Formula One Racing in Las Vegas Secured till 2027 via Fresh Agreement
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The 2024 Las Vegas Grand Prix has proven to be a significant success for the city, attracting a record-breaking 306,000 attendees and pushing hotel occupancy to 87%. A large portion of these visitors, 175,000, came from outside the city, contributing to the event's economic impact.
In its second year, the Grand Prix delivered a $934 million economic boost, making it the city's biggest annual event. Of this total, $556 million came from visitor spending, while $378 million was generated through event operations. Moreover, the event resulted in $15 million in tax relief for local schools.
Emily Prazer, Formula 1 chief commercial officer and president of the Las Vegas Grand Prix, praised the event's strong business and tourism partnerships, positioning it as a highlight on the F1 calendar.
Despite a decrease in economic impact compared to the debut year, officials remain confident that the race will continue to drive tourism and local benefits in the future. LVCVA CEO Steve Hill has expressed openness to discussions about the race continuing beyond 2027, but emphasised the need for mutual benefits for both the city and Formula 1.
Currently, the projected duration of the Las Vegas Grand Prix on the Formula 1 calendar is confirmed only through 2027, following a two-year extension of the sponsorship agreement approved by the LVCVA with a $20 million deal. However, discussions and intentions to extend beyond 2027 exist, but no formal agreement has been signed yet. The future beyond 2027 remains uncertain but likely, pending contractual confirmation.
Officials have emphasised that this two-year extension through 2027 is a "logical next step" rather than a final limit, so the Grand Prix could continue beyond 2027 once a further contract is negotiated and signed.
