers to push upwards of 200 miles per hour.<\/p>\n

\n

MGM hasn\u2019t said which of its Strip venues could see the largest rate increases for the race. But owing to their reputations and client bases, Bellagio and Cosmopolitan make the most sense for dramatic F1-induced room rates. Some Las Vegas locals are already speculating that rooms at Cosmopolitan with balconies will have the biggest price increases for the Grand Prix.<\/p>\n<\/div>\n

MGM recently put the finishing touches on its $1.6 billion acquisition<\/a> of Cosmopolitan\u2019s operating rights.<\/p>\n","protected":false},"excerpt":{"rendered":"

Formula One is the glitziest of motorsports, and that reputation will be in full effect when the circuit makes its debut in Las Vegas in Nov. 2023. The Sports Business Journal reported MGM Resorts International CEO Bill Hornbuckle said the company plans to scoop up $20 million to $25 million worth of tickets for the […]<\/p>\n","protected":false},"author":46,"featured_media":227077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,81886],"tags":[81897,82381,23,24],"acf":[],"yoast_head":"\nMGM Mulling Six-Figure Packages For 2023 Las Vegas F1 Race<\/title>\n<meta name=\"description\" content=\"MGM Could Offer $100,000 packages for Las Vegas F1 race in 2023.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/mgm-mulling-six-figure-packages-for-2023-las-vegas-f1-race\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM Mulling Six-Figure Packages For 2023 Las Vegas F1 Race\" \/>\n<meta property=\"og:description\" content=\"MGM Could Offer $100,000 packages for Las Vegas F1 race in 2023.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mgm-mulling-six-figure-packages-for-2023-las-vegas-f1-race\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-17T20:03:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-18T17:47:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/F1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-mulling-six-figure-packages-for-2023-las-vegas-f1-race\/\",\"url\":\"https:\/\/www.casino.org\/news\/mgm-mulling-six-figure-packages-for-2023-las-vegas-f1-race\/\",\"name\":\"MGM Mulling Six-Figure Packages For 2023 Las Vegas F1 Race\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-mulling-six-figure-packages-for-2023-las-vegas-f1-race\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-mulling-six-figure-packages-for-2023-las-vegas-f1-race\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/F1.jpg\",\"datePublished\":\"2022-08-17T20:03:34+00:00\",\"dateModified\":\"2022-08-18T17:47:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"MGM Could Offer $100,000 packages for Las Vegas F1 race in 2023.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-mulling-six-figure-packages-for-2023-las-vegas-f1-race\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mgm-mulling-six-figure-packages-for-2023-las-vegas-f1-race\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-mulling-six-figure-packages-for-2023-las-vegas-f1-race\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/F1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/F1.jpg\",\"width\":1920,\"height\":1080,\"caption\":\"A rendering of the Las Vegas Grand Prix F1 circuit. An analyst said concerns about the race are overblown. 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