Any racing fans out there have $1 million to spare? Wynn Las Vegas wants to make you a deal.
Ahead of next year’s Formula One Las Vegas Grand Prix, the hotel is advertising a “personally curated, all-access” race weekend experience for the high, high price of $1 million.
Included in the package are daily rides to and from the race, as well as airport transportation; spa treatments; caviar; four nights in a three-bedroom duplex; luxury seating at a show; VIP passes for a variety of race-related events; and much, much more.
The “all-access experience” is designed for six people to enjoy, meaning that it averages out to about $167,000 per head.
“This one-in-a-lifetime opportunity will really get your heart racing,” Wynn’s advertisement says.
The pricey package may sound extreme, but it’s well-matched with a racing event that’s expected to be one of the most expensive of the year. Price of admission starts at $500, which gets you a three-day general admission pass, according to The Associated Press.
“We are going to deliver the greatest spectacle in the world as a statement of F1. That needs to be recognized and in terms of price positioning we are going to be on the top side because this is Las Vegas and that is the nature of the customer coming to Las Vegas,” said Stefano Domenicali, the CEO of Formula One, to the AP.
Race organizers and sponsors are also trying to recoup the high costs of bringing a Formula One event to Las Vegas.
“For us as a company, this will be the largest race in terms of revenues. It will also be the most expensive race in terms of costs,” said Greg Maffei, CEO of Liberty Media, which owns Formula One, to the AP.
Wynn Las Vegas is a founding partner of the race, and so are MGM Resorts and Caesars Entertainment. Like Wynn, the latter two companies plan to offer lavish race weekend packages for wealthy racing fans, Front Office Sports reported.
“MGM CEO Bill Hornbuckle has said that the company will purchase between $20 million and $25 million in F1 tickets to offer in packages, including some that cost upwards of $100,000,” the article said. “Caesars packages for race tickets, food and a three-night stay average $2,600 per night.”