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LVCVA sponsorship deal for Formula One to cost taxpayers up to $19,500,000

F1 Las Vegas Auto Racing
Posted at 4:15 PM, May 10, 2022
and last updated 2022-05-10 19:27:35-04

LAS VEGAS (KTNV) — The Las Vegas Convention and Visitors Authority Board of Directors approved a three year sponsorship deal for the annual Formula One Grand Prix happening next year.

LAS VEGAS GRAND PRIX: Formula 1 announces 2023 Las Vegas Grand Prix, 3-year contract with Las Vegas

The agenda said that it will cost taxpayers approximately $19,500,000 every year.

LVCVA said they will also provide following services for with the sponsorship agreement:

  • Public safety and security services, including the operation of a multi-agency event control facility .
  • Fire and medical emergency services.
  • Medical center and equipment access.
  • Marketing support on LVCVA-owned assets such as billboards and public transport screens, digital channels, and partner platforms.
  • Assistance in acquiring spaces for race circuit element construction.
  • Use of available space at the Las Vegas Convention Center for operational, storage and other event-related purposes.
  • Access to and use of the LVCVA’s special events volunteer program.

Also last week, the Formula One parent company said they are buying 39 acres of land east of the Las Vegas Strip for around $240 million dollars.