materialist-scumbag
F1's Las Vegas Grand Prix loses money for Liberty Media, third straight year — November 2025
So the thing nobody says out loud about the Vegas race is that Liberty Media doesn't run it the way they run every other race on the calendar. Everywhere else — Monza, Spa, Suzuka, wherever — there's a local promoter. Some entity, often part-government, sometimes a rich guy, who buys the rights to host the event, pays the sanctioning fee to Formula One Management, eats the risk on ticket sales and infrastructure, and prays the tourism multiplier makes it worth it. Liberty just collects the fee and shows up. Clean. They're a media company; they sell the broadcast, they don't want to be in the business of pouring concrete and selling beers.
Except in Vegas they are the promoter.
They bought the land — like forty acres off the Strip, $240 million for a paddock building they put up themselves — and they're running the whole circus on their own books. Which is a weird thing for a media company to do, and it tells you something.
It tells you they thought Vegas wasn't a race. They thought it was a real estate and hospitality play that happened to have cars in it.
And honestly you can see the logic, because the thing they're actually selling in Vegas isn't motorsport, it's proximity. The grandstand seats were whatever, the money was always in the suites and the "experiences" — the $50,000-and-up packages where you get a paddock pass and a chef and a view of the Bellagio fountains while a Ferrari does 200 down the Strip, and the whole pitch is that you, personally, are the kind of person who's at this. That's not a ticket. That's a status good. And Vegas, the city, exists to convert money into the feeling of being the kind of person who has it, so on paper this is the most natural marriage in the history of capital.
So why's it bleeding money three years running?
Well. Couple things, and they stack.
First year, 2023, they tore up the Strip for months to lay the track, and the locals — the people who actually work in the casinos, the dealers and the valets and the line cooks whose commute got strangled — got nothing. Worse than nothing, because Caesars and the rest comped out their high rollers and the normal weekend tourist who'd have come anyway stayed home to avoid the chaos, so a bunch of service workers ate a slow November on tips. The Strip basically displaced its own baseline revenue to make room for the event and then acted surprised when the math didn't obviously close.
And the practice session got cancelled because a loose water valve cover launched into Carlos Sainz's car and tore the floor off a Ferrari, which, fine, freak thing — except they cancelled it at like 2am and then wouldn't let the fans who'd paid back in, and a class action got filed, and that's the kind of detail I love because it's the seam showing. The event is a media product wearing the costume of a live event, and when the live-event part broke they defaulted instantly to the media-product instinct, which is that the people in the stands are not the customer. The broadcast is the customer. The bodies are set dressing.
Which they kind of are. That's not even a knock.
The real revenue logic of modern F1 — and this is the Liberty thesis since they bought the sport off Bernie Ecclestone in 2017 for eight billion — is that the race is a content factory. Drive to Survive on Netflix turned a sport that Americans found impenetrable and frankly a little gay into a prestige narrative drama, the grid into a cast of characters, and suddenly you've got a US audience that didn't exist, three US races where there used to be one, and a sponsor base that valorizes "engagement" over actual fannies in actual seats. Bernie ran it like a guy renting out a luxury good to oil states. Liberty runs it like a streaming IP with a physical-event attach.
And Vegas was supposed to be the cathedral of the new model. Their race, their land, the Strip itself as the set, peak attach. The flagship.
Here's where the rhyme is interesting though.
Because this isn't the first time someone tried to wedge Formula One into the American casino-tourism complex and watched it not take. There was a US Grand Prix in Las Vegas in 1981 and '82 — in the parking lot of Caesars Palace, literally, a flat ugly circuit laid out on asphalt where they'd otherwise park cars, and it was a disaster, drivers hated it, the heat was murderous, nobody came, gone in two years. Then Phoenix in '89 through '91, downtown street circuit, and the famous thing is the 1991 race drew fewer people than an ostrich race held in the same city the same weekend. Genuinely. The ostriches outdrew Ayrton Senna.
So America has been the graveyard of F1 promoters for forty years, and the reason is always the same and it's the reason that should worry Liberty.
The American sports consumer does not, structurally, want to pay a premium to stand in a hot parking lot and watch a thing he could watch better on television. That's the whole national disposition. The US built its entire spectator-sports economy on the broadcast and the cheap seat and the beer, on volume, on the median fan — and the European motorsport tradition is built on the opposite, on the paddock, on access as a scarce good, on the race as something you attend to signal that you could.
And the genius and the trap of the Liberty model is that they figured out how to sell the European status logic to Americans through the screen, through Netflix, without ever having to make the physical event actually work, because the physical event was never the product.
But Vegas they made physical. They put themselves on the hook for the one thing the model is structurally bad at.
So now they're discounting tickets — which in a status-good economy is poison, because the entire value of the $50k suite was that it cost $50k, and the moment you can see the prices sliding the magic that converts money into the-feeling-of-having-money evaporates, and the high roller who'd have paid full freight reads the discount as a signal that this isn't actually exclusive, it's just expensive, which are very different things, and the second one is just a bill.
The 2024 race did better than '23. Smoother, fewer manhole incidents, locals less furious. And it still lost money, which is the part that should tell you it's not an execution problem they can fix by getting good at logistics.
It's that they built a content machine and then tried to make one node of it carry physical-event economics, in the one country whose entire sporting culture is hostile to physical-event economics, in a city that is itself a machine for extracting money and is not going to share the spread with some Colorado media company that flew in to use its skyline as a backdrop.
Caesars and MGM, the casinos — they do fine. They always do fine. They sell rooms either way, and the race fills rooms, so for the house the F1 weekend is just another high-margin November weekend with a louder soundtrack. The house doesn't care if Liberty's promoter arm loses money any more than the house cares if you lose money; that's sort of the arrangement you walk into. Liberty came to Vegas to be the promoter and Vegas treated them exactly like it treats everyone who comes to Vegas thinking they've found the angle.
Same as it ever was.

















