Forgot this in the last post…
New COO with tons of experience locally. Will run day to day operation and community outreach.
https://www.reviewjo...e-role-2978655/
Posted 11 January 2024 - 07:01
Forgot this in the last post…
New COO with tons of experience locally. Will run day to day operation and community outreach.
https://www.reviewjo...e-role-2978655/
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Posted 11 January 2024 - 09:02
More on the lawsuit. The case wasn’t served until Dec 27. Liberty filed to move to Federal District Court last week. We all got a chuckle out of Dimopoulos announcing the case but now some non injury big shots are involved. Ivie McNiell Wyatt Purcell & Diggs. Case 2:24-cv-00048-APG-EJY Judge Andrew P. Gordon for the motion to remove.
Defendants are Liberty, LVGP and Tab Contractors (company that sealed covers). Plaintiffs allege negligence, breach of contract, deceptive trade practices, intentional misrepresentation and conversion. They want refunds, related expenses and damages.
Next responses due the 20th with a status hearing Feb 4.
Posted 11 January 2024 - 09:42
More on the after race blowback. LVCVA had a meeting Tues (the first in swanky new offices). There was public comment. The jist is impacted businesses have asked again for compensation of losses. The county, LVCVA pitched it as a boon to everyone. LVCVA didn’t comment though they have no,power to do anything and can’t give the businesses anything from their funds anyway. Basically the same spiel they gave the county last week.
They asked for the bridge to come down now before the Super Bowl because even after F1 it”s been a negative impact.
These are likely the first steps toward a lawsuit. Not to stop the race but not to get put out of business. The county bypassed the normal permitting process. That could be an issue.
https://www.reviewjo...t-back-2978876/
https://www.reviewjo...nesses-2977498/
On better news the paddock building was given a new name. It's now known as the Manson building…
https://www.reviewjo...t-name-2978728/
Posted 11 January 2024 - 18:52
So they couldn't call it paddock because of of a mass murderer, but can call it Manson. Only in America.
It’s now known as Grand Prix Plaza.
Posted 12 January 2024 - 00:35
It’s now known as Grand Prix Plaza.
You sir, are trouble!
I read the article and noted the new, creative name also.
Posted 12 January 2024 - 21:06
More of the same on the stricken business PR push but with the county and LVCVA responding to this outlet because it's the big dog paper in town.
https://www.reviewjo...ue%20after%20F1
Response from Clark County
Clark County officials declined to comment on the issue Thursday, citing “the threat of pending litigation.”
Response from LVCVA but they really don’t have any legal say. It’s a county thing.
We do recognize some were disproportionately impacted by the construction required to put on an event of this magnitude,” Hill said in the statement. “We learned a lot going through the first year, and we have started discussion with businesses near the Flamingo-Koval intersection to understand their concerns. We will continue to work with them to find potential solutions and create opportunities so that future races are better for all involved
Looks like another lawsuit on the way. The economic impact locally is a facade. The record revenue was captured by multinationals who are going to put it into their coffers to fund stock buybacks, bonuses and expansion overseas.
They’ve telegraphed the basis of any suit as the county denying public use of public spaces due to bypassing the normal permitting process. Typically what would happen is there would be public comment periods and debate in chambers. An issue with developing a fund is that others in the corridor will want a chunk. Pricing at the current level won’t be sustainable over the long haul. It's already impacted the two big events that bookend it, SEMA and the rodeo.
Even with a well respected local as COO I don’t think that will move the needle. The bridges were burned before the race. Notice how Rene Wilm or Maffei haven’t made any public statements lately? That’s not by accident. Everyone is trying to stay low, the resorts, the county and LVCVA hoping it will blow over. The economic reality is the area doesn’t need the event.
Posted 12 January 2024 - 21:59
Posted 13 January 2024 - 06:45
Looks like another lawsuit on the way. The economic impact locally is a facade. The record revenue was captured by multinationals who are going to put it into their coffers to fund stock buybacks, bonuses and expansion overseas.
