Formula 1 Las Vegas Grand Prix secures two-year extension under $20M LVCVA deal

The Las Vegas Convention and Visitors Authority (LVCVA) will commit $10 million annually in 2026 and 2027 to sponsor the Formula 1 Las Vegas Grand Prix, extending the race’s run through 2027.

The publicly funded agency, supported largely by hotel room taxes, included in the deal $2.5 million annually for Strip employee transportation programs and ticket purchases—expenses previously approved separately.

The LVCVA Board of Directors voted unanimously to approve the two-year, $20 million agreement. The previous contract, valued at $6.5 million per year, covered the 2023, 2024, and 2025 races and will conclude after the Nov. 20-22, 2025 event. Formula 1 has scheduled the 2026 Las Vegas Grand Prix for Nov. 19-21.

According to LVCVA President and CEO Steve Hill, about $7.5 million of the new annual cost covers direct race sponsorship, while the additional $2.5 million funds ticket purchases and transportation. He said the $1 million difference between the old and new contracts comes primarily from the sponsorship portion.

Hill said the agency could consider a longer-term contract after 2027, depending on economic and logistical factors. “The two-year agreement right now seems to make sense to get them to five years,” he said. “We’ll certainly look at a longer-term deal at that point if it makes sense to do it. It’s partially the logistics and partially the economics. It needs to work for them (F1), it needs to work for the city, and that continues to improve.”

Formula 1’s parent company, Liberty Media, invested $500 million ahead of the inaugural 2023 race to acquire land and construct the three-story pit building and Grand Prix Plaza.

The 2024 race drew a three-day crowd of 306,000, including 175,000 unique visitors, and generated an estimated $934 million in economic impact, according to Las Vegas-based Applied Analysis. The LVCVA has certified that the 2025 race will generate at least $250 million in economic impact, which is required before the event can advertise on public roads.

Hill said ticket prices for 2025 are about 30% lower than in 2024, which has increased both sales and revenue.

The 3.8-mile circuit uses primarily public roads, including Las Vegas Boulevard, Koval Lane, Harmon Avenue and Sands Avenue. Preparations for the 2023 race involved about nine months of roadwork. In 2024, event setup and teardown created about four months of traffic impacts, including around eight weeks of lane closures, according to the LVCVA; Hill said this year’s closures will be cut by three weeks with two crews working simultaneously.

Emily Prazer, president and CEO of Las Vegas Grand Prix, said in a statement: “We’re thrilled with the Las Vegas Convention and Visitors Authority’s action today, officially approving our continued partnership with the destination.

"The strong relationships we’ve built with the tourism and business communities have made it possible for us to present one of the most exciting and anticipated races on the Formula 1 calendar. We look forward to working together for many years to come.”