Saturday, November 9, 2024

Vegas, start your engines

The traveling circus known as F1 is coming back to town

Hannah Elliott here, and it's that time of year again. In two weeks the traveling circus known as F1 will descend on Las Vegas. 

This is year two for the Formula One Heineken Silver Las Vegas Grand Prix (Nov. 21–23). I expect it will exceed last year's bet, which saw F1 fans spending 3.6 times as much as a typical Vegas visitor, $884 million in total, with around 20% of them coming from outside the US. All told, the 2023 Vegas GP attracted more than 300,000 people and boosted the local economy by $1.5 billion, organizers said.

Apart from some grumbling about construction and road closures, most locals I spoke with, including taxi drivers, food servers, cocktail waiters and nail specialists, said they thought it was cool F1 had come to Vegas. They loved being able to catch a glimpse of the racing live right from the Strip or hotel rooms, bars and clubs, without having to buy a ticket.

Vincenzo Landino, who writes an excellent F1 substack called Business of Speed, echoed that refrain, noting that sponsorship values doubled after Vegas, not because of the race itself but because owner Liberty Media had solved F1's accessibility problem. 

"The sport remained exclusive where it mattered (good luck getting a paddock pass) while becoming inclusive where it counted (content, access, narrative)," Landino wrote. 

The race will be 50 laps around this track, which makes a loop around town, including a long straight on the Las Vegas Strip.  Photographer: Clive Mason/Formula 1

And let's be honest: A 3.8-mile circuit running through town isn't something most of the hardworking folks in sprawling Vegas are going to sweat. This is the key to Vegas' massive advantage over other, more remote F1 destinations, such as COTA outside Austin or Silverstone in the UK: It has impeccable culture, food, shopping and hospitality. Las Vegas is the nation's premier destination for entertainment on the biggest scale. (Super Bowl LVIII, anyone?) A car race is a no-brainer.

In this town, F1 racing is just another night. 

So let's talk about this year. Are you going? Great! Expect affordable hotel rooms and easy walking access to pretty much every part of the Grand Prix, which starts at 10 p.m. local time on Nov. 23. 

(Opulent suites are still available, but the price-gouging seems to have been a one-time thing—the Cosmopolitan, for instance, started offering 20% discounted rates for race-weekend as far back as July instead of waiting to reduce rates. You can still get a room at that old budget standby, Circus Circus, for less than $100 per night. Rumors of its demise have been greatly exaggerated.)

That doesn't mean putting off your plans until the last minute. As of Friday, a race-night room at the Four Seasons Hotel Las Vegas cost at least $800; available rooms at the Fontainebleau Las Vegas were hovering around $670. Rooms available online at the Aria were sold out.

Loads of musical acts will flood Vegas this year for the F1 race, including the Chainsmokers, Marshmellow and Swedish House Mafia at the Encore Las Vegas nightclubPhotographer: David Becker/Formula 1

The city is already preparing for the festivities, though with far less disruption than last year. During the Las Vegas Concours last weekend, I noticed that parts of the track are already assembled along Las Vegas Blvd.; billboards are advertising which DJs will be in residency (Chainsmokers, Marshmellow, Swedish House Mafia are all at the Encore Las Vegas nightclub); and hotels including the Wynn Las Vegas and MGM Grand are already festooning their properties with advertising touting the race.  

I'm glad to report that the Los Angeles/Las Vegas hotspot Delilah is as slammed and energetic as ever (the macaroni is the best thing on the menu–love that crispy-cheese-toasted goodness on top). And you'll still be able to catch Adele's residency at the Colosseum at Caesars Palace, which concludes F1 weekend and is by all accounts an expensive but worth-it ticket.

Eagles fans will be happy to hear they can catch the band performing at the Sphere until spring of 2025. (Personally, I'll wait until a fresher band comes to town; the exterior lights of that $2.3 billion orb are wonderfully mesmerizing in the meantime.)

The Sphere overlooks the F1 Las Vegas Grand Prix in November. Photographer: Icon Sportswire/Icon Sportswire

Make time one morning after breakfast at the Peppermill, an old-school American diner, to drive a loop through the Valley of Fire State Park 45 miles from town. It might even be worth taking the time for a hike there; the rusty red monoliths and ancient pine trees there are as dramatic as anything you'll see during a show. The visitor center is open daily from 9 a.m. to 4 p.m., and the rest of the park closes at sunset. The day-use entrance fee costs $10 per vehicle.  

