Formula 1’s return to Las Vegas presents a huge opportunity for hotels and casinos – and MGM Resorts is betting big on the event.
A founding partner of the race along with Caesars Entertainment and Wynn Las Vegas, MGM has access to tickets for the November 2023 race.
CEO Bill Hornbuckle told investors on an earnings call earlier this month that the company plans to purchase $20 million to $25 million in tickets, then “charge as we want and package as we want.”
Hornbuckle said there are F1 packages that retail for $100,000. Hotel rooms are expected to cost triple their normal price.
MGM has benefited from Las Vegas’ emergence as a sports destination.
