Las Vegas Grand Prix Will Bring F1’s Winning Formula to the Strip
Today’s guest columnist is Renee Wilm, chief legal officer and chief administrative officer of Liberty Media, and CEO of Las Vegas Grand Prix Inc.
Las Vegas is on a hot streak with sports, consistently filling up massive venues week after week, and it felt like the right time to bring Formula 1 to the city, with the Formula 1 Heineken Silver Las Vegas Grand Prix.
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Vegas will become the playground for 20 of the best drivers in the world in November, and F1 will take over the entire city, transforming the iconic Strip into a racetrack, with cars flying past resorts and landmarks that are quintessentially Las Vegas—and in the process, creating a legacy.
In serving as the chief legal officer for Liberty Media Corporation, and lead outside counsel before moving in-house, I have had the privilege of being ensconced in the world of Formula 1. Liberty’s steadfast belief in the significant growth potential for the sport, especially in the U.S., drove our acquisition thesis in 2017.
By opening up the sport to social media, Netflix and an entirely new generation of fans, we paved a path to explore new opportunities, including a race in Vegas. During the pandemic, we took the initiative of opening a dialogue with local regulators and stakeholders in the hopes of making this dream a reality. Due to COVID-related restrictions, my colleagues overseas were unable to enter the U.S., so I took on the role of lead negotiator and boots on the ground. Once the day of the announcement arrived, I was firmly entrenched in this once-in-a-lifetime project and was honored to accept the additional role of CEO of the Las Vegas Grand Prix Inc.
Now I find myself with an unparalleled opportunity to change how the world views and remembers Las Vegas, while also helping to take the sport to new heights.
Growing up in mergers and acquisitions at a BigLaw firm, I was quite accustomed to being the only woman in the room. Rather than feel out of place, I saw my unique situation as an advantage. Women are often good listeners, which can be misconstrued as a lack of presence, particularly in a boardroom. On the contrary, I believe it is a strength that allows us to be more impactful with our words—especially when those words are delivered with confidence and conviction. I have mentored many women over the years to have a voice and feel empowered to share their ideas and opinions. As I write this, during Women’s History Month, I could not be prouder to be a role model to girls who are looking to start a career in sports.
The Las Vegas Grand Prix is fortunate to have an incredible management team with complementary expertise across commercial, event operations and race operations, a team that is working tirelessly to ensure we execute on a safe and successful event. Each of these departments includes a strong female lead, and these smart, powerful ladies inspire me each and every day.
Conceptually, every decision we make takes into account how we can benefit the Las Vegas area over the long term. Our meetings with local government officials and stakeholders helped them better understand our overall vision for the race. Once we got their buy-in, we set to work executing a plan designed to minimize disruption, maximize economic impact and improve the lives of local community members. We started working hand-in-glove with local officials and resort partners long before teams began to consider which tires to bring to the valley.
We are so thankful to Clark County for recently recognizing the Grand Prix as an annual event for at least the next 10 years. And we intend to keep racing here for many years thereafter.
We are working fastidiously to ensure no detail is missed, from repaving every road that will be part of the track, to partnering with the Strip properties for hospitality packages, to curating show-stopping performances people will talk about for years.
Expectations are high, and we are working around the clock to create the best experience possible for F1 fans, teams and partners in year one. But we do not intend to stop there. We will learn much from this November’s race and continue to recreate this event year after year—whether it’s building additional fan experiences, exploring new entertainment and talent, or creating new viewing opportunities.
We’re only eight months from waving the checkered flag and truly appreciate the faith and support bestowed on us by the local community. We cannot wait to execute this world-class event and solidify Las Vegas as the sports and entertainment capital of the world.
It’s lights out and away we go … Viva Las Vegas!
Before joining Liberty Media, Wilm was senior partner with the law firm Baker Botts LLP, specializing in mergers and acquisitions, complex capital structures and shareholder arrangements, and securities law.
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