Las Vegas Grand Prix Signs Multi-Year Deal Extension Amid Economic Fluctuations
The Las Vegas Grand Prix has received a two-year extension to maintain the Formula 1 race on the schedule at least through the 2027 season. Included on the F1 schedule in 2023 under a three-year initial deal, the extension indicates growing optimism for the event's long-term viability.
Clark County authorizes the race, which will be staged along the Las Vegas Strip, on a 10-year agreement. Backed by hospitality and casino giants, the Las Vegas Grand Prix has become a strategic priority in Formula 1's expansion into North America and is a huge event for our best sports betting sites.
Las Vegas Grand Prix president and F1 commercial chief Emily Prazer confirmed the ambition was to make the event a calendar fixture in the years beyond 2027.
“We want to make sure that we’re continuing to evolve what we’re doing. But the intent is a much longer-term arrangement," Prazer said. “As we all know, the race has had its challenges, but we’re coming out the other side. So we want to make sure that it continues to work for both sides."
Despite a troubled start, the first race was ultimately greeted as a highlight of the season. Although included in the 2026 schedule published earlier this week, the news was officially announced this past Saturday, June 14, at the Canadian Grand Prix.
Big Payday for Las Vegas
The 2024 event injected a considerable amount of money into the local economy, generating a total of $934 million in revenue, according to a report released this week. It also generated $45 million in taxes, of which $15.5 million was allocated to Nevada's education fund. Tourists spent an average of $2,400 each over race week, which is almost twice the average visitor spend over the remainder of the year. It's not just a boost for the Nevada sports betting market, but the entire local economy.
The 2024 race, which George Russell won, was viewed by a global TV audience of 56.1 million people. In its second season, the Las Vegas Grand Prix solidified its unique position as the only Formula 1 race where the organizer and host are the championship itself.
This arrangement allows F1 to operate the circuit directly, or Grand Prix Plaza, and its amenities, without the need to pass through a local organizing committee.
F1 has recently stated that the Grand Prix Plaza will be an interactive fan center accessible to the general public on March 29. The complex will have an F1-themed museum, simulators, and a karting course integrated into the circuit design.
Las Vegas tourism decline
The long-term future of Las Vegas events must contend with declining gaming and tourist revenues. Statistics in April 2025 show a 3.4% year-on-year decline in passenger volumes at Harry Reid International Airport.
Citywide visitation declined 6% compared with the same period in 2024. The Strip experienced gaming revenue declining by 3%. Statewide collections of gambling taxes mirrored the decline.
Despite these, convention traffic was a welcome counterbalance. Business travel jumped 14% with events like WrestleMania and a few of the bigger trade shows, and 574,000 convention attendees were in April.
