Vegas Tourism Board allocates $6.5 million a year to Formula 1
Ferrari driver Charles Leclerc of Monaco steers his car during second free practice of Sunday’s Formula One Grand Prix of Emilia-Romagna at the Enzo and Dino Ferrari circuit in Imola, Italy, Saturday April 23, 2022. ( AP Photo/Luca Bruno)
LAS VEGAS (AP) — Tourism officials have committed $19.5 million over the next three years to sponsor Formula 1 races on a course that includes the Las Vegas Strip.
The Las Vegas Convention and Visitors Authority’s board of directors voted unanimously on Tuesday to spend $6.5 million a year to partner with Liberty Dice Inc. on the Las Vegas Grand Prix, reported the Las Vegas Review-Journal. Last week, F1 parent and owner Liberty Media Corp. announced plans to pay $240 million for an unspecified property near the Strip for a pit and paddock complex.
Plans were announced on March 30 for Las Vegas to join Miami and the Circuit of the Americas in Austin, Texas on the F1 calendar next year. Officials expect tens of thousands of racing fans from around the world to travel to Las Vegas for the race.
The Strip event will take place at night in November 2023 on a temporary 3.8 mile (6.1 kilometer) street course past resorts such as the Bellagio, Caesars Palace and the soon to be completed MSG Sphere.
The 2023 race is also considered a dress rehearsal for the Super Bowl in February 2024 at Allegiant Stadium. The board had previously approved spending $40 million on the event, the Review-Journal said.