They’ve telegraphed the basis of any suit as the county denying public use of public spaces due to bypassing the normal permitting process. Typically what would happen is there would be public comment periods and debate in chambers. An issue with developing a fund is that others in the corridor will want a chunk. Pricing at the current level won’t be sustainable over the long haul. It's already impacted the two big events that bookend it, SEMA and the rodeo.
Even with a well respected local as COO I don’t think that will move the needle. The bridges were burned before the race. Notice how Rene Wilm or Maffei haven’t made any public statements lately? That’s not by accident. Everyone is trying to stay low, the resorts, the county and LVCVA hoping it will blow over. The economic reality is the area doesn’t need the event.
Who's suing, and how do they describe the damage done to them? Just curious, because ... you know. These overblown, overcooked economic impact estimates and local benefit claims are such a sham.
Edited by AustinF1, 13 January 2024 - 06:49.
Posted 13 January 2024 - 22:05
Who's suing, and how do they describe the damage done to them? Just curious, because ... you know. These overblown, overcooked economic impact estimates and local benefit claims are such a sham.
The basis for this suit is from local businesses impacted. They telegraphed it in the prepared remarks to the effect of they were denied use of public property and suffered a loss due to the county giving that property away for commercial gain. A component of this will be when they changed the permitting process and eliminated public comment periods and wait times normally associated with them.
I see either the event provide amore encompassing spectator base in terms of market position meaning more inclusive price points or it goes away. It will take at least a few years for this to wind through court. This one won’t be able to be removed to federal jurisdiction as it’s a state and local issue.
This year will happen though with a ton of bad press I’d reckon. The 2025 is likely to happen but there’s a slight chance it won’t. Beyond that is up in the air. Either one or both parties will bail out. I wouldn’t make plans for 2026 just yet.
Posted 20 January 2024 - 04:09
The bridge comes down. After initially “extending” the use of the Koval bridge for “gathering data” until after the Super Bowl the county abruptly changed direction and ordered it down next week. I'm sure it had nothing to do with the local business owners telling the county they were being deprived of use of public property by bypassing the normal permitting process to benefit a private business. No coincidence at all this was fast tracked a week after they made that statement. No siree Bob…
https://www.fox5vega...ore-super-bowl/
Race start time for 2024 announced. Still 10 pm. Nothing yet on FP and quali times. Hopefully they change the rules and give us a double sprint race weekend instead…
https://www.ktnv.com...grand-prix-race
Super Bowl likely to eclipse F1 as largest city wide grossing event in Vegas. Difference? More affordable options for everyone. The bulk of fans will come for the side events and watch parties. Only 65k can get into the game but 400k plus will be in town, many for most of the week.
https://www.casino.o...continue-climb/
Edited by loki, 20 January 2024 - 04:13.
Posted 20 January 2024 - 10:45
Only 65k can get into the game but 400k plus will be in town, many for most of the week.
There are times when the human race is so mystifying I wonder if I'm a Martian.
Posted 20 January 2024 - 12:22
There are times when the human race is so mystifying I wonder if I'm a Martian.
... and then there is the LM24, where a goodly number go for the drinking and ?, and never go near the track.
Posted 20 January 2024 - 20:40
There are times when the human race is so mystifying I wonder if I'm a Martian.
It’s like going to the pub. At scale. All week.
The week prior is filled with events both sanctioned and non sanctioned for fans. Many free. There are public parties, private parties, corporate parties.
Concert and club events
https://www.billboar...ednesday-feb-7/
NFL activities
https://www.nfl.com/...owl/event-info/
A sampling of other events
https://www.ktnv.com/biggameinlasvegas
Most all of those will either sell out or be packed. This is normal for Vegas.
F1 had talked about doing something similar but race ticket sales sagged a couple of months after they went on sale. When a couple hundred dollar price was floated for the fan zone the resorts backed out. Plans were crafted for one on property Wynn owns across the street from the resort (the old New Frontier site). The site was paved about a year ago to accommodate an event. There was a smaller scale event at Silver Sevens that tanked in spectacular fashion.
