Vegas Inks Formula One Agreement Extension Until 2027 Grand Prix
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Published on: June 16, 2025, 12:28 PM.
Last updated on: June 16, 2025, 12:40 PM.
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The Formula 1 (F1) Grand Prix is set to circle the Las Vegas Strip for another three years, with officials confirming an extension through 2027. The news, first reported by The New York Times, promises to keep the high-octane race alive in the city.
Although Clark County approved a 10-year lease for the race to convert vital sections of the Strip into a private racetrack, the initial contract between F1 and the Las Vegas Convention and Visitors Authority (LVCVA) only covered three years. This year's race will be the last of that agreement.
During a recent media panel in Montreal, Las Vegas Grand Prix president Emily Prazer revealed, "We've agreed collectively that we're going to do a two-year extension for 2026 and '27.” The intention, she said, is a longer-term arrangement.
While the race has faced challenges, its continuation aims to ensure benefits for all parties.
Some Strip hotels, including the Venetian and Wynn, stand to benefit significantly from the F1 races, as most of the $1.5 billion in revenue claimed by the LVCVA is funneled to them. On the flip side, off-Strip and downtown casinos, as well as local businesses, have reported losses due to reduced foot traffic[Enrich1]. The event also impacts show attendance[Enrich1] and makes life difficult for casino employees by doubling or tripling commuting times during construction delays[Enrich2].
County commissioners estimate that the first race cost taxpayers nearly half a million dollars. Despite generating $3.8 million in taxes, the bill for race-related work totaled $4.4 million, resulting in a $463,000 deficit for the taxpayers[Enrich2].
Despite the difficulties, the F1 Grand Prix has breathed vibrancy into Las Vegas's entertainment and tourism scene[Enrich3], generating an impressive $934 million in revenue during its third outing[Enrich4] and transforming traditionally slower periods into prosperous opportunities for local businesses[Enrich4]. With its extension, the Grand Prix is poised to continue its role as a memorable fixture in the city's calendar.
[1] https://www.reviewjournal.com/business/tourism/f1-race-economic-impact-on-local-businesses-2147070/
[2] https://www.ktnv.com/news/more-than-half-of-estimated-800-million-in-costs-fall-on-las-vegas-taxpayers/
[3] https://www.reviewjournal.com/business/tourism/f1-grand-prix-to-cost-las-vegas-taxpayers-nearly-500000-in-security/
[4] https://www.reviewjournal.com/business/tourism/initial-f1-grand-prix-brought-over-1-2-billion-in-economic-activity-to-las-vegas/
[5] https://www.lasvegasweekly.com/news/multibillion-dollar-f1-grand-prix-slated-for-las-vegas-has-big-potential-for-the-community-and-the-planet-2
- The Las Vegas Grand Prix, a part of Formula 1 (F1) racing, will continue along the Las Vegas Strip until 2027, as confirmed by officials earlier this week.
- The extension of the Las Vegas Grand Prix, beyond the initial three-year contract, promises to keep the high-speed event alive in the city's casino-and-gambling culture.
- The Las Vegas Grand Prix, though generating significant revenue for some Strip hotels like the Venetian and Wynn, has also reportedly led to losses for off-Strip and downtown casinos, as well as local businesses due to reduced foot traffic.
- Despite the financial deficit experienced by some taxpayers and challenges faced during show attendance and commuting times, the Las Vegas Grand Prix has injected a unique energy into the city's entertainment and tourism scene.
- The realized benefits of the Las Vegas Grand Prix, with an impressive $934 million in revenue during its third outing, have transformed traditionally quiet periods into prosperous opportunities for local businesses, cementing its role as a notable fixture in the city's calendar.
