Liberty Media CEO Greg Maffei says Formula 1 is not alarmed about the rising costs associated with the inaugural Las Vegas GP, stressing that the investment will pay off in the long run.
The event is the first promoted directly by F1 owner Liberty, and the company has borne the cost of buying the land for the pit and paddock area and creating the permanent buildings that are on it. The costs have risen over the construction period, while other expenses connected to putting on the race have also escalated. An insight into the rising CapEx costs was given by Liberty Media CFO Brian Wilding in a call with Wall Street analysts.
' Photo by: Shutterstock F1 Las Vegas atmosphere Pressed on the rising costs, he added: 'I outlined some of them, increased security, one-time things like the opening day ceremony, but there were other ones like consultants that helped us set it up, permitting costs that were unusual, and the like. 'So there are a bunch of initial costs that are probably higher than we originally estimated.
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