On February 7, seven out of the seven members of the Clark County Commission voted in favor of the contract extension.
Formula 1 Las Vegas Grand Prix to Bring $1B to Las Vegas Economy
Fox 5 reported that in a historic move, the commission has granted permission for necessary road closures along the Strip between Sahara and Tropicana avenues, even during peak traffic hours.
The Clark County Commission already had an agreement with Formula 1 for three years, which is to commence with the race in November 2023, however, with the new deal, the partnership will span over 10 years.
At Tuesday’s meeting, Commissioner Jim Gibson declared: “We anticipate a lifetime together in partnership. This will open the pathway to be able to do it for at least 10 years. Beyond that I’m sure those that succeed us will see the value in what we’ve done and continue doing it forever.”
According to the agreement, the Formula 1 Las Vegas Grand Prix will be held on Las Vegas Boulevard South from Wednesday to Sunday in the week prior to Thanksgiving in November, every year from 2023 to 2032.
KTNV reported that during the meeting with the commissioners, a project manager from Formula 1 presented the plan for the Las Vegas Grand Prix event, including the projected impact on the local economy and restrictions on the streets and times of the event.
The race is expected to bring over a billion dollars to the Las Vegas economy in its first year alone and create over 7,700 jobs, generating great excitement among businesses and residents.
Las Vegas to Become a Permanent Stop on the Formula 1 Calendar
In a statement, Formula 1 and Liberty Media announced their commitment to making Las Vegas a permanent stop on the Formula 1 calendar. They have already invested in the city with the purchase of 39 acres of land, construction of a 250,000-square-foot paddock building, and charitable contributions to support the local community. The 10-year approval provides the assurance that the race will be a staple on the Formula 1 calendar for the foreseeable future.
The brand-new racecourse is set to be established in a unique blend of both public and private territory. The racetrack will consist of four prominent roadways situated in the counties of Koval, Harmon, Sands, and Las Vegas Boulevard. In preparation for the upcoming November race, the entire 3.8-mile stretch will undergo a complete overhaul.
Efforts are already in full swing to construct the magnificent facility near the intersection of Koval and Harmon. This is where the adrenaline-fueled race will commence and come to a thrilling conclusion.
The paddock area will house driver pits, offer breathtaking views for spectators, and even boast a spectacular rooftop terrace. To top it off, a stunning LED sign featuring the Formula 1 logo will be installed, visible from high above in the sky.