Updated April 13, 2023 - 6:04 pm
Formula One hit a Las Vegas milestone Thursday with the topping off of its 300,000-square-foot paddock building, with construction on the project reaching 60 percent complete.
The 39-acre site will serve as the main hub for the inaugural Las Vegas Grand Prix weekend Nov. 16-18.
Liberty Media, F1’s parent company, is spending more than $500 million on the project between the land acquisition and the construction of the 1,000-foot-long, 100-foot-wide, four-level structure.
Seeing the structure come out of the ground in just five months since the groundbreaking ceremony was a sight to be seen by Liberty Media President and CEO Greg Maffei.
“It’s incredibly gratifying,” Maffei said. “It’s a testimony of what Las Vegas can do, and I like to think it’s somewhat of a testimony of what we can do. There’s a lot of money in that build and a lot of resources, but I think it’s going to be a great result.”
Formula One President and CEO Stefano Domencali noted the investment in Las Vegas shows they are committed for the long term.
“It’s a sign of respect, because when you invest in this magnitude, it means that we believe in this project for a long time in this community,” Domencali said. “We do believe F1 brings to Las Vegas something new, and we do believe that Las Vegas will bring Formula One something special.”
Gov. Joe Lombardo said with Las Vegas reinventing itself along with the state, ushering in Formula One to the area is the “cream of the crop.”
“This November we take our commitment to professional sports to the next level when we welcome Formula One racing,” Lombardo said. “As we begin this new chapter in Nevada history, it is critical that we bring new opportunities, new economic development and new industries to our state. Formula One’s racing investment in our state with the Las Vegas Grand Prix is an outstanding example. We’re so excited to make history as we welcome the race of races.”
Trades workers have been working 20-hour shifts to get the building to the point that it is today, with 24-hours shifts expected to come as the construction enters the final stretch, according Renee Wilm, the Las Vegas Grand Prix CEO.
“The significance of today is to really honor the construction workers,” Wilm said. “The topping-off ceremony is a unique turning point where we celebrate the work that’s been done.”
Plans call for the structure to be completed by the end of September, with Formula One moving into the building thereafter.
“October will be very much testing the system making sure nothing needs to be corrected,” Wilm said. “And then the move-in will begin for the race.”
The paddock building, located on the corner of Harmon Avenue east and Koval Lane, will feature VIP spectator areas, driver pits and the start/finish line.
“This will be by far the biggest race in terms of revenues, VIP experiences, everything about this will be the top,” Maffei said. “It will be the paragon for Formula One.”
Plans call for the facility to be used year round and not just during race weekends.
“Look, we’re building this first and foremost to be the best possible racing experience in Las Vegas and to have the best Formula One experience that we could in the world,” Maffei said. “That having been said, it’s an amazing facility and the opportunity to have conventions, other kinds of racing, to have tours and to do other things with the facility, it’s great. But that’s not our focus right now. Our focus right now is building the great experience for Nov. 18.”