F1 may ask Clark County for millions for Grand Prix infrastructure work
Clark County could be tasked to pay for at least a portion of the millions of dollars worth of infrastructure improvements needed ahead of next year’s inaugural Formula One Las Vegas Grand Prix.
The price to carry out that road work is estimated to be over $30 million, according to Clark County Commissioner and Las Vegas Convention and Visitors Authority board member Michael Naft.
The exact amount F1 officials could ask the county to contribute for that work remains to be seen, but those conversations are actively occurring and Naft is confident the county won’t be on the hook for the entire amount.
Formula One officials didn’t immediately respond to a request for comment.
Various upgrades are needed for the planned 3.8 mile circuit — spanning portions of Las Vegas Boulevard, Harmon Avenue, Koval Lane and Spring Mountain Road — to be race ready.
Everything from repaving roads, adjusting corners, prepping for safety walls to be installed and eventually welding down manholes ahead of the race will be needed to allow for the F1 race cars to reach speeds of up to 212 mph.
Gov. Steve Sisolak noted that race weekend, taking place Nov. 16-18, 2023, is expected to generate up to $1 billion and is set to occur once annually at least through 2025, but likely well beyond. So whatever the county contribution ends up being for the road will be worth it, according to Las Vegas Convention and Visitors Authority President and CEO Steve Hill.
“Formula One still needs to have that conversation (about the exact ask) with the county, but clearly the return on investment for that amount would be great,” Hill said. “It’s a single, initial time for a permanent race. So, yeah, the investment is well worth it, but the exact number, they still need to work out with the county.”
Formula One is already heavily invested in the Las Vegas Valley, with parent company Liberty Media purchasing a 39-acre plot of land on the northeast corner of Harmon Avenue and Koval Lane for $240 million. Plans call for building an approximately $250 million, 300,000 square foot paddock structure on the site, which will serve as the hub for race day activities.
The race’s start-finish line, driver pits, spectator grandstands and VIP areas are included in the space. Race officials also plan to utilize the space year-round for non-race weekend events.
Naft said an exact projected economic impact report for the race is being evaluated and what amount, if any, the county contributes will be heavily based on that.
“I want to be careful when it comes to spending taxpayer dollars,” Naft said. “I want to be damn sure the economic investment is worth the output. I will be closely watching that… I think there is a case to be made there that if the economic impact is so significant, that it makes investing in this something worthwhile.”
The stretch of the Strip included in the race between Spring Mountain Road and Harmon is already pegged for an upgrade project, tied in with a larger road project installing new water mains, repaving and other upgrades between Sahara Avenue on the north and the 215 Beltway on the south.
The portion included in the race course is tentatively slated to get