LAS VEGAS (KTNV) — The Las Vegas Convention and Visitors Authority has proposed the purchase of up to $7 million of tickets to the Formula 1 Las Vegas Grand Prix.
The agenda item was part of the agenda posted on Tuesday, but will not be considered until the next board meeting on March 14.
In the proposal, the board describes the race as "uniquely operationally impactful to the Strip Resort Corridor."
According to meeting minutes, approximately $3,450,000 of tickets will be reserved for "current and future customers," which will include $750,000 of expenses for "key destination partners."
The remainder of the tickets — $2,800,000 — will be resold to destination properties and other community partners for use, for which LVCVA will be reimbursed.
"Stakeholders’ event experiences and observation are both necessary and beneficial for the destination and to the event," the proposal reads. "Interaction with these stakeholders is also meaningful to our customers’ experiences."
