Las Vegas Endorses Multi-Year Formula 1 Race Agreement Along Vegas Strip Until 2032
City authorities in Las Vegas have given the green light for the Formula 1 Las Vegas Grand Prix to be an annual event for the next decade. In a 7-0 vote during a Tuesday meeting, the Clark County Commission, which lifts traffic laws to close the famous Las Vegas Strip, officially allows Formula 1 to extend its agreement.
At present, Formula 1 is bound by a three-year deal that starts with its first race on November 18.
Jim Gibson, chair of the commission, stated at the meeting, "We're looking at a long-term relationship here." He added, "This decision opens the door to make it a yearly event for at least ten years. Who knows, it might go on indefinitely."
The agreement from Clark County dictates that the race can only occur the weekend preceding Thanksgiving each year.
As Exciting as Two Super Bowls
It is predicted that the Formula 1 Las Vegas Grand Prix will contribute around $1.3 billion to the Las Vegas economy in its first year. This figure, which includes $966 million in tourist spending and $316 million in operational and support costs, is based on projections by Applied Analysis.
Applied Analysis recently carried out a similar study for the 2024 Super Bowl, set to take place in Las Vegas, and found that it and related events would bring in $600 million, which is less than half the projected amount for Formula 1.
The 3.8-mile track for the Las Vegas Grand Prix will be built on both public and private land along Las Vegas Boulevard, as well as Koval Lane, Harmon Avenue, Spring Mountain Road, and Sands Avenue. Organizers estimate that approximately 100,000 people will attend each day of the event, peaking with the main race on Saturday, November 18, at 10 p.m.
Race Against Time
The construction of the race's pit area near Koval and Harmon is already well advanced. This 300,000 square-foot facility, which will include driver pits, VIP viewing areas, and a rooftop terrace, was bought by Formula 1 for $240 million last year.
"The clock is ticking, and the months are flying by," Terry Miller, who is overseeing the race's planning with Formula 1, told the commission. "However, we're on course and we're aiming for a thrilling event in November."
In 2023, Las Vegas will host one of three Formula 1 races to take place in the United States, with Miami scheduled for May 7, and Austin on October 22.
