Formula 1 Racing is coming to the Sports Capitol of the World, Las Vegas. Just when you thought it couldn’t get any better, Las Vegas has landed the grand-daddy of all European auto racing sports, Formula 1.
In an announcement held last week
The LVCVA board Tuesday gave the green light to a three-year, $19.5 million sponsorship and value-in-kind services agreement with Liberty Dice, Inc. to put on a Formula One grand prix race on the Strip in November of 2023, 2034 and 2025.
“The LVCVA will assist Formula One with the operational project management necessary to ensure successful Grand Prix races,” Las Vegas Convention & Visitors Authority CEO Steve Hill said before the vote.
“This is the best international advertising we can buy,” Hill told the board. The plan is to make the race a permanent event beyond the three-year deal.
Liberty made its own moves last week, announcing in its quarterly earnings call that it had acquired a 39-acre site east of the Las Vegas Strip for a reported $240 million.
The site, located at the northeast corner of Harmon Avenue and Koval Lane, was last occupied by the long-closed Ice nightclub.
The land will be used to construct the race pit lane and paddock. It will host the start/finish line, starting grid and turns 1 through 4. This particular track designer is known for designing a tight sequence of relatively low-speed turns surrounded by massive stadium seating. It is probably that Liberty will also develop some permanent facilities on the property like a restaurant.