Las Vegas tourism officials Tuesday extended hosting a Formula One race through 2027 at a cost of $20 million.
Las Vegas will host the third Las Vegas Grand Prix the week before Thanksgiving. The future races will be held during the same week.
The Las Vegas Convention and Visitors Authority Board of Directors approved spending $10 million each year for the 2026 and 2027 races, a slight increase over the previous $9 million.
The inaugural Las Vegas Grand Prix delivered an estimated economic impact of about $1.5 billion, with the significant up-front infrastructure investment by Liberty Dice, Inc. making it the largest single special-event economic impact in Las Vegas history, according to LVCVA CEO Steve Hill.
The 2024 race generated an estimated $934 million in economic impact, “establishing it as Las Vegas’s most significant recurring annual event,” Hill said. The 2024 Las Vegas Grand Prix drew an estimated 175,000 out-of-town visitors.
In 2022, the Board approved a $6.5 million annual sponsorship commitment for the LVGP covering the 2023-2025 races. In addition, the LVCVA has spent approximately $2.5 million per year on LVGP tickets for hosting current and prospective customers and for ancillary event costs, such as transportation and logistics support, bringing annual expenditures to roughly $9 million.
The 2026 and 2027 sponsorship agreement of $10 million per race includes the same allotment of LVGP tickets previously obtained under the combined $9 million spend, ensuring continuity in the LVCVA’s hosting capabilities for clients and partners, while consolidating sponsorship and hospitality expenses under a single agreement, Hill said.
During a recent talk with Las Vegas real estate executives, Hill said that the F1 race is held the weekend before Thanksgiving, one of the slowest weeks of the year. The contract with F1 prevents it from being held any other week
“If we couldn’t have that weekend, I’m not sure we would have the race,” Hill said.
