Liberty Media's Formula 1 race extracted hundreds of millions from Las Vegas residents, workers, and small businesses while generating extraordinary profits for distant shareholders led by Berkshire Hathaway. A three-part investigation exposing the systematic wealth transfer machine.
Independent economists uniformly rejected F1's $1.5 billion economic impact claim as fraudulent. Hotel occupancy fell. Gaming revenue declined. The race displaced tourism. Meanwhile, $800+ million flowed from Las Vegas to Berkshire Hathaway.
Las Vegas gave F1 $58 million in cash, 3.8 miles of free roads worth $25-100 million, and operated at a $463,000 loss. Warren Buffett's Berkshire Hathaway captured $6.56 billion in shareholder value. This is how corporate extraction works.
$23 million in documented small business losses. $270-540 million in stolen worker commute time. The economic devastation Liberty Media's F1 race inflicted on Las Vegas residents—while shareholders captured hundreds of millions.