MGM Resorts, a major hospitality company, is reportedly set to buy up to $25 million worth of tickets for next year’s Las Vegas Grand Prix.
The Sports Business Journal reports that it will then use the tickets to create accommodation and event packages, which could rise to as much as $100,000.
MGM Resorts CEO Bill Hornbuckle told SBJ that rooms in the area could cost up to three times more than their usual rate.
Las Vegas will host its first-ever grand prix in 2023, joining as the third US-based race on the schedule.
Austin and Miami already sit on the calendar, with the latter hosting its maiden race earlier this year.
The event in Las Vegas is being highly anticipated, with Nevada governor Steve Sisolak stating that the race will become F1’s “flagship” event.
F1 is investing heavily into the race, and is set to purchase a $240m piece of land in Las Vegas to house the paddock.
Las Vegas, known for its chaotic night life, will host its first grand prix on a Saturday in a breakaway from tradition.
The race is set to get underway at 10PM local time on November 18, 2023.