Huge $1.5billion impact reveal as F1 strengthens Las Vegas partnership with key announcement

The inaugural Las Vegas Grand Prix may have been controversial when it was first announced, but the venue provided a shockingly fun race — and a big boost to the local economy.

Today, Formula 1 has announced an official partnership with the Las Vegas Convention and Visitors Authority (LVCVA) — a local organization dedicated to promoting tourism in southern Nevada — to celebrate a whopping $1.5 billion estimated economic impact in the city.

LVCVA parters with Formula 1

The Las Vegas Convention and Visitors Authority already promotes a massive variety of events, including the Mint 400, the National Finals Rodeo, NFL games, and annual trade shows for a wide variety of industries.

That Formula 1 would join that repertoire was almost a given — but this new partnership further deepens the relationship already in place.

That’s thanks largely to the fact that the inaugural Las Vegas Grand Prix proved to be a whopping success. Per the press release from Formula 1, the race was the largest sporting event in the city’s history, with a global TV audience of 59.3 million viewers and 316,000 fans in attendance.

All the F1 fans descending on the city that weekend brought a $1.5 billion economic boost to Las Vegas during what is traditionally one of the city’s quietest tourism weekends.

This new partnership will run through the end of 2025, though you may have already noticed LVCVA banners adorning Formula 1 tracks around the world already this season.

More from Formula 1 in Las Vegas

👉 Four things F1 actually got right during chaotic Las Vegas Grand Prix

👉 Why F1’s chaotic Las Vegas past doesn’t do Sin City justice

The race in Las Vegas raised a lot of strong opinions. While some folks were fully prepared to embrace the concept of a night race down the iconic Las Vegas Strip, others were concerned about any number of factors — the odd time of the race, its long working hours, and the possible detrimental impact on local businesses as a result of construction.

However, by the conclusion of the weekend, many skeptics had been converted. Speaking with everyone from bartenders and rideshare drivers to business owners at the conclusion of the weekend, I learned that the near unanimous conclusion among locals was the fact the Grand Prix had proceeded much smoother than expected, and that the influx of F1 fans had been welcome during an otherwise difficult time of year.

While there were specific issues to address — such as helping to direct customers to businesses that had appeared closed due to track construction — F1’s close ties with the city of Las Vegas and the LVCVA promise a smoother sophomore race.

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