County OK’s reduced payment for Formula One trackside ads

Clark County commissioners unanimously approved a new Las Vegas Grand Prix contract with Formula One, which will pay less to the county to advertise in public right-of-ways.

The contract approval was part of the Tuesday morning commission meeting’s consent agenda, so no discussion was held about the new terms.

Lisa Mayo-DeRiso, who represents a group of local Las Vegas businesses who say the grand prix race has negatively impacted their operations, requested during pre-meeting public comment that the item be pulled from the consent agenda and heard separately. Commission Chairman Tick Segerblom denied the request.

The new advertising agreement will see F1 paying Clark County $350,000 annually, down from the $1 million race officials paid during the inaugural Las Vegas Grand Prix.

The new contract is in place for the next eight years of grand prix races, with a termination clause after four years in place for Clark County. The agreement also outlines community benefit aspects, including F1 hosting a free watch party each year for locals.

“The approval of the amendment to the public right-of-way advertising agreement by the County Commission was the culmination of thoughtful and extensive negotiations with the County,” Lori Nelson-Kraft, Las Vegas Grand Prix spokesperson, said in an email. “We’re pleased the amended agreement includes the opportunity for the Las Vegas Grand Prix to deliver a robust community benefits package for the county and its constituents.”

Prior to the inaugural 2023 race, F1 and Clark County entered into a 10-year partnership that allows for the grand prix to run annually during the weekend before Thanksgiving on a mix of public and private roads in and around the Las Vegas Strip. Clark County must still approve a special event permit for the grand prix to occur each year of the agreement.

The agreement allows F1 to post advertisements from its partners around the 3.8-mile circuit, mainly on track barriers and overhead signs. A 2023 legislative action opened up the ability for events with an economic impact of at least $250 million to advertise on public right-of-ways for no more than 14 consecutive days, upon approval from a local authority.

The 2023 race generated a $1.5 billion economic impact to Southern Nevada; the figure tied to last month’s grand prix was still being determined, according to Las Vegas-based economic, fiscal and research firm Applied Analysis. Jeremy Aguero, principal with Applied Analysis, told the Review-Journal last month 2024’s figure will be in the hundreds of millions of dollars range.

Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on X.