The top flight of motorsport will take over the iconic Las Vegas Strip this November when the Formula One Las Vegas Grand Prix graces the Sin City for the first time ever.
Ambitious conversion endeavours
This inaugural event has involved $560 million of civil planning and engineering to convert the heart of Las Vegas into a 3.8-mile racetrack fit for purpose.
This project sees the city transformed into a semi-permanent racetrack which requires a complex process of removing certain medians and 5 to 10 inches of the road in order to replace it with denser pavement.
This is then followed by the installation of a “racing layer” which is much smoother and possesses far fewer imperfections.
The racetrack will run from Koval Lane to Sands Avenue, down the massive straight that is Las Vegas Boulevard to Harmon Avenue. A route packed with attractions and iconic scenery that unfortunately is the main transport space for the pulsating city.
Disruptions
This project’s construction has been the source of much disruption on the strip and any adjacent roads affecting the commutes and movements of resort guests and casino employees alike.
In fact, this disruption seems more of an inconvenience when considering locals of the entertainment city have long boasted that it could take no more than 15 minutes to move through the easily navigated streets.
Renee Wilm, chief legal and administrative officer of Liberty Media, Formula 1’s parent company) and CEO of Las Vegas Grand Prix, has stated that this endeavour has been more of a logistical and disruptive challenge than even the other street circuits on the racing calendar.
“There are other street races on our calendar, such as Monaco and Singapore, but even when you consider those, this is a living, breathing city, that’s 24 hours, nonstop action. To bring an event of this magnitude and shut down the roadways at the same time, there’s just no playbook for this.”
There is hope, however, as Wilm is certain that “The level of inconvenience that’s been caused this year is not going to be repeated,” as the racing surface is set to last for at least 6 years meaning further Grand Prix will be the source of a fraction of this disruption.
The Grand Prix organisers have also confirmed that the stakeholders have been working closely with each resort along the racetracks route to address concerns and minimise traffic disruptions.
The paddock
A multistory paddock building has also been constructed in record time in order to house all the equipment for the highly demanding race weekend to come.
The length of 3 American football fields, the multistory building is situated behind Planet Hollywood resort and will cost an estimated $480 million alone.
The paddock will host all the equipment each individual team will require to construct their 2 unique race cars on site prior to the much-anticipated night race.
Bathed in the Vegas lights, these garages will be situated trackside, with multiple luxury suites upstairs overlooking the track. These will be brought to the grid by the Paddock Club as well as Wynn Grid Club.
This will be accompanied by a rooftop viewing gallery and a 28,000-inch square-foot video screen visible from the air.
Across the track from the paddock, there will also be an 18,000-seater grandstand overlooking the track.
The project manager for the Las Vegas Grand Prix, Terry Miller has described this venue a truly one-of-a-kind F1 facility.
The growth of Formula 1
This inaugural event in Las Vegas is perhaps the most significant step in Formula 1’s expansion plans, particularly in the USA where 2 other Grand Prix are also held in both Austin, Texas and Miami, Florida.
These plans were most notably sparked by the outrageous popularity of the Netflix series, Drive to Survive.
The challenge of hotel access
During the race weekend’s various sessions, 4 streets and 23,000 hotel rooms within the circuit will be rendered unavailable from around 7 pm to 2 am.
The resorts that will lose access for both guests and employees will include some significant names such as The Venetian Resort Las Vegas, Harrah’s Las Vegas, Paris Las Vegas, and Planet Hollywood among many more.
Funding and economic return
The project has so far been entirely funded by Formula 1’s parent company, Liberty Media a sizeable media conglomerate.?
The Grand Prix organisers themselves, however, have asked Clark County to cover around half of the $80 million required for resurfacing and further roadway infrastructure.
This may seem like an incredible amount but the return for Vegas businesses is projected to be far greater than even the risk associated with the investment, let alone the cost of the event itself.
Research released by Applied Analysis has estimated that the race will generate a simply staggering $1.2 billion into the city’s economy in the first year alone, with larger expectancy in the subsequent years.
Wynn Resorts North America COO Brian Gullbrants has stated on the matter:
“I don’t think we’ve ever had an event with this much exposure from a media standpoint and reach globally. It repositions and establishes our destination in the minds of people outside of America as an unbelievable backdrop for global events”.
SiGMA Balkans/CIS
As a globally recognised nexus for networking, SiGMA Group sets its sights next to the Balkans this September, when the SIGMA Balkans/CIS Summit heads to Limassol Cyprus.
A host of?networking opportunities and industry-leading knowledge?will be emanating from the much-anticipated event which will pack panel discussions, keynote speeches, start-up pitches and much more into 3 days in the diverse Cypriot city.
