Las Vegas secures Formula One race extension until 2027
The Las Vegas Grand Prix is set to make a thrilling comeback on the global racing circuit, with the United States, specifically Las Vegas, hosting the prestigious event from 2023 to 2027. This exciting announcement was made following the approval of a $6.5 million annual sponsorship commitment for the LVGP covering the 2023-2025 races.
The contract with Formula One (F1) ensures that the race will be held exclusively during the week before Thanksgiving, a period that is traditionally one of the slowest in the city. However, the influx of the estimated 175,000 out-of-town visitors for the 2024 race significantly boosted local businesses, generating an estimated $934 million in economic impact.
The 2023 race is expected to have an even more substantial impact, with an estimated economic impact of about $1.5 billion. This projection is based on the success of the 2024 race and the continued interest in the event.
The inaugural Las Vegas Grand Prix, held in 2024, was a historical milestone, marking the largest single special-event economic impact in Las Vegas' history, according to Steve Hill, CEO of the Las Vegas Convention and Visitors Authority (LVCVA).
The races will take place at an undisclosed location in Las Vegas. The LVCVA has spent approximately $2.5 million per year on LVGP tickets and ancillary event costs, bringing annual expenditures to roughly $9 million.
In 2022, Liberty Dice, Inc. made a significant up-front infrastructure investment for the inaugural race. Unfortunately, no new information was provided about the sponsors or organizers of the races beyond what was previously mentioned.
For the 2026 and 2027 races, the sponsorship agreement increased to $10 million per race, consolidating sponsorship and hospitality expenses under a single agreement. This agreement also includes the same allotment of LVGP tickets as previously obtained under the combined $9 million spend.
The LVCVA Board of Directors approved the spending for the 2026 and 2027 races. For detailed and specific figures or studies quantifying the economic impact for the period 2022 to 2027, consulting local government reports, tourism boards, or economic studies related to the Las Vegas Grand Prix would be necessary.
To stay updated on the latest news and tickets for the Las Vegas Grand Prix, visit Buck Wargo, our website.
The Formula One race in Las Vegas is more than just a sporting event; it's a significant contributor to the city's economy, attracting global tourists, increasing local hospitality and entertainment revenues, creating jobs, and promoting Las Vegas as a major international sporting destination. The event is also likely to generate tax revenues for the city and state.
Visit Buck Wargo's website for the latest news and tickets regarding the Las Vegas Grand Prix, a major casino-and-gambling hub's significant contribution to local economy. This Formula One race, held annually in Las Vegas from 2023 to 2027, promises substantial economic benefits, including boosting local businesses, creating jobs, and promoting Las Vegas as an international sporting destination.
