LVCVA Proposes $19.5 Million, Three-Year Deal For Formula One Race On Strip In November 2023-25
By Alan Snel of LVSportsBiz.com
Las Vegas’ public tourism agency is off to the races with a $19.5 million, three-year partnership deal with a Formula One car race producer to put on a grand prix race on the Strip for three years starting in 2023.
The LVCVA’s board will be asked to approve the $19.5 million deal with Liberty Dice, Inc. for the F1 race in November of 2023, 2024 and 2025, according to the agenda for the Las Vegas Convention and Visitors Authority meeting May 10. The deal calls for the LVCVA to pay Liberty $6.5 million annually over the three years. Take a look:
The Formula One race is attractive to the LVCVA because of the international visitors expected to come to Las Vegas for the race.
“Formula One’s 500+ million dedicated fans fly to destinations around the world for race weekends and view the races at home through Formula One’s global broadcasts,” the LVCVA agenda item said.
LVCVA CEO Steve Hill’s agenda item says the Formula One race event on the Strip “will bring thousands” of race fans to Las Vegas.
The LVCVA has been on a public sports spending spree lately. The public agency charged with drawing visitors to Las Vegas approved $3 million on promoting the NFL Draft, more than $164,000 attending the Super Bowl in Los Angeles three months ago, and up to $40 million on helping stage the 2024 Super Bowl at Allegiant Stadium.
The LVCVA board is scheduled to discuss the $19.5 million deal for the F1 race at its monthly meeting at 9AM Tuesday at the Las Vegas Convention Center. Check out the F1 route for Las Vegas.
PSA
