Las Vegas Tourism Governing Panel OKs $19.5 Million, Three-Year Partnership With Liberty For Formula One Race On Strip Starting November 2023
By Randy Cannon for LVSportsBiz.com
The LVCVA board Tuesday gave the green light to a three-year, $19.5 million sponsorship and value-in-kind services agreement with Liberty Dice, Inc. to put on a Formula One grand prix race on the Strip in November of 2023, 2024 and 2025.
“The LVCVA will assist Formula One with the operational project management necessary to ensure successful Grand Prix races,” Las Vegas Convention & Visitors Authority CEO Steve Hill said before the vote.
Hill presented the F1 agenda item to the board. The Las Vegas F1 race event is the only race that Liberty is currently slated to promote itself.
“This is the best international advertising we can buy,” Hill told the board. The plan is to make the race a permanent event beyond the three-year deal.
Liberty Dice, Inc. is a subsidiary of Liberty Media Corporation, a publicly traded broadcasting conglomerate that owns SiriusXM, the MLB Atlanta Braves, as well as the Formula One Group.
Liberty, based in Englewood, CO, will receive $6.5 million in services each year for the three years.
The LVCVA board voted, 10-0, to authorize the F1 partnership at its monthly meeting.
Liberty made its own moves last week, announcing in its quarterly earnings call that it had acquired a 39-acre site east of the Las Vegas Strip for a reported $240 million.
The site, located at the northeast corner of Harmon Avenue and Koval Lane, was last occupied by the long-closed Ice nightclub.
The land will be used to construct the race pit lane and paddock. It will host the start/finish line, starting grid and turns 1 through 4. This particular track designer is known for designing a tight sequence of relatively low-speed turns surrounded by massive stadium seating. It is probably that Liberty will also develop some permanent facilities on the property like a restaurant.
Hill told LVSportsBiz.com that Las Vegas Boulevard will also be repaved to accommodate the race cars.
The route:
PSA
