LVCVA strengthens ties to F1, inks partnership deal
The Las Vegas Convention and Visitors Authority has furthered its ties to Formula One with a multi-million dollar sponsorship deal.
On Monday, F1 announced the authority as an official partner of the top open-wheel racing racing league, which began with the Belgium Grand Prix, which took place Sunday, according to a news release. The 18-month deal is valued at $12 million and runs through 2025, according the LVCVA. The partnership, which covers 15 races over two Formula One seasons, was inked a few months before the second Las Vegas Grand Prix in November.
“We are thrilled to elevate Las Vegas’ visibility by becoming an official partner of Formula 1,” Steve Hill, the authority’s president and CEO, said in a statement. “In recent years, Las Vegas has made tremendous strides in becoming the Sports and Entertainment Capital of the World and partnering with the world’s premier motor sport organization to host the Las Vegas Grand Prix marked a major milestone in that effort. We look forward to working closely with Formula 1 through this new partnership and keeping Las Vegas top of mind for the millions of F1 viewers and fans around the world.”
The deal with F1 is on top of the authority paying $6.5 million per year to sponsor the Las Vegas Grand Prix. That $19.5 million, three-year deal, which was approved in 2022 by the LVCVA board of directors, also runs through 2025.
The authority also spent $4 million on a hospitality suite for the 2023 grand prix, which the tourism agency noted was used to host current and potential clients.
Last year’s inaugural Las Vegas Grand Prix was the largest sporting event in the city’s history, attracting 316,000 fans in attendance for the four days of events, with 145,000 unique visitors, a record for the city, according to the authority. The economic impact of the 2023 race was estimated to be $1.5 billion. The race also drew a global television audience of 59.3 million viewers.
Hosting the race last year wasn’t without its controversies, with set up and tear down of the race taking nine months last year and a massive temporary bridge built on Flamingo Road over Koval Lane restricting access to some local businesses, which have claimed millions of dollars in losses.
Race officials have pledged just three months of work, since major paving operations aren’t needed this year and the Flamingo bridge’s size will be cut in half, aimed at creating less of a disruption, while still providing access to and from the resort corridor while racing is occurring.
The traffic plan for this year’s race is expected to be made publicly available next month.
As part of the partnership, the LVCVA will host fan events at select races worldwide, get trackside branding at various F1 races over the next two seasons as well as website presence and hospitality elements — all aimed at keeping Las Vegas top of mind for international fans and viewers, according to the LVCVA.
“We are constantly pursuing unique and exciting ways to showcase the destinations in which we race and to demonstrate the value that our sport delivers economically, culturally and for the community,” Emily Prazer, Formula One and Las Vegas Grand Prix chief commercial officer, said in a statement. “The LVCVA were instrumental in bringing Formula 1 to Las Vegas as a founding partner of the race, and we are thrilled to be expanding our relationship with them to continue to position Las Vegas as the Sports and Entertainment Capital of the World.”
Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on X.