If you thought this year’s Formula 1 race weekends in Melbourne, Miami and Singapore were a little too rich for your blood, wait until you hear about the sky-high prices for a hotel room during the Grand Prix. of Las Vegas next season.
Many had been anticipating the latest addition to the racing schedule – set to take place November 17-19 [AEST] in 2023 – would be far from economical. But a recent Instagram post by retired F1 driver Robert Doornbos highlighted the jaw-dropping bonuses charged by the likes of Caesars Palace.
“For those of you still looking for an F1 room,” the former Minardi and Red Bull Racing talent captioned a screenshot of a Caesars Palace booking page in his native Dutch.
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As you can see, a four-night stay in an “Augustus Premium Suite” at Caesars Palace currently costs over US$63,000 (AU$98,000). Unsustainable for the vast majority of motorsport fans, certainly, but not for the big players with heaps of disposable income that the event should attract.
“When we look at what Formula 1 is, what their normal fan base is, it really gives us the opportunity to market that European fan base,” explained Dr. Amanda Belarmino, assistant professor at William F. Harrah College of Hospitality (via Fox 5 Vegas).
“If someone is coming from Europe and it’s a once-in-a-lifetime trip, they’re probably going to be a lot less price sensitive.”
Even if you were to downgrade slightly to an “Augustus Executive Suite”, you’d still be on the hook for upwards of $56,000 (AU$87,100) as opposed to the relatively reasonable $6,600 (AU$10,300) it typically sells for. around this time. of the year; as shown by the screenshots of the Caesars Palace booking page embedded below.
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The cost of hosting, however, is just the tip of the iceberg.
Formula 1 CEO Stefano Domenicali has confirmed that next season’s Las Vegas Grand Prix will be the most expensive from a fan perspective, especially for those looking to ride like a VIP.
A three-day general admission pass alone costs US$500 (AU$777), which was added only after numerous complaints about hotels’ intentions to take huge blocks of tickets and repackaging them into “entertainment experiences” ranging from $100,000 to $1. million Australian dollars (155,500 to 1.55 million Australian dollars).
Grandstand seats, on the other hand, start at $2,500 (AU$3,900), while the only hospitality package currently listed with a price will set you back $10,000 (AU$15,500). In other words, diehard fans better start saving.
“Formula 1 has a certain positioning in relation to the type of sport it is about,” said Stefano Domenicali.
“We are going to put on the biggest show in the world as F1’s statement.”
“That needs to be recognized and in terms of price positioning, we’re going to be among the best because it’s Las Vegas and that’s the nature of the customer coming to Las Vegas.”
“There will be opportunities for people who want to pay less, to spend less. As always in life, it’s the market that takes the price, and then on our side, it’s the responsibility to bring a great event.
Check out the hotel price comparison chart compiled by Duncan Phenix of 8 news now.
Las Vegas Grand Prix Hotel Room Prices: 2023 vs 2022
(Average cost per night and percentage difference)
To note: All $$$ = USD
|Palace of the Caesars||$1,519||$736||+106%|
|Casino Royale Best Western Plus||N / A||$233||N / A|
|Circus Circus||N / A||$115||N / A|
|Cosmopolitan||N / A||$437||N / A|
|Cromwell||N / A||$336||N / A|
|ellis island||N / A||$115||+N/A|
|Holiday Inn Club Holidays at Desert Club Resort||N / A||$288||N / A|
|Jockey club||N / A||$201||N / A|
|The Marriott Grand Chateau||N / A||$297||N / A|
|Mirage (hard rock)||N / A||$219||N / A|
|New York, New York||$800||$232||+245%|
|Sahara||N / A||$170||N / A|
|Signature||N / A||$359||N / A|
|STRATEGY||N / A||$145||N / A|
|Tropicana Las Vegas||N / A||$242||N / A|
|Westin Las Vegas Hotel & Spa||N / A||$269||N / A|
|wynn||N / A||$561||N / A|
Source: 8 news now (as of 04/11/22)