I must confess that it's impossible for me to be in Vegas and not shop a little bit, so of course I ducked into Alexander McQueen, Yves Saint Laurent and the wonderful Watches of Switzerland outpost at the Wynn, where the friendly staff told me they're all ready for an influx of sports fans next weekend. I also availed myself to the Sugar Nail at the Fashion Show Las Vegas mall for an emergency manicure—they take nighttime appointments, which, in a pinch, you'll be happy to know are there.

Expensive race packages are still on offer, of course. If you want to check out things like a $35,000 ticketed experience that includes trackside dining by chef Gordon Ramsay, click here.

Last year at the Bellagio Fountain Club, an $11,000 ticket got you access to decadent celebrity chef meals. Photographer: Bridget Bennett for Bloomberg Pursuits

I plan to make my way over to the Fontainebleau, where Aston Martin will display its full line-up of new cars, including the Vanquish V-12, as well as vintage models like the 1965 DB5 driven by James Bond in 1964's Goldfinger. I also may just stop by the Cosmopolitan, where $350 gets you race-day admission to the rooftop right above the track straightaway. See you there? 

Why Formula 1 Was a Wild Success in Las Vegas, Despite Ticket Slump
In the weeks leading up to the event organizers had voiced concerns.

How to Attend a Formula 1 Grand Prix Without Blowing Your Budget
You don't need a king-size bank account to have a good time at an F1 race.

F1 Can Live Without the Monaco Grand Prix, Says McLaren Boss
Zak Brown would like to see the sport expand into Korea instead.

Formula 1 Seeks More Money From Monaco on Eve of Grand Prix
Principality's $20 million fee is the lowest among the hosts.

Miami Wins as McLaren Upsets Red Bull at Third F1 Grand Prix
Lando Norris beat Max Verstappen in his first F1 win.

Happy birthday, Hot Pursuit!

My weekly podcast just celebrated its first anniversary. To everyone that listens, thank you!

My co-host Matt Miller of Bloomberg TV and I have had so much fun talking to Ford's Jim Farley, General Motor's Mark Reuss, Lamborghini's Stephan Winkelmann, Rolls-Royce's Chris Brownridge, McLaren Racing's Zak Brown, driving champ Dario Franchitti, Grammy-winner Chris Botti and the lovely actress and Trans Am lover, Lake Bell, to name a few.

Get caught up on all the episodes by clicking here. And let us know what you think by emailing us here: hotpursuit@bloomberg.net. We love hearing from you!

Bentley delays EVs; the people rejoice

Thursday, Bentley announced it will delay a plan to offer only fully electric vehicles by 2030, as EV sales continue to disappoint projections across the industry. 

Now the target for its "Beyond100+" EV business strategy is 2035, said Chairman and CEO Frank-Steffen Walliser, opting instead for a hybrid-heavy mix until at least that year. 

At this point, why even put a date on a pure-EV goal? Every major automaker from Ford and GM to Porsche and Mercedes-Benz has slowed plans to build more EVs. Bentley parent company Volkswagen is already converting its EV plants to build hybrids.

Walliser. Photographer: Mark Fagelson

With Donald Trump returning to the presidency, EV adoption looks even more likely to decline. The morning after election night, automotive forecaster GlobalData cut its outlook for EV market share in the US for 2030 from 33% to 28%.

That's not to say EVs don't have a use case, or that they'll disappear altogether. It just means automakers will need to remain as close to the markets they serve as possible in the years ahead so they can determine what clients really want. It's no small indicator that I received multiple messages in my social media inboxes from car enthusiasts applauding Bentley's decision to postpone EVs. 

Walliser even said it: "Can we judge everything? Can we foresee everything? No. Sometimes we are surprised also. But that's why it's so important to have a very good conversation with the regions." 

Government regulations and politics aside, if consumers don't buy your product, you're sunk. 

Bentley's Walliser will join the Hot Pursuit podcast going live Friday, Nov. 15, to discuss this at more length. Tune in here.

Bentley Motors Delays Its Master Plan for Electric Vehicles
The $300,000 Bentley Continental GT Is a Hybrid Beast That Bats an Eyelash
Bentley Turns to Former Porsche Boss for a Dose of Adrenaline
Cars Have Become Computers. But Some Want Old-School Transmissions Back
Bentley Buyers Are Splashing Out €39,000 on Options for Each Car
Bentley Launches $260,000 Luxury SUV to Woo Big-Spending Koreans

Lately I'm obsessed with….

FOR COMMUTING: I listen to Bella Freud's Fashion Neurosis podcast in the car driving home from work—its breathy, languid pace is perfect for a post-work relax. Guests like Rick Owens, Kim Gordon and Courtney Cox join the London-based designer to unpack their own body insecurities, fashion foibles and style triumphs. 

