Formula 1's Las Vegas Grand Prix will continue through at least 2027 after the Las Vegas Convention and Visitors Authority (LVCVA) board approved a $20-million sponsorship deal, according to Mick Akers of the Las Vegas Review-Journal.
Key Takeaways
- LVCVA commits $20 million to extend the Las Vegas Grand Prix through 2027.
- CEO Steve Hill says the LVCVA is open to a longer-term contract.
- 2024 race generated roughly $934 million in economic impact.
The sponsorship agreement allocates $10 million annually for the 2026 and 2027 races. It follows an initial contract of $6.5 million per year for the 2023-2025 events, which concludes after this year’s race weekend, scheduled for Nov. 20-22.
“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,” said Emily Prazer, F1 chief commercial officer and Las Vegas Grand Prix president.
The sponsorship covers $7.5 million in race-related marketing and support, plus $2.5 million for Strip employee transportation and ticket purchases, costs that were previously approved separately. LVCVA CEO Steve Hill noted the agency is open to a longer-term contract beyond 2027, depending on "logistics" and "economics" that work for both the city and F1.
“There’s no particular plan other than we want the race to last longer than five years,” Hill said. “The two-year agreement right now seems to make sense to get them to five years. 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.”
Race generates $934M in Year 2
The event had a $934-million economic impact in its second year, making it the city’s largest annual event, according to a joint study from consulting firm Applied Analysis and Las Vegas Grand Prix officials.
Visitor spending totaled $556 million, with $378 million from operations. Attendance reached 306,000, including 175,000 out-of-town visitors, and hotel occupancy rose to 87%.
Officials emphasized community engagement efforts, with $15 million in tax relief going to local schools, and they expect continued growth despite the dip from 2023’s $1.5-billion impact in Year 1.
Las Vegas casinos impacted by continuous tourism decline
Meanwhile, Las Vegas tourism saw a sharp drop in June 2025, with only 3.1 million visitors, a decrease of 11.3% from last year, LVCVA data shows. Rising prices, shifting gambling habits, and generational lifestyle changes are driving the decline.
Occupancy rates were down 6.5%, and average hotel prices dropped 6.6% to $163.64, while industry leaders warn that the city’s current casino-and-showgirl marketing may not appeal to younger demographics.
The impact can already be seen in some of the Strip’s iconic casinos. Golden Gate recently announced it would be removing all live table games from its property by the end of the month, with dwindling visitor traffic being among the reasons.
