F1 buying land near Las Vegas Strip for $240M
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After unveiling plans for a dramatic race on the Strip, the company behind Formula One says it’s also buying property near Las Vegas’ casino corridor for a hefty price.
Greg Maffei, president and CEO of F1 parent Liberty Media Corp., said in an earnings call Friday that Liberty has entered an agreement to acquire 39 acres east of the Strip for $240 million.
He expects the sale to close this quarter and said the company was buying the site in part “to lock in circuit design.”
F1 announced in late March that it will hold a 50-lap Grand Prix in Las Vegas in 2023. The 14-turn track will run for 3.8 miles, with top speeds expected to reach around 212 mph, the racing league said.
This is a developing story. Check back for updates.
