LAS VEGAS (KLAS) — A three-year sponsorship deal for the Formula 1 will cost taxpayers $19.5 million — $6.5 million a year — according to an agenda item up for a vote Tuesday.
The Las Vegas Convention and Visitors Authority Board of Directors will meet Tuesday, May 10, to consider the payment.
The F1 announcement on March 30 was met with excitement, and the wheels have been turning fast since then. A $240 million deal to buy 39 acres east of the Las Vegas Strip was revealed on Friday.
The deal is with Liberty Dice Inc., Formula 1’s owner. It promises an event with a distinctly international flair.
“A strategic partnership between Liberty and the Las Vegas Convention and Visitors Authority, to hold annual Formula 1 Grand Prix races in Las Vegas, will bring thousands
of Formula One fans to the destination and further cement Las Vegas as the sports and
entertainment capital of the world,” according to the agenda item.
Among the assurances Liberty can expect if the deal is approved:
- Assistance in obtaining land use and regulatory approval.
- Facilitation of discussions related to circuit construction and maintenance.
- Support with utilities, technology, and communications coordination.
- Assistance with transportation and traffic management.
- Engagement of volunteers and community partners.
- Relationship-building with resort partners.
- Identification and assistance in acquiring race-related event venues.
LVCVA will also commit to providing public safety and security services, fire and medical emergency services, medical center and equipment access, marketing support and other assistance.