Clark County commissioners unanimously approved Tuesday recognizing the Formula One Las Vegas Grand Prix as an annual event for at least 10 years. The approval opens up the door for the race, already signed to a three-year deal, to be possible for at least the next decade, if not longer.
Commission Chairman Jim Gibson commented on this approval: “We anticipate a lifetime together in partnership. This will open the pathway to be able to do it for at least 10 years. Beyond that, I’m sure those who succeed us will see the volume in what we’ve done and continue it forever.”
The first of what’s set to be many races to come will be held November 16-18 on a street circuit that runs in and around the Strip. As part of the decade-long agreement, the race must take place the weekend before Thanksgiving each year in order for various ordinances to be waived, reports Las Vegas Review-Journal.
One ordinance that would be waived is to allow events to occur on the Strip between Sahara and Tropicana avenues during days and times not normally allowed because of traffic issues that would occur as a result.
Clark County will work with race officials to set up the race each year. That work is tentatively planned to occur over five days, running between the Wednesday through the Sunday before race week.
The 3.8 mile, 50-lap race taking place at night includes a stretch on Las Vegas Boulevard between Spring Mountain Road and Harmon Avenue. Race cars will reach speeds up to 212 mph, which is the top speed for the race, according to Terry Miller of Miller Project Management, who is working with F1 on the planning of the race.
The race will be run on public and private rights of way that includes areas around the F1 paddock and the MSG Sphere. The paddock area, located at Harmon and Koval Lane, will serve as the focal point of the race. That is where the 300,000-square-foot facility is being built, which will include drive pits, the start/finish line of the race VIP spectator areas and a rooftop terrace.
VIP packages for the race are already well into the seven-figure range. In December, Caesars Entertainment revealed its Emperor Package, which costs $5 million. It includes a dozen Paddock Club passes throughout race week, tickets to see Adele in concert at Caesars Palace, five nights in a 4,700-square-foot terrace suite overlooking the racetrack, around-the-clock butler service, and more.
The race in Vegas is expected to be the most expensive sporting event on Formula One’s agenda next year, reports Daily Mail. The price starts at $500 for a three-day general admission pass. Those seats were only added after fans complained that hotels planned to purchase massive ticket blocks and repackage them into entertainment experiences ranging from $100,000 to $1 million. Ahead of tickets first going on sale in November, seats in the grandstands started at $2,500.
