The Las Vegas Convention and Visitors Authority (LVCVA) has extended its sponsorship of the Las Vegas Grand Prix, from motor racing's elite Formula 1 (F1), through the 2027 season.
The LVCVA approved its continued sponsorship of that event – which made its long-awaited debut on the F1 calendar in 2023, after a lengthy-year absence – for the next two seasons, at a board meeting earlier this week. The overall value of the deal between the LVCVA – which includes spending on ticket and "ancillary event costs" – is now $10 million per year.
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The sponsorship element by itself is worth $7.5 million annually, Steve Hill (LVCVA chief executive), has said.
The original agreement between Las Vegas and F1 – for a street race at a temporary circuit, worth $6.5 million annually – had been due to expire at the end of the ongoing 2025 campaign, with this year's Las Vegas Grand Prix set to be held in that Nevada city on November 22 (local time). However, it then appeared on the 2026 season schedule, when that was unveiled in xx.
Now, the LVCVA has authorized $20 million of expenditure across 2026 and 2027 to help ensure that one of the highest-profile events on the F1 calendar over the last couple of years continues to be held in Sin City.
This sponsorship agreement for the Las Vegas Grand Prix is separate to the wider tie-up between F1 and the LVCVA, unveiled last June – that agreement has been reported by local media as being worth $12 million annually.
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By GlobalDataThe Las Vegas event is likely one of F1's biggest money-spinners, from both a ticketing and commercial sponsorship perspective. It has also been a part of a significant upsurge in US broadcast numbers for the series over the last three seasons.
The 2024 edition of the event brought in $934 million in revenue, according to race organizers.
Emily Prazer, president and chief executive of the Las Vegas Grand Prix, has commented: "We’re thrilled with the LVCVA's action today, officially approving our continued partnership with the destination. The strong relationships we’ve built with the tourism and business communities have made it possible for us to present one of the most exciting and anticipated races on the Formula 1 calendar. We look forward to working together for many years to come.”
Hill also spoke to media after the LVCVA meeting, saying: "We have, right now, a pretty exceptional deal with Formula 1 in comparison to what other cities pay to host a race."
He added, on the subject of whether the race could eventually end up with a longer-term hosting contract: "The two-year agreement right now seems to make sense to get them to five years. We’ll certainly look at a longer-term deal at that point if it makes sense to do it. It’s partially the logistics and partially the economics. It needs to work for them (F1), it needs to work for the city, and that continues to improve.”
The last edition of the Las Vegas Grand Prix was won by Mercedes' George Russell.
