$12 Million: Price Of LVCVA’s New 18-Month, 15-Race Sponsorship Deal With Formula One; $12 Million Was Already Approved In LVCVA’s Marketing Budget, So No Board Action Required
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By Alan Snel, LVSportsBiz.com Publisher-Writer
The LVCVA, Las Vegas’ public government tourism agency, is spending $12 million on its latest sports sponsorship — an 18-month deal with car race promoter Formula One for 15 races over two F1 seasons.
Both the Las Vegas Convention and Visitors Authority (LVCVA) and Liberty Media-owned Formula 1 announced the sponsorship this week.
“The partnership allows for website presence, trackside branding, hospitality, as well as fan activation opportunities, all of which will continue to keep Vegas top of mind for international fans and viewers,” said Molly Castano, LVCVA vice president of public relations and communications.
Only one thing was missing in the announcements this week.
The $12 million price tag for the F1 sponsorship.
This LVCVA-F1 partnership was launched at last weekend’s Formula 1 Rolex Belgium Grand Prix 2024.
The $12 million was already in the government agency’s already-approved marketing budget, so no LVCVA board action was required.
The LVCVA routinely spends millions of dollars every year on advertisements to promote Las Vegas at major sports events. It advertised the Las Vegas brand, for example, during recent National Hockey League Stanley Cup playoff TV broadcasts.