Posted 22 January 2024 - 09:13
Liberty requested and was granted an extension to respond to why they think the case should be removed the federal jurisdiction for the ticket refund litigation. Due Feb 2 now. There was another suit from a party that will be consolidated with this one.
Too soon to say if Liberty is going to play hardball but it wouldn’t be a good look. They said they’d need three years to recoup the investment but that was at $400 mil. Speculation is the infrastructure cost was around $700 mil.
ETA: Guy in Rolling Stone that doesn’t know much about racing or Vegas writes late piece that covers pretty much what we've known here on the forum.
https://www.rollings...res-1234941512/
Edited by loki, 22 January 2024 - 09:26.
Posted 23 January 2024 - 09:17
Is it true that they cut down those beautiful trees at the Bellagio?
Posted 23 January 2024 - 20:14
Posted 23 January 2024 - 21:04
Is it true that they cut down those beautiful trees at the Bellagio?
Sounds like you’ve enjoyed that shade. That had become a busker and sidewalk vendor mall due to all the old growth shade. On the Strip the resort is responsible for the public sidewalks in front and wanted those trees gone long before the race to dissuade people from hanging out if they weren’t watching the fountain show. As wacky as it sounds cutting the trees down was the turning point that put F1 under the microscope. After that it was all downhill. MGM has relented and will plant newer, smaller trees that can be removed every year.
Posted 24 January 2024 - 03:54
They at least took a meeting with the most vocal of the impacted businesses.
https://news3lv.com/...over-big-losses
County commission chair Tick Segerblom…
We are very serious about looking back, going back and re-evaluate what happened, and try to figure out ways we can tweak the system or even dramatically change the system," Segerblom said. "Because, in a lot of ways, it was a great event for us. But in a lot of ways, we paid the price for it and learned the hard way.
Posted 24 January 2024 - 08:55
Jp
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Posted 24 January 2024 - 12:25
Posted 30 January 2024 - 05:04
The financial mouthpiece for F1 here in town released a report regarding economic impact and visitation. Both are not official numbers at this point. Total direct spend for the week is reported at $561 million. This is from a reported 145,000 unique visitors for the week with almost 30k not here for the race. The event window was counted as four days though most didn’t attend every day. CCFD and Metro estimates about 95k through the gate race day. There were a few thousand tix left from the promoters and several thousand on the resale market. Some guesstimates on unsold resale indicate around 10k seats over the three days of on track action. Not sure how reliable that is but there were plenty of race day tix available though not discounted very much.
https://www.reviewjo...-shows-2987310/
This is the beginning of a public relations campaign from F1, LVCVA and the LV Chamber of Commerce (who represent the resorts). Support in the Clark County Commission has cooled though not to the point of cancelling or not renewing the event. LVCC touts a poll that indicates 53% support a long term F1 deal. No details on methodology or the specific questions. The sample was 6000 people. The population in the valley is about 2.5 million. At any given time in the resort corridor between 20-50k could be working.
Assuming a $561mil direct spend MGM has previously reported a 220 mil gross. Caesars and Wynn haven't said anything likely due to potential blowback. The MGM take is about 39% of the entire gross. Caesars is likely about the same. That’s 80% of the spend going to two companies. F1 is going to cook up some pass through spend to try and hit the 1.2 bil projection but it’s not going to be close. Unless you worked at one of 8 or 9 resorts that benefited you likely didn’t see anything and in many cases lost work. Due to the unique visitors number being relatively low the provision providers didn’t supply much if any more than they would have normally.
The average spend was 3.5 times higher per visitor but when room rates are 8 to 10 times the average that males sense. The real tell will be in what retail sales were. We know the gaming take was big. Occupancy percentages will be interesting as well.
Posted 01 February 2024 - 04:02
F1: “Our event set records in Vegas”.
