F1 News: Elon Musk’s $5.7 BN Company Prepares to Solve Las Vegas GP Mess by Easing Residents Lives

Published 01/16/2024, 5:50 AM EST

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USA Today via Reuters

The Las Vegas Grand Prix went through a rollercoaster of reactions from the entire sport, especially the fans, right from its announcement to its commencement. After its announcement, the fans and drivers alike could not wait to race at the iconic venue. However, during the preparation, there were unavoidable and horrendous traffic jams, road closures, extremely bright lights throughout the night, construction, and the extremely late schedule all hampered the race weekend’s excitement and experience, especially for the locals. However, multi-billionaire Elon Musk’s $5.7 billion Boring Company is coming to the rescue of the city and Formula 1.

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According to Review-Journal, The Boring Company’s (TBC) ongoing project in Vegas will come to the aid of the residents. The traffic will be more manageable after the project is finished and F1 won’t have to feel the wrath of the residents. This project is an extension of the Vegas Loop, a model that uses Tesla model vehicles, transporting passengers between stations in a point-to-point system.

USA Today via Reuters

One part of the Vegas Loop is the University Center Loop, which will link the parcel of land between University Center Drive and Paradise Road with the Las Vegas Convention Center through a dual tunnel system. The Boring Co. acquired the land which sits directly across University Center Drive from the Thomas & Mack Center for $7.1 million this month.

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“Ultimately — and our focus isn’t too far out — that will be running up and down Koval (Lane) because at that point you tie the entire system to the interior of the Formula One circuit and that starts to be a real traffic mitigator for the race,” said Steve Hill, President, and CEO of the Las Vegas Convention and Visitors Authority.

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This will surely solve the problems of the residents who couldn’t commute because of the circus preparations whenever the project is completed. However, the sport still needs to figure out how to tackle problems like declining viewership.

Formula 1 Las Vegas Grand Prix turns out to be a failure after concerning viewership data

One can never really quantify the popularity of a sport because of so many variable factors coming into play. However, there is one way to quantify the interest in a sport on a particular day. This is where the viewership data comes in. Formula 1 has a massive viewership across the globe, making it one of the most popular sports in the world. However, that statement was proven incorrect in America after the 2023 season.

USA Today via Reuters

According to reports, the overall numbers compared to the 2022 season in terms of viewership tanked for Formula 1 in America after the 2023 season. 2022 was a massive season thanks to the incidents in the penultimate race in 2021. The sport saw a growth of 28% in 2022 in terms of viewership, as 1.21 million Americans watched every race.

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However, in 2023, the viewership went down by 8% compared to 2022. The 22-race season averaged only 1.1 million viewers across ESPN, ESPN 2, and ABC–the platforms with exclusive viewership rights.

WATCH THIS STORY: Rich History of F1 races in Las Vegas Throughout the Years

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These statistics definitely paint a concerning picture for the sport’s future and the owners who wish to increase F1’s popularity in the American subcontinent. However, more helping hands like the one Musk is providing with better execution and a more economical approach can perhaps change that.

If not, let’s hope for more competition in the coming season to lure the fans back.

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Written by:

Mahim Suhalka

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"Chaos is Order yet Undeciphered." - said Noble prize winner José Saramago, essentially meaning the path to success is not always linear and something, I, Mahim Suhalka truly believe in. I have written over 1800 articles in my tenure at EssentiallySports so far making me one of the senior writers in the division.
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Edited by:

Akash Pandhare

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