'INSANE' Las Vegas GP costs have SOARED as race moves closer

Liberty Media have admitted the Las Vegas Grand Prix has been affected by rising costs - but the company are confident the event will still be a financial success.

Formula 1 will return to the iconic, winding streets of the city's infamous Strip later this year, with drivers and spectators alike eagerly awaiting the drama.

However, the organisers have been forced to scramble to ensure the paddock area and road resurfacing are fully completed and in place for the race.

Indeed, Liberty first purchased a site on which to build a permanent pit and paddock and construction is progressing ahead of the November deadline.

But it has now emerged that their work has been hit by soaring costs.

READ MORE: Las Vegas GP chief admits fans 'are NOT HAPPY' about vital element of flagship race

Capital confidence

"I am pleased to say preparations are running on schedule," Liberty Media CEO Greg Maffei said in a call with Wall Street analysts.

"Despite inflationary cost pressures, we expect no change in revenue and profitability assumptions that we laid out previously. We are increasing CapEx [capital expenditure] estimates for the paddock building and track work.

"We remain confident in the return profile of this incredible project, which will support the incremental capital investment that we are making."

Liberty's chief financial officer Brian Wilding revealed the paddock building is 85 per cent complete, with an overall outlay of around $400m expected.

Ahead of the race, Red Bull boss Christian Horner shared his excitement.

"That race is going to be insane," Horner said. "I've never known so much hype around a sporting event as a race on Saturday night down the Strip in Las Vegas.

"Everybody I meet says 'oh, I want to be in Vegas.' That weekend will be insane."

READ MORE: Christian Horner makes astonishing Las Vegas Grand Prix claim

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