Tourism officials have committed $19.5 million over the next three years to sponsor Formula One (F1) racing in an area that includes the Las Vegas sector.
The Las Vegas Convention and Visitors Authority board of directors voted unanimously Tuesday to spend $6.5 million annually to partner with Liberty Dice Inc. At the Las Vegas Grand Prix, local media reported. Last week, F1 owner and parent company, Liberty Media Corp. , announced plans to pay $240 for an unspecified property near the strip for a pit and soil complex.
Plans were announced on March 30 for Las Vegas to join Miami and the Circuit of the Americas in Austin, Texas, on next year’s F1 calendar. 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 6.1 km (3.8 mi) street track that will pass through resorts such as Bellagio, Caesars Palace and the soon-to-be-completed MSG Sphere.
The 2023 race is also a rehearsal for the Super Bowl in February 2024 at Allegiant Stadium. The board of directors previously agreed to spend $40 million for the event, according to local reports.