NFL: “Hold my beer”…
Super Bowl is a prime example of how to involve everyone when a big event comes. Looks to smash the records that F1 set. (huge records at that)
Include everyone in a variety of price points and many independent fan events. It will draw about three times the number F1 reported. If F1 could harness this same model they have a money maker like this every year and a lot less push back by those in the resort corridor.
https://thenevadaind...otel-room-rates
https://www.casino.o...r-bowl-weekend/
Posted 01 February 2024 - 05:37
F1: “Our event set records in Vegas”.
NFL: “Hold my beer”…
Super Bowl is a prime example of how to involve everyone when a big event comes. Looks to smash the records that F1 set. (huge records at that)
Include everyone in a variety of price points and many independent fan events. It will draw about three times the number F1 reported. If F1 could harness this same model they have a money maker like this every year and a lot less push back by those in the resort corridor.
https://thenevadaind...otel-room-rates
As F1 does have a permanent facility in the city, they certainly could have F1 related events all year around.
I believe SEMA was a couple of weeks before F1 last year.
Maybe they could do a tie in with that event?
Show the power units, have a car display.
Have old time F1 cars displayed with the occasional fire up.
Maybe they could commission a few of the show car builders to make them something.
Posted 02 February 2024 - 04:54
As F1 does have a permanent facility in the city, they certainly could have F1 related events all year around.
I believe SEMA was a couple of weeks before F1 last year.
Maybe they could do a tie in with that event?
Show the power units, have a car display.
Have old time F1 cars displayed with the occasional fire up.
Maybe they could commission a few of the show car builders to make them something.
As you note SEMA is for custom builders and hot rods. Not much if any on the F1 side, some circle track and off road but mostly drifting and drags. That's not likely to change. When I’ve been I can’t recall seeing any sort of open wheel formula car. That said I think your idea has legs though I doubt it would make a dent in how many attend as SEMA is industry only. I’d go. SEMA drew 60% more people than F1 and sold more room nights. The difference between the two is cost. Word is SEMA grumbled to the LVCVA about the disruption which is one of the reasons they held off on removing the Koval bridge as not to disrupt NFR. The “traffic study” thing was a red herring.
To make a difference F1 is going to need to price and appeal to all market segments not just the ultra rich. This year will be the make or break for the race in terms of longevity.
Posted 04 February 2024 - 18:47
Good news. As good as it gets. For now. Bridge down, business back up. Bad news a leak in a water main was discovered after the bridge was put into place. More construction during their busy months. They can't say for sure if the bridge install caused it but it wasn’t leaking before.
Optimistic they’ll strike a deal withF1 over the losses. First acknowledgement from a business there will be legal action if no deal is reached.
https://www.ktnv.com...more-roadblocks
Posted 14 February 2024 - 08:36
MGM reports profits from F1 drove big increase. Learned lesson to price rooms not on the track at lower rates.
https://www.8newsnow...illion-or-more/
In related news Super Bowl bested F1 in every metric, most by a considerable amount. Rumblings of a more inclusive F1 week are one of the reasons price points haven’t been announced. Local pols said to be telling F1 they need to do better with locals and down market guests. F1 has pitched a 3 month setup and 1 month removal. It’s not moving the needle. No movement on compensating local businesses.
Posted 14 February 2024 - 10:19
Posted 15 February 2024 - 05:03
Times for FP and quali announced. All two hours earlier. FP1 and FP3 at 6:30 PM local time and FP2 and quali 10:00 pm local. That means the first valve cover will come up Thurs at 6:37 PM local time…
https://news3lv.com/...r-sports-racing
Posted 15 February 2024 - 06:08
F1: “Our event set records in Vegas”.
NFL: “Hold my beer”…
Super Bowl is a prime example of how to involve everyone when a big event comes. Looks to smash the records that F1 set. (huge records at that)
Include everyone in a variety of price points and many independent fan events. It will draw about three times the number F1 reported. If F1 could harness this same model they have a money maker like this every year and a lot less push back by those in the resort corridor.
https://thenevadaind...otel-room-rates
I always have a good laugh whenever someone tries to pass off a GP as "as big as the Super Bowl".
LOL. Nope. Not even close.
