The multimillion-dollar pay off to hosting an F1 Grand Prix

Securing a spot on the coveted Formula One calendar packs an economic punch for its host city. The most financially successful event to date was the first-ever Grand Prix in Las Vegas, which generated close to $1.5 billion in economic value, according to local officials. But in F1, what happens in Vegas, will not stay in Vegas. Liberty Media, the owners of F1, have high hopes that race weekends elsewhere will also be of epic proportions. "When Liberty Media first said we want to make a Super Bowl of every single event, people smiled and I'm not sure they believed. But now with Vegas last year, they believe," said Robin Fenwick, Founder and CEO of Right Formula. From Melbourne and Monaco to Abu Dhabi and Silverstone, learn more about F1's growing local impact by watching the full video here: https://youtu.be/1G9nE5Q279Q #CNBC #Shorts #FormulaOne #InsideTrack ----- Subscribe: http://cnb.cx/2wuoARM CNBC International TV: https://cnb.cx/2NGytpz LinkedIn: https://www.linkedin.com/showcase/cnbc-international/ TikTok: https://www.tiktok.com/@cnbci Facebook: https://www.facebook.com/cnbcinternational Instagram: https://www.instagram.com/cnbcinternational/ Threads: https://www.threads.net/@cnbcinternational X: https://twitter.com/CNBCi Telegram: https://t.me/cnbci WhatsApp: https://bit.ly/CNBCiWhatsApp