LVCVA certifies 2024 F1 race will boost economy by at least $250M
The Las Vegas Convention and Visitors Authority on Tuesday formally certified that it expects this year’s Formula One Las Vegas Grand Prix will generate economic impact of at least $250 million, the largest financial generator among the city’s 2024 special events.
Board members unanimously approved the certification which will enable advertising and promotion along a designated state highway. Tuesday’s vote is only a procedural move as the economic impact of the 2024 F1 race will likely be much more as the 2023 race was estimated to have generated $1.5 billion for the region.
The course for the Las Vegas Grand Prix includes a section of Las Vegas Boulevard that also is designated as U.S. Highway 91 and is administered by the Nevada Department of Transportation.
Nevada law prohibits the placement of signs, banners or other markings bearing commercial advertising on any highway, but there’s an exception if a government entity can validate signage generates economic development.
A sporting event, concert, festival or similar event, qualifies as a special event only if it will provide an anticipated economic impact of $250 million or more for the county in which the event will take place and the public authority with jurisdiction over the highway designates the event as a special event and issues the event organizer a permit.
The presence of the Las Vegas Grand Prix on the Strip has been controversial because some businesses argue that they’ve been hurt financially by the presence of the race course in 2023 blocking entrances to their establishments.
Attorneys for the Italian restaurant Battista’s Hole in the Wall, Stage Door Casino and the Ellis Island Casino have argued in lawsuits against Formula One sponsors and Clark County that they have suffered losses of millions of dollars as a result of the presence of the F1 race course. A Clark County judge is seeking additional information before ruling on whether the case can proceed.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.