"Formula 1 is a paddock full of piranhas"

It's Hannah, and I was just in Vegas. [View in browser]( [Bloomberg]( Hi, it’s Hannah. I’m back home in Los Angeles after attending the first Formula 1 Las Vegas Grand Prix. A week later, I am still reeling. This was the first F1 race in Las Vegas since the 1980s, and North America’s unprecedented fifth F1 race this year. (Miami, Austin, Mexico and Montreal hosted races, too.) Sin City and F1 would seem a perfect match, combining world-class hospitality, shopping, food and entertainment with America’s coolest new sport obsession. The pressure was nonetheless tremendous: After investing $600 million—including $240 million for a plot of land for building the paddock—F1 needed Las Vegas GP to be [wildly fun and glamorous]( for attending fans and celebrities. Plus, it had to provide an exciting race for global TV viewers while making money for hotels and casinos. “Vegas is the biggest F1 event so far. The investment of what they’ve done is setting a new benchmark for the sport, which is good for us,” said Toto Wolff, the Mercedes-AMG Petronas F1 team principal and chief executive officer. He was speaking on a panel I caught on Nov. 17 at the Cosmopolitan. “I’ve never been to Vegas, but being here feels good. It’s a fantastic place to host a race.” In the weeks leading up to the event though, organizers had [voiced concerns]( about projected revenue. Ticket sales and hotel prices had fallen from initial stratospheric highs. And locals were complaining about street closures that obstructed entrances and views along Las Vegas Boulevard, otherwise known as the Strip.  Race winner Max Verstappen, of the Netherlands and Oracle Red Bull Racing, celebrates during the F1 Grand Prix of Las Vegas. He initially complained about the hype around the race but afterward [reported]( having enjoyed the hoopla. Photographer: Mark Thompson/Getty Images North America I spent four days in the city talking with cab drivers, bartenders, shop keepers, hotel managers, mechanics, car collectors, and local and international racing fans—plus power players like Lawrence Stroll and Wolff. Based on what I saw and heard, the Grand Prix was a hit. “F1 is great for our business, and it’s great for the destination,” Anthony Capuano, the president and CEO of Marriott International, said on the panel with Wolff. “Our customers can’t get enough of it.” “If I asked you to envision another location in the US where there could be another F1 event carried out on this level of magnitude, I can't think of another one,” echoed Amy Trask, the prominent sports executive who was the first female CEO of an NFL team (the Oakland Raiders). Access to the paddock, grandstands and the Red Bull fan zone could not have been simpler. Signs were posted everywhere, and friendly, well-informed staffers with lights were positioned at every corner along the way. Security was prominent but relaxed and content. I have never had as much professional, efficient, high-end, welcoming hospitality as I did at the [Wynn Las Vegas]( hotel where I stayed. (Bloomberg paid for me to stay there because our ethics policy does not permit receiving free travel and accommodations.) The F1 after-party at Delilah was among the best, with Justin Bieber, Karlie Kloss and Leonardo DiCaprio all staying late. A$AP Rocky celebrates his PUMA x F1 collaboration at a Las Vegas Grand Prix Pop-Up in Las Vegas during race weekend. Photographer: Jojo Korsh/BFA.com While ticket prices were more expensive than the tickets to [Rod Stewart’s Vegas show](, which I also wanted to see, you [didn’t need to buy a seat or a paddock pass]( to feel part of the race. Many portions of the track were visible to anyone who happened to be afoot along the Strip; you could easily see the cars whizzing by during practice, qualifying and race rounds. There was much to see and do during the day. I caught a screening of Michael Mann’s Ferrari film at the Wynn theater (I’m sorry to report that Penelope Cruz was the only aspect that kept me watching). Fans visited A$AP Rocky’s shop on Fremont Street. I saw [Lewis Hamilton’s Mercedes race car]( parked outside the Awakening theater, and a host of other multimillion-dollar cars set to be auctioned by RM Sotheby’s were parked outside the Wynn for prime opportunities to drool and photograph them. An early hiccup caused concern: After less than 10 minutes on track during Thursday’s practice rounds, Ferrari’s Carlos Sainz struck a loose manhole cover, delaying the laps until they could resume around 3 a.m. Devoted fans who had waited five hours to see practice resume were forced out of the grandstands at 2 a.m because of race staffing shortages, and their frustration was understandable, especially when money wasn’t refunded. Some fans filed a lawsuit.  