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Las Vegas F1 Grand Prix Approved Until 2032
On Wednesday, March 30, the Formula 1 World Championship made official after a lot of rumors the arrival of a Grand Prix in Las Vegas from November 2023.
This car race is well on its way to remaining for a long time. Indeed, the Clark County Commission, where the famous casino city is located, has just approved the holding of this competition every year until at least 2032.
It was a unanimous vote of 7 for and 0 against that endorsed the decision.
We anticipate a lifetime of partnership
For now, the Formula 1 World Championship has signed a contract for only 3 years with the Las Vegas authorities to offer a Grand Prix in the city.
However, it is known that both parties are interested in extending this period further.
Shortly after the vote we referred to in the introduction the Chairman of the Clark County Commission (Jim Gibson) thus stated, ” We anticipate a lifetime of partnership “.
Henceforth, the way is thus clear for at least 10 years.
Nevertheless, he said he was sure that those who will succeed them will also see the interest of further extending the authorization of this car race.
Still, it should be noted that the approval stipulates that the Las Vegas Grand Prix can only be held each year for the next decade on the weekend before Thanksgiving.
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Grand Prix’s economic impact twice that of Super Bowl 2024
According to the first estimates, the Formula One Grand Prix of Las Vegas to inject no less than $1.3 billion into the local economyduring the year 2023 alone.
This amount is split between 966 million in spectator spending and 316 million in operations and support for the event.
These figures come from a recently published study by the economic research firm Applied Analysis. It also looked at the 2024 Super Bowl in Las Vegas.
It found that the National Football League (NFL) championship final would only bring in $600 million, which is less than half that of the Formula 1 Grand Prix.
The most important F1 race in the United States
Last year, Formula One Group bought a piece of land of about 15 hectares for 240 million dollars. On it, the construction of the race paddock is well underway, for the time being.
The roughly 27,850-square-meter facility, where the Grand Prix will begin and end, is to include driver pits, VIP spectator areas and a rooftop terrace.
Although the schedule remains tight, everything is in place for the competition to be held next November.
It should be remembered that this is the most important F1 race in the United States, ahead of the Miami race scheduled for May 7 and the Austin race scheduled for October 22.
The organizers estimate that about 100,000 people will come to Las Vegas each day of the weekend to watch the event.
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