The Las Vegas Convention and Visitors Authority on Tuesday approved a $20M “race sponsorship agreement” that extends the F1 Las Vegas Grand Prix “through at least 2027,” according to Mick Akers of the LAS VEGAS REVIEW-JOURNAL. The LVCVA Board of Directors voted unanimously to approve spending $10M per year to “sponsor the 2026 and 2027 races.” The initial contract between the LVCVA and F1 “expires following this year’s race weekend.” Going forward, the LVCVA “could eye a longer-term contract with F1 after the 2027 race, dependent on various factors” (LAS VEGAS REVIEW-JOURNAL, 8/12). In Las Vegas, Kyle Chouinard notes the tourism board previously allocated $6.5M per year to “sponsor the initial three years of the race.” The new package at $10M a year includes “spending on tickets and ‘ancillary event costs,’ which the LVCVA had previously allocated” $2.5M a year toward. LVCVA CEO Steve Hill said that the $1M gap between the deals “largely came from the sponsorship” and “not the other costs added into the agreement.” Meanwhile, Hill said that the race offering cheaper tickets has “both increased ticket sales and overall revenue.” Hill said that the “construction of the course on Las Vegas Boulevard and nearby streets continues to evolve.” He added that more workers this year will “cut the amount of time lanes are closed by three weeks,” which is “down from around an eight-week period last year” (LAS VEGAS SUN, 8/12).
