Ever since Las Vegas returned to the Formula 1 schedule in 2023, the race has operated somewhat differently from the other events on the calendar. Firstly, it is the only race directly promoted by the championship and owned by Liberty Media Corporation.
It invested $240million into a plot of land to build its 39-acre pit and paddock complex — Grand Prix Plaza — which is now a year-round, 100,000sq ft tourist attraction. It also took the opportunity to reveal the deal to host F1 through to 2037 with the largest drone display ever seen in Europe.
The announcement of the 10-year extension took place above the Monaco Grand Prix harbour last Thursday night with a 10-minute aerial display featuring 3,050 drones stretching up to 600ft high and 800ft wide across the Riviera skyline. The drone show featured a visual journey through F1’s present and future, including an animation highlighting Monaco’s own extension to host F1 through to 2035.
It’s uncommon for one race to enjoy such high-level promotion at a rival event, but Las Vegas’ unique commercial position within F1 does offer more opportunities for self-promotion. In the past couple of years Las Vegas slogans have appeared in trackside advertising at other races, including on the start/finish straight at Silverstone. Vegas follows in the footsteps of other American races that have announced multi-year extensions over the past 12 months, including Miami (until 2041) and Austin, through to 2034.
The new deal to 2037 was an agreed commitment between Las Vegas Grand Prix Inc., Clark County officials and the Las Vegas Convention and Visitors Authority (LVCVA), as it requires full co-operation from the city’s officials and hotel owners to shut down the Strip for a floodlit grand prix. F1’s commitment to this race, and its other two American events, reinforces the commercial importance of the US market.
“Securing a 10-year extension through 2037 is a defining moment for the Las Vegas Grand Prix and a reflection of the strength of our local partnerships,” Emily Prazer, President and CEO of Las Vegas Grand Prix Inc, said. “I’m incredibly proud of the team we have built in Las Vegas and of our shared commitment to supporting the Southern Nevada community.
Las Vegas F1 contract extension
Photo by: Las Vegas GP
“We’re deeply grateful to the Clark County Commission, LVCVA, our resort partners and the broader Las Vegas community for their continued collaboration and support in bringing this event to life.”
Since its return to F1 in 2023, the Las Vegas race has delivered $3.2billion in cumulative economic impact for Southern Nevada. Last year, the race generated $43million in state and local tax revenue, including $15million allocated to support local K-12 education. Beyond its economic impact, the Las Vegas Grand Prix Foundation has contributed more than $2million to non-profit organisations and created educational opportunities for hundreds of Clark County School District students and local community groups throughout the year.
“In just three years, the race has become a signature global event, putting Las Vegas at the centre of culture, competition and entertainment during race week,” said Steve Hill, President and CEO of LVCVA. “As the spotlight of the world turns to Las Vegas, the event continues to reinforce our evolution as a premier sports and entertainment destination, and we are proud to continue this dynamic partnership with Formula 1 for the next decade and beyond.”
“We always believed that Las Vegas would become a cornerstone of our presence in the United States, and this extension, together with the success of recent years, reinforces our long-term commitment to this important market,” Stefano Domenicali, F1 president and CEO, added.
“I would like to thank Las Vegas Grand Prix, Clark County, and the LVCVA for their continued support, passion, and vision. The future is incredibly exciting, and we look forward to taking this event to even greater heights.”
The Monaco GP drone show formed part of the race’s opening-night party, hosted aboard the elegant Explora I superyacht moored in the Mediterranean port. In collaboration with Explora Journeys, the event welcomed an international VIP guest list from the worlds of sport, music, and fashion, reaffirming Monaco’s status as the place to be seen.
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– The Autosport.com Team
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