Formula 1 in Las Vegas is racing to get a $ 19.5 million boost from the LVCVA

The Las Vegas Convention and Visitors Authority Board on Tuesday agreed to spend $ 19.5 million over three years to sponsor Formula One open-wheel races in the 2023, 2024 and 2025 resort corridors.

The board unanimously approved spending $ 6.5 million a year on a partnership with Liberty Dice Inc. to maintain the Las Vegas Formula 1 GP.

The event promises to attract tens of thousands of people to Las Vegas – many of whom are international arrivals.

This event is also expected to boost Las Vegas as an international destination, and the 2023 race is seen as a dress rehearsal for the Super Bowl LVIII in February 2024.

The $ 19.5 million spending is one of the largest sponsorships approved by the board. In January, the board approved spending $ 40 million to host the Super Bowl.

Payment will be made from the LVCVA general fund, which is primarily generated from room tax revenue paid by those staying at motels and hotels in Las Vegas.

Liberty, as the owner of Formula One World Championship Ltd., produces Formula 1 races around the world. More than 500 million Formula 1 fans often fly to destinations around the world on racing weekends and watch races at home via global Formula 1 broadcasts.

Strategic partnership between Liberty and LVCVA, to hold the annual Formula 1 Grand Prix races in Las Vegas, it is expected to bring thousands of Formula 1 fans to the city and further strengthen Las Vegas as the world capital of sports and entertainment, according to officials.

The LVCVA will assist Formula 1 in the operational management of the projects needed to secure successful Grand Prix races.

Operational planning includes services in kind: assistance in obtaining land use and regulatory approval; facilitating discussions regarding the construction and maintenance of the circuit; support in communal, technological and communication coordination; assistance in transport and traffic management; engagement of volunteers and community partners; building relationships with resort partners; and identifying and assisting in locating race-related events.

In other matters, the board unanimously approved spending $ 945,000 over three years to sponsor the Oracle Corp. conference. CloudWorld 2022-2024

About 20,000 Oracle customers, technology company owners and IT administrators are expected to attend.

Oracle, a computer technology company based in Austin, Texas, has in the past scheduled its fall conference every year in San Francisco. The 2022 show is scheduled for October 16-20 at the Caesars Forum and The Venetian. Performances in 2023 and 2024 are expected in September.

Contact Richard N. Velotti at rvelotta@reviewjournal.com or 702-477-3893. to follow @RickVelotta on Twitter.

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