Posted 16 February 2024 - 06:55
County, playing hardball, announced they are not contracted to have a race.
Wow. A stunner. Not only in how the county handled it but also how F1 and LVCVA handled it. How could the commissioners not know. The only deal is a sponsorship deal with Las Vegas Convention and Visitors Authority. Who has no authority to allow or permit a race on public roads. The deal was brokered by the former commission chair and LVCVA but nothing in writing allowing the race from the county perspective. Unless the commission signs off it doesn’t happen. This is the strong arm to whip them into shape. Or leave. The resorts are not going to like this.
Tick Segerbloom, new commission chair, had this to say (among other things)… emphasis mine.
Quote
It turns out that we never signed a contract — that was all with the LVCVA,” Segerblom said Tuesday in a phone conversation with the Las Vegas Review-Journal. “So everybody keeps saying that we’ve got three years. We never committed to three years, to my knowledge.
Quote
I think it’s one of those things where the tail is wagging the dog and we’re the dog, so let’s stop tail wagging and take over,” Segerblom said.
Quote
Should the race be totally covered, or should we allow our voters to see the race,” Segerblom said. “Can we cut back on the number of months that the town is torn up? A lot of stuff happened, and I haven’t met anybody that likes Formula One. So it’s time to kind of find out.
There was an agenda item for the regular Tue meeting though shortly after the story broke they removed that item. They’ll discuss when the final report becomes available in the next few weeks along with conditions for this years race.
https://www.reviewjo...egas Grand Prix
ETA: One impacted business has given F1 a number they want for compensation and told F1 if they don’t hear from them by Tues a lawsuit will follow.
https://www.ktnv.com...tential-lawsuit
Proving they’re still tone deaf F1 told another local news outlet the bridge would be returning. Ultimately the county will decide.
https://twitter.com/...serp|twgr^tweet
Edited by loki, 16 February 2024 - 07:24.
Posted 21 February 2024 - 17:52
Caesars CEO say during earnings call what almost everyone else has been saying since the day after the race.
https://news3lv.com/...southern-nevada
"We at Caesars certainly, and I know my discussions with MGM and Wynn, everybody is aware that if only a few buildings in the market benefit from this, it's not going to be a super long-term event," he said.
Posted 22 February 2024 - 01:50
Posted 22 February 2024 - 01:56
Bernie: Handshake deals only.
Jp
That was until CVC stepped in. Or at least, that's what former Montreal promoter Normand Legault says.
Everything changed after CVC.
Posted 22 February 2024 - 01:59
Reg. the last two posts from loki... Ouch.
Posted 22 February 2024 - 04:22
This in the last 90 mins, county OKs three more years as long as the preparations meet the approval process. That’s no different than how it was before. It always needed approval. The difference is now the county will be (or at least say they will) more directly involved prior to things being done. Last year they/we found out at either the last minute or after work had began. This was basically a public flex to tell F1 the locals were in charge.
My prediction next up settlement or lawsuit from the impacted business. Race will happen this year. Could get ugly though.
https://news3lv.com/...-big-return-f1-
I reckon the meeting went something like this…
Posted 23 February 2024 - 23:57
Posted 24 February 2024 - 01:35
With a “race crew” like this, I would be concerned too.
https://news3lv.com/...gas-grand-prix#
You’re even more famous!
Posted 24 February 2024 - 04:23
Posted 24 February 2024 - 21:42
Rene Wilm teases a more varied GA offering. While not specifically saying GA will be more affordable she recognises not everyone can afford the big dollar seats. It’s couched in “we’re learning from the first year” but anyone that’s attended an event let alone promoted any event knew that going into it. Or should have. The more Rene Wilm speaks publicly the worse they look. They brought in Betsy Fretwell as a liaison and should use her more often.
My guess is this is the bone they threw the county and other resorts to try and spread the love around. Caesars and MGM have previously stated down market properties won’t have the same price points as last year. They were nearly empty in some cases even after fire sale pricing leading up to the event. If F1 fornicate the canine this year there may not be a year three regardless of what the county said. Negotiations with impacted businesses continue. Next up construction windows as well as the Flamingo bridge. F1 wants 12-15 weeks but my guess will be something along the lines of 6-9 weeks. The refund lawsuit has had the calendar moved to consolidate the class and to allow for continued negotiations. My guess would be refunds for last years Thurs tix, comp tix this year, legal costs but no damages or travel accommodations.
For 2024, “we’re going to be making a significantly higher number of GA tickets available with a brand-new GA zone to accommodate the greater number of fans who want to participate at different price points,” Wilm said. She declined to disclose the exact prices, citing an upcoming announcement, but added that “we heard that feedback (on ticket prices) and learned a lot going into Year No. 1 and are looking forward to creating opportunities for more fans to participate in the race weekend.”
https://www.sportsbu...er-tickets-2024
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Posted 28 February 2024 - 03:45
On deck, lawsuit number 2 against the county, LVCVA and LVGP.
https://www.8newsnow...r-revenue-loss/
Doesn’t look like the ticket suit will be settled either according to rumblings.
Look for a suit to block the bridge from returning at some point.
Posted 29 February 2024 - 03:36
They speak! At Liberty fourth quarter earnings call. Big bonanza for them. Single largest revenue driver of the year for F1. Claim 316k over three days. Yep, that’s in sales. But not in attendance. It’s thought brokers got left holding the bag on 20-30k tix over 3 days as well as some of the high end hospitality. Liberty still made bank. Brokers likely to be bearish this year.
Economic impact statement is pure horse hockey. Direct spend estimated at $600 mil. Overall occupancy rate down according to room tax stats but tax and revenue per available room epic. Confirms most left out of payday. Those bits weren’t included in the call. Nor were the lawsuits and fact the Super Bowl bested them in every metric. Particularly , most importantly, being a good event partner.
Wilm confirms less expensive tix in GA with a variety of packages but no details yet. Will go on sale “soon”. Fretwell says Liberty “not concerned” at this point about the $40 mil paving ask. That’s good ‘cause they ain’t gettin’ it. Liberty confirms they need more down market engagement. Blames first year then pivots helping downtown with “watch parties”. To be fair the down market issue was also the fault of room pricing early on.
https://www.8newsnow...-into-2nd-year/
Posted 01 March 2024 - 02:21
Golden Gaming, owners of the Strat q4 call states no upside from race, profits down in Nov year over year by $800k. Says most resorts “took one for the team”.
https://www.8newsnow...race-this-year/
LV Sports Biz reports more than the original 5 in the bridge lawsuit are to join. He says “many” but no specifics. Though he’s been known to be more smoke than fire.
Posted 05 March 2024 - 13:04
Edited by jonpollak, 05 March 2024 - 13:06.
Posted 06 March 2024 - 05:47
If he could do that he’d get a medal from the locals. Ultimately he was right about not certifying it as it was opened but I doubt valve covers were his concern. Ima go with he wanted a flex because they didn’t give the FIA a bigger cut using the missed deadline as an excuse. Dodgy behavior for sure but Liberty deserves to sweat a bit.
Posted 07 March 2024 - 03:03
Lost in the sexting and pressure to not certify the race hubbub ticket prices 2024 released.
https://news3lv.com/...neral-admission
Caesars driving new standing GA sections from $150 single day FP to $350 race day or $600 to $850 three day.
Fewer high end hospitality areas.
MGM rumored to not be involved in reduced ticket price areas though will not price down market properties through the roof. (not from article linked)
Otherwise some seats have seen increases as some more expensive zones have disappeared.
Posted 07 March 2024 - 03:20
Anyone hear about this yet?
https://redstate.com...police-n2171042
Why would an "F1 driver" be hosting a Hallowe'en party a month before the LVGP? A party where the Dumb Dust was present?
Posted 07 March 2024 - 03:37
The Rodimer thing is big news here just not the F1 driver part. It appears it was during SEMA at a Halloween themed event. The victim was in town for SEMA.