MGM to sell Formula One hotel, ticket packages upwards of $100K
LAS VEGAS, Nev. (FOX5) - MGM Resorts is already getting in on the Formula One action, nearly 15 months out from the Las Vegas race.
MGM Resorts is soliciting sign-ups for those interested in purchasing room and ticket packages for the Las Vegas Grand Prix, set for November 2023.
MGM CEO Bill Hornbuckle estimates that ticket packages could be priced in six figures.
In MGM’s Aug. 3 earnings call, Hornbuckle said that room rates could be three times what they would normally be for race weekend, with ticket packages that could retail for $100,000.
Hornbuckle said MGM will pay $20-25 million for tickets.
“We have access to those tickets, and then the ability to charge as we want and package as we want,” Hornbuckle said.
Formula One is already making a big impact on Las Vegas. A Formula One group purchased a $240 million plot of land near the Strip for circuit design and the pit paddock for the race. Clark County Commissioners said a Formula One “experience” will be coming near the Las Vegas Strip.
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