LAS VEGAS (KTNV) — The Las Vegas Convention and Visitors Authority approved spending $7 million on F1 tickets Tuesday.
Of the $7 million, the LVCVA will resell $2.8 million worth of tickets to destination properties, other partners and community members.
The agency will spend the remaining $4.2 million for tickets they intend to distribute to VIP customers.
LVCVA President Steve Hill said the majority of these tickets will be given to customers who could bring important groups to Las Vegas. This includes trade show companies and travel agents.
He added that bringing these customers will help market the city for future events.
"The week of F1 is going to be one of the most fantastic weeks in Las Vegas ever," Hill said. "The opportunity to bring our customers - those who buy, travel and bulk around the country and the world - to Las Vegas to see that it's an experience you just don't happen to have very often. We bring events like this to Las Vegas to generate and build the economy of the city. Obviously, this is a high-end event and it's not very accessible from a financial standpoint for most but it is a benefit for everyone in Las Vegas by being here."
Initial paving of the race track is set to begin in April. Race officials said special sediment from Europe will be brought in to repave the track.
F1 Las Vegas scheduled to run from November 16 to November 18.