Nighttime temperatures during the Las Vegas Grand Prix hovered near 50F, so the track was cold early in the race. Photographer: Chris Graythen/Getty Images North America Multiple delays in the early moments of the race on Nov. 18 gave it a slow start. The track was cold, [as predicted](, until the drivers were able to get some heat into their tires for better grip. But the race turned out to be a thriller, with a three-way fight for P1 and lots of passing (82 overtakes, more than usual). Even though Red Bull’s Max Verstappen was again the fastest driver and ended with the 18th win of his World Championship season, the race for second place between Charles LeClerc and Sergio Perez proved just as exciting. Celebrating in the Red Bull garage after the race, I saw Verstappen grab Perez in a hug. The mood was ebullient. The aftermath seems positive: The race drew more than 300,000 people over four nights and is on track to earn more revenue than any Grand Prix in the history of Formula 1, according to organizers, [who also reported that]( the economic impact for the area amounted to $1.2 billion. ESPN reported that the telecast, which ran from 1 a.m. to 3:05 a.m. EST, averaged 1.3 million viewers, the third-largest F1 audience of the season on cable and sixth-largest overall on ESPN platforms this season. All told, the Las Vegas Grand Prix was the most-viewed F1 race since June’s Canadian Grand Prix on ABC (1.76 million), and it was the most-watched telecast of any kind on cable after 11 p.m. Eastern time on Saturday night. Aston Martin F1 Team owner Lawrence Stroll summed it up pretty well. “It's Vegas baby—the most exciting place to be right now,” he told me during a video interview on Nov. 16. (More on him in a moment.) By Monday morning after the race, I had already received an email inviting me to reserve a spot for F1 Las Vegas 2024. Count me in. [David Beckham Says Las Vegas Sports Scene Is a ‘Real Opportunity’]( David Beckham wants to see more sports in Las Vegas as the city collects professional teams and sporting events. [Beckham, Rihanna, DiCaprio Descend on Dizzying Formula 1 Las Vegas]( It’s no surprise that a city designed for parties and splashy entertainment deftly handled the off-track elements of its first grand prix weekend. [Lewis Hamilton’s F1 Mercedes Race Car Sells For $18.8 Million]( The silver and teal race car won the Hungarian Grand Prix in 2013. [At Formula 1 Las Vegas, Celebrity Chefs Will Feed You for $11,000]( Jean-Georges Vongerichten, David Chang, Mario Carbone, Alain Ducasse and others served signature dishes at a private club in front of the famous fountain. Tickets cost $11,247.  [Formula 1’s Las Vegas Race Isn’t Living Up to the Hype]( Las Vegas’ first Grand Prix in four decades was supposed to be the latest big sports win for Sin City. But in the days and weeks leading up to Thursday’s start of racing, ticket prices and hotel room rates tumbled, a sign of dwindling excitement around the event. Aston Martin’s Lawrence Stroll Goes Long Lawrence Stroll made news recently when [he sold a minority stake in his Aston Martin F1 team]( to Arctos Partners, a Dallas-based private equity firm that also owns part of the company that owns the Boston Red Sox and Liverpool Football Club. The investment by Arctos values the team at about $1.2 billion. It was the first time Stroll has sold shares in the organization that employs his son, Lance, as a driver, and it prompted rumors that the 64-year-old Canadian billionaire may be thinking of selling his portion of the team. Stroll is also the largest shareholder in Aston Martin Lagonda Global Holdings Plc. Nothing could be further from the truth, he says. Lawrence Stroll, executive chairman of Aston Martin Lagonda Global Holdings Plc., recently sold a minority stake in his Aston Martin F1 team to Arctos Partners, a private equity firm based in Dallas. Photographer: Chris Ratcliffe/Bloomberg “I always want to stay the majority shareholder,” he tells me on a video call held on Nov. 16 in Las Vegas. “That will never change—certainly not in the next 10 years, if I could put it in that duration. Hopefully longer. I'm not getting any younger, even though each day I feel younger. But I'm not going anywhere.” The new partnership is not about raising cash, since the racing team is profitable, Stroll says. It’s about developing projects with the many other commercial franchises Arctos operates.  “I have absolutely no idea who, where, why these rumors come from,” he says. “I guess we all have enemies. Formula 1 is a paddock full of piranhas, and maybe we're doing better than others. And maybe in order for us to find it more difficult to recruit great people, they leak things. But these are not true stories.” Aston Martin is currently fifth in the team standings, and Aston Martin driver Fernando Alonso is fifth in the individual standings. Perhaps the strongest proof that Stroll is committed to the racing team is what he described as his “half-billion-dollar” investment in a new F1 factory in England, a move that included hiring 400 new employees. In 2026, [Honda will replace Mercedes]( as Aston Martin’s F1 team engine supplier, another recent deal that Stroll cites as proof of his commitment to the team. “Arctos are not private equity people with a short horizon but an extremely long horizon,” he says. “That is a very important thing.” Stoll says the F1 team has boosted sales of Aston Martin’s road cars; More than half of Aston Martin new-car sales are now to first-time customers, a surge driven by interest in F1, according to the company. More than 70% of the sales of the Aston Martin Vantage F1 