F1 News: Las Vegas official admits stunning contract revelation over F1 race

Las Vegas Grand Prix

Vegas official admits stunning contract revelation over F1 race

Could the Las Vegas Grand Prix be one and done?

Cal Gaunt

Sunday 18 February 2024 17:57 Updated: 11:21

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A Las Vegas official has disclosed that Clark County has not made a long-term commitment to hosting the F1 Las Vegas Grand Prix on the Strip every year.

This raises the possibility that, in theory, the event could be a one-time occurrence without a firm commitment.

Clark County commissioner Tick Segerblom reportedly said: "It turns out that we never signed a contract — that was all with the (Las Vegas Convention and Visitors Authority).

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“So everybody keeps saying that we’ve got three years. We never committed to three years, to my knowledge.”

The inaugural Las Vegas Grand Prix was a financial success

Concerns have no arisen over how long the Las Vegas Grand Prix will feature on the F1 calendar

No long-term commitment over Vegas

In a notable contradiction, chair James Gibson's assertion of a three-year contract during a meeting on February 7 is challenged by Segerblom's recent statements.

“I think it’s important to note that we have a three-year contract with Formula 1, but we anticipate a lifetime in partnership," he said.

While Gibson's remarks might have related to an agreement between the LVCVA and F1, the county did not make an explicit commitment to an annual race.

Despite the approval granted last year, recognising the event for ten years, it appears this was primarily a procedural step for ordinance waivers, lacking the substance of a binding agreement for annual races.

The debut Las Vegas Grand Prix proved financially lucrative for both F1 and the casinos lining the Strip.

However, Segerblom encounters opposition from constituents demanding recompense for financial setbacks and disruptions stemming from the extensive 2023 race preparations.

Initially set for deliberation at the Board of Clark County Commissioners meeting, the contentious matter was deferred, awaiting a public debriefing.

"I think it’s one of those things where the tail is wagging the dog, and we’re the dog, so let’s stop tail wagging and take over," Segerblom added.