Freud, the fashion designer daughter of artist Lucian Freud and great-granddaughter of psychoanalyst Sigmund Freud.  Photographer: Darren Gerrish

FOR THE HOME: My friend and former NYC roommate, the ineffable Sydney Reising, sent me a box of Cander Paris Scented Candles as a wedding gift, and I'm obsessed. They got massive compliments from the crew recently when my friend Shayan Asgharnia photographed Demi Moore at my house. 

Founded by Elizabeth Minett with master perfumer Emmanuel Philip, Cander produces its wares in partnership with a French candle factory in Normandy that was established in 1643. (It was the Royal Wax Manufacturer for the Court of France under King Louis XIV.) The result is divine scents like Rue Vertbois (sandalwood and smoke) and Matriarch (Japanese wood and linen), which are packed in elegant and subtle glass beakers and retail for $100 per candle. Gifting season is almost here.

Sistine Spritz is a new lightly alcoholic concoction made from organic wine and botanicals. Source: Sistine Spritz

FOR DOWNTIME: Fall and winter are my favorite seasons. I love the crisp air that jolts me awake each morning and the faint smell of wood smoke (yes, even in Hollywood, if you close your eyes really tight and believe).

It's the perfect setting to burrow and imbibe stories about gifted and flawed women: Keri Russell in The Diplomat on Netflix, Cate Blanchett in Disclaimer on Apple TV+ and the Martha Stewart documentary. Speaking of imbibing, I'm a boulevardier woman in all seasons, but this lovely new Sistine Spritz is a low-sugar, low-alcohol alternative made right here in California by the power duo Lauren Alexander and Kate McLamb.

Chef's kiss to all the strong, complicated women out there! May we raise them; may we dare be them.

So, you had some questions ...

We call for queries weekly on our Instagram account and via e-mail. Here's what you were dying to know about this time around.

I saw on your Instagram you went to a "junkyard" auction. What was that like?

That was perhaps the second-most-memorable auction I've ever attended. (This was the first.)

It was like watching alchemy: RM Sotheby's turned 566 lots of dusty, crushed, engine-less Porsches, Lamborghinis and Mercedes-Benzes into $30 million at auction on Oct. 26 in the middle of a very rough part of South Los Angeles. The cars—which achieved a perfect 100% sell-through rate—had been stored by a hoarder named Rudi Klein in the chain-linked gravel-pit yard for decades.

At RM Sotheby's Junkyard Sale in Los Angeles, all 566 lots sold for a total of $29.6 million. The result nearly doubled the low pre-sale estimate of $17 million. Photographer: Hannah Elliott/Bloomberg

Bidders came from 39 countries and 36 states to procure them; even Edwin Castro, who won the $2 billion Powerball payout in 2022, was there. 

RM Sotheby's is developing quite a niche for this kind of thing; in 2023, it sold 20 derelict Ferraris for more than $16 million. I asked a few car brokers who attended if this spelled a newfound rise in interest for barn finds. The general consensus was that this sale was more of a one-time aberration, not a trend.

Still, it was awesome. 

Whatever happened to Angelina Jolie's Ferrari?

Christie's pulled the headlining item, a Ferrari 250 GT said to be owned by the Oscar-winning actress, from its "Exceptional" sale, happening on Nov. 20. The short version for why—and this is just my theory—is that the auction house likely needed to confirm the vehicle's official documentation.

This isn't shocking. Titling vehicles, especially in foreign countries, is time-consuming and complicated, and it can feel like an annoying formality amid the excitement of getting a new car, especially if that car is a gift. 

A 1958 Ferrari 250 GT has faced questions about its ownership. Source: Christie's

It seems like Christie's might have simply announced the vehicle sale a little too early, before all the paperwork had been sorted. I expect that when Gooding & Co. comes on board later this year, that sort of planning will be corrected. We may even see the black coupe again, if it doesn't get sold privately: Christie's will hold another "Exceptional" sale in February. 

Connect with Hannah on Instagram.

New for subscribers: Free article gifting. Bloomberg.com subscribers can now gift up to five free articles a month to anyone you want. Just look for the "Gift this article" button on stories. (Not a subscriber? Unlock limited access and sign up here.)

No comments:

Post a Comment

Trump could put billions into US Bitcoin reserve without Congress approval

David Bailey suggests over $10 billion could be put into a reserve before needing to get Congress to approve funding. ͏     ­͏     ­͏     ­͏...