F1: Las Vegas looking to extend F1 deal out 10 years

The Las Vegas Grand Prix  hasn’t even happened yet, but Formula 1 and city officials look set to make it a 10-year deal, as opposed to the three-year deal that currently exists.

According to a resolution as part of the Clark County Commission’s Feb. 7 meeting, the board looks to recognize the Las Vegas Grand Prix as an annual event for 10 years, set for the weekend prior to Thanksgiving every year from 2023 to 2032 reports KVVU FOX 5 TV in Las Vegas.

It’s estimated that the race will have an estimated economic impact of more than a billion dollars to the Las Vegas economy each year.

The resolution also waives the typical filing period for special events for F1, should they commit to the ten-year run, along with waivers for Clark County code for portions of the circuit.

Formula One and Liberty Media sent the following statement to KVVU FOX 5 TV regarding the resolution:

Our current agreement for an annual race extends through 2025. That said, Formula 1 and Liberty Media have invested in Las Vegas with the purchase of the 39 acres of land, building a 250,000 square foot paddock building and philanthropic efforts to support the local community. Making Las Vegas a permanent Grand Prix stop on the F1 calendar is our goal, and a 10-year approval provides us with the certainty that race weekend would be available on the calendar for the long term.

Clark County Commissioners are set to review the resolution during their Feb. 7 meeting.