The Las Vegas Convention and Visitors Authority approved a sweeping set of sports tourism deals Tuesday, cementing the city’s position as the sports and entertainment capital of the world. The headline agreement is a 10-year, $100 million contract to continue hosting the Formula One Las Vegas Grand Prix through 2037.
The LVCVA board voted during its regular meeting to formally approve the extension, which was first announced last month. The deal ensures the race will continue annually on the weekend before Thanksgiving, running on a 3.8-mile street circuit that includes sections of Las Vegas Boulevard, Koval Lane, and Harmon and Sands avenues.
The inaugural race in 2023 generated an estimated economic benefit of $1.5 billion for Southern Nevada, including $600 million spent by F1 to bring the street circuit up to racing standards. The 2024 and 2025 events produced economic impacts of approximately $900 million and $800 million respectively, according to the LVCVA.
Under the new agreement, the tourism agency will spend $10 million annually, with $2.5 million earmarked for purchasing race tickets for current or prospective clients and $7.5 million to supplement race costs. The extension includes a separate 10-year agreement with Clark County to install permanent infrastructure that will speed up setup and teardown, reducing traffic disruptions.
“This race produces an $800 million economic impact that makes us a focus of the global stage for the week that it is here,” said Steve Hill, LVCVA president and CEO. “It’s an enormous event. We think this is an exceptional deal for the community.”
LVCVA board member and Clark County Commissioner Jim Gibson cautioned that infrastructure improvements will take time. “We’re excited that the things that we’re discussing may take a couple of years to get some of what we’re talking about today fully implemented and built, but it will make an enormous difference,” Gibson said.
The LVCVA also approved deals for the 2027 College Football Playoff national championship at Allegiant Stadium, expected to generate approximately $540 million in economic impact, and the return of the Pac-12 men’s and women’s basketball tournaments to the MGM Grand Garden Arena in 2027 and 2028, which are expected to draw over 15,000 out-of-town visitors and generate more than 13,000 incremental room nights.
