LAS VEGAS (KTNV) — It's official — Formula 1 will be sticking around in the Las Vegas valley for a long time.
On Tuesday morning, Clark County commissioners unanimously voted to approve a proposed plan to host the Las Vegas Grand Prix as an annual event for the next 10 years.
The details of the resolution were presented by a project manager from Formula 1 in the commissioners' meeting, including estimated impacts on the local economy as well as the proposed restrictions on streets and times for the event.
F1 officials presented estimations that the race will have an economic impact of more than a billion dollars on the Las Vegas economy in only the first year, which generate much excitement among business owners and locals alike.
Jessica Maass, with Hofbrauhaus Las Vegas, says she is excited for all the tourists from all over the world to come to the valley to see Formula 1.
"They can also come down here and enjoy some authentic German food and beer," she added.
The event would be held on Las Vegas Boulevard South each Wednesday through Sunday "during the week prior to Thanksgiving in November for the years 2023 through 2032," according to the resolution.
In a statement, Formula 1 and Liberty Media addressed the plan saying:
“Our current agreement for an annual race extends through 2025. That being said, Formula 1 and Liberty Media have invested in Las Vegas with the purchase of 39 acres of land, building a 250,000-square-foot paddock building and philanthropic efforts to support the local community. Making Las Vegas a permanent Grand Prix stop on the F1 calendar is our goal, and a 10-year approval provides us with the certainty that race weekend would be available on the calendar for the long term.”
KTNV Reporter Jaewon Jung contributed to this report.