edition car alone came from F1 fans, Stroll says. “The sport is not only on fire in America, it's on fire globally,” Stroll says. “We feel it everywhere we go. We see it in our numbers, we see it in our income, we see it in sponsorship requests that come from around the world. The sport is really the best it's ever been and is only going to significantly keep growing.” More About Aston Martin Cars and Racing [Aston Martin's Stroll on Las Vegas Grand Prix (Video)]( [Aston Martin Owner Lawrence Stroll Sells F1 Team Stake at £1 Billion Valuation]( [Aston Martin F1 Team’s £1 Billion Valuation Caps Racing Hype]( [Test-Driving the $245,000 Aston Martin DB12 in the Hills of Monte Carlo]( [Aston Martin Unveils New DB12 Coupe Amid Formula 1 Successes]( [Aston Martin Cuts Annual Delivery Outlook on Supply-Chain Issues]( I’ve got a few other things I love.  [Hot Pursuit!]( is [my new podcast]( with my loquacious, Ducati-riding, Dodge Challenger-obsessed colleague, Matt Miller. Here’s what you need to know about Matt: He’s deeply into leather jackets, especially some from Japan. He loves American muscle cars but lived for years in Germany. He’s a girl dad. Join us every week for the latest installment of our bi-coastal podcast that talks all things cars: Why we love them and why they sometimes drive us crazy. You can listen on [Apple](, [Spotify]( [or online](. As a tall woman, when I find long pants I love, I often buy more than one pair in varying colors. Turns out [Norma Kamali]( makes lots of pants that feel perfect for long-legged people like me—particularly in leather—and others with long, black stripes. (Massive thanks to my celebrity-stylist friend [Christina Pacelli]( for turning me on to this prolific New York-born designer, who opened her boutique in 1969.) If you are a tall woman or love one, I highly recommend exploring Kamali’s work. Eccentrics thrill me, so after I finished [Infinite Variety](, Scot D. Ryersson and Michael Orlando Yaccarino’s tome about the life of Marchesa Louisa Casati, I dove right into Mark Braude's [Kiki Man Ray](, which came out last year. A glittering portrait of the Queen of Montparnasse, the artist and chanteuse known to history as [Kiki de Montparnasse](, and her lover Man Ray, it details the creative forces that stoked the life and death of some of the last century’s greatest artists. If you are at all interested in bohemian life in Paris before World War II—with cameos by Ernest Hemingway and Marcel Proust—you’re in for a treat. Also: I just started reading Werner Herzog’s memoir, [Every Man for Himself and God Against All](. It chronicles his childhood in deep poverty in remote Germany and his rise after World War II to a splendid career as a visionary writer and filmmaker. Herzog’s singular voice shines through the narrative as this master storyteller dissects his own life. I wasn’t a fan of Ferrari, for reasons that have to do with a boring plot line and boorish behavior by the protagonist as much as with its cheesy CGI crash scenes. I did devour [Nyad](, the true story of long-distance swimmer Diana Nyad and her quest to be the first person to swim from Cuba to Florida. Jodi Foster and Annette Bening both turn in captivating, memorable and motivating performances.  So, you have some questions…. Is Max Verstappen right that Spa and Monza are for racing and Las Vegas is for partying? You’re referring to [this]( comment, right? As it turns out, the race in Vegas was pretty solid. It was lauded by F1 critics and fans alike for its technicality and the excitement it provided. So I have to chalk this one up to the fact that Verstappen made these comments before he got to the starting line. In the event, [he loved it](. Vegas proved it can throw an actual F1 race as well as it can a party. Best tips for the [F1 Monaco GP](? I’ve got them for you [here](. F1 driver Lewis Hamilton wears his signature IWC wristwatch. Source: IWC What are some of the most popular watches these drivers are wearing? It’s a lot of [Tag Heuer](, with drivers doing collaborations like the TAG Heuer Monaco special edition “Max Verstappen” in DLC titanium. [Sergio Perez]( is another known Heuer lover. Lewis Hamilton [is partial to IWC](. So is his teammate [George Russell](, who also has been known to wear a Rolex. Fernando Alonso collects [Richard Mille](. Give us more podcast recommendations! All right! In addition to such standbys as [Smartless](, [Pop Pantheon](, and Kara Swisher’s [Pivot]( and [On With Kara Swisher]( podcasts, I’ve discovered a few more that I like. Paul Giamatti’s [Chinwag]( is a quirky, fun deep dive into arcane history, spooky stories, and scientific and spiritual oddities. Comic Heather McMahan’s [Absolutely Not]( podcast makes me laugh aloud with her tales of sex, dating, food, travel and dogs. [Diss and Tell]( has gotten great lately as it dissects the epic rivalries between characters like Joan Rivers and Johnny Carson, and among Elon Musk, Grimes and Azealia Banks. 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](.) Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Bloomberg Pursuits newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. 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