- Local economic impact of US$1bn expected
- Race expects to retain end-of-season slot for duration of deal
Las Vegas county officials have approved a plan to shut the city’s Strip for Formula One racing until at least 2032.
An initial three-year contract has been signed to stage a race in Las Vegas, but this is the clearest indication yet that Formula One plans to stay in Nevada long term.
As part of its preparation for the race, Formula One spent US$240 million on a 39-acre site to finalise the circuit design and create capacity for the pit and paddock facilities.
Setup costs have reportedly exceeded US$500 million for the race already, but Formula One expects the revenue generated to get close to matching this number.
The Clark County Commission, which approved the vote to recognise the Grand Prix for the next ten years, expects a local economic impact upwards of US$1 billion.
“We have a three-year contract with Formula One, but we anticipate a lifetime in partnership,” said James Gibson, the Clark County commissioner, ahead of the vote, as reported by Motorsport.com.
“This will open the pathway to be able to do it for at least ten years. And then beyond that, I’m sure that those who succeed us will see the value in what we’ve done and continue doing it forever.”
The resolution also indicated that Las Vegas plans to retain its end-of-season slot for the foreseeable future, saying the set-up of the event was anticipated to take place “a few hours a day for five days, beginning on each Wednesday through Sunday in the week prior to the Thanksgiving holiday in November in the years 2023 through 2032”.