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Formula One is planning to alter its ticketing strategy for the Las Vegas Grand Prix after the event fell short of financial expectations last year.
Chief accounting officer of Liberty Media, which owns F1, Brian Wendling admitted to investors that the race weekend missed its target for ticket sales.
This is said to have had a noticeable effect on the sport’s earnings and the payments it made to the 10 teams.
The group’s chief executive Derek Chang then stated it was in a good position to improve its fortunes, prior to the next edition which is set to take place on November 22 this year.
“The economics for Vegas missed internal expectations on revenue and OIBDA,” said Liberty Media chief executive Derek Chang, as reported by RaceFans.
“The team has moved very quickly, however, to enact changes that will benefit 2025 and support a financially successful race for F1 and continued growth and positive impact for the Las Vegas community.
“We now have two years of real data to understand what tickets and products sold well, the demographics of the fanbase and the overall cost structure of the event.
“As a result, we are making further revisions to the ticket product and pricing strategy, leveraging this data, and as importantly, we are actively managing our cost structure.
“I think we all here were disappointed by some of the financial metrics in the early going here. But those, in my mind, are all durable and fixable.”
F1 invested heavily into the Las Vegas Grand Prix as it spent nearly $300m (£232m/€277m) on purchasing and developing land in the city to host the event.
The championship originally announced a three-year deal to race on the Las Vegas Strip Circuit, which expires this year. However, the local government has granted permission to continue racing in the city until 2032.
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