Las Vegas will host Formula 1 races in 2023, 2024 and 2025 after the city’s tourism authority approved a $19.5 million sponsorship deal. [Image: Shutterstock.com]
Las Vegas F1 is here to stay
The Las Vegas Convention and Visitors Authority (LVCVA) has voted to bring the Formula 1 Grand Prix to the gambling capital of the world for at least three years.
$19.5 million sponsorship deal with F1
At Tuesday’s board meeting, LVCVA approved a $19.5 million sponsorship deal with F1, which begins in November 2023 and runs in 2024 and 2025. Las Vegas magazine review Sports journalist Mick Akers took to Twitter last week to share details of the sponsorship ahead of the decision:
LVCVA will pay up to $6.5 million annually for racing-related services, which include communications and traffic control. The Tourism Authority approved the deal with Liberty Dice, a Nevada-registered sub-brand of Formula One owner Liberty Media.
“The scale of Formula 1 is huge, and it’s growing,” said LVCVA CEO Steve Hill. “The audience for their events, all over the world, is over 80 million people per race. This rivals the Super Bowl.”
The LVCVA-Liberty partnership gives both entities significant exposure and, in the case of the latter, provides opportunities for expansion. As part of the deal, Liberty will use the Las Vegas Convention Center, with up to 10,000 volunteers, Reports Las Vegas Sun.
On Tuesday, Hill stated that the partnership is:
A sign that Las Vegas is back, and that Las Vegas is the place for you.”
In an earnings call on Friday, Liberty Media CEO Greg Maffey confirmed that his company has purchased a 39-acre plot of land east of the Gaza Strip for $240 million, where it will build a pit and soil complex for the Las Vegas Grand Prix. At the same meeting, F1 President and CEO Stefano Domenicali described the Vegas Grand Prix as “a night race on Saturday down the famous strip.”
“We can’t think of a more perfect marriage between speed and magic,” he added.
Formula One has announced its intention to host the 50 laps Sin City Grand Prix again in March. The 6.12-kilometre route will feature 14 turns and will run for 3.8 miles of landmarks including Caesar’s Palace and the Fountains of Bellagio. Formula 1 drivers will reach top speeds of around 340 kilometers per hour on the track, with an expected audience of 170,000 spectators to cheer them on.
The growth of the sports business in Vegas
The announcement of the Motor Racing Association’s purchase of the land in Las Vegas – along with news that Tilman Fertita is planning to buy six acres on The Strip for an upscale resort – may mitigate the impact of the exodus of casino giants from the strip in recent months.
With the Las Vegas Raiders franchise now up and running from Sin City, and Formula One coming in November, it’s clear that the gambling capital of the world is accelerating its growth as a sports hub. For locals and visitors who are bettors, sports enthusiasts or both, Formula One in Vegas has a huge draw.