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LVCVA commits $19.5M for Las Vegas F1 race sponsorship over three years

The Las Vegas Convention & Visitors Authority BOD agreed to spend $19.5M "over three years to sponsor Formula One automobile races in the resort corridor in 2023, 2024 and 2025," according to Richard Velotta of the LAS VEGAS REVIEW-JOURNAL. The board met yesterday and unanimously approved spending $6.5M a year to "partner with Liberty Dice Inc. to put on the Las Vegas Formula One Grand Prix." The $19.5M spend is "one of the largest sponsorships approved by the board." The body in January approved spending $40M to host the Super Bowl. Payment will be made from the LVCVA's "general fund," which is generated primarily from "room tax revenues paid by those who stay at Las Vegas motels and hotels." The LVCVA will assist F1 with the "operational project management necessary to ensure successful Grand Prix races" (LAS VEGAS REVIEW-JOURNAL, 5/11).

GOING ALL IN: In Las Vegas, Bryan Horwath notes the first race -- the Las Vegas Grand Prix -- will take place next year on a 3.8-mile course along the Strip and a "number of surrounding streets." It is "expected to draw close to 170,000 visitors." As part of the deal, F1 owner Liberty Media "will get access to space at the Las Vegas Convention Center and a network of up to 10,000 volunteers" (LAS VEGAS SUN, 5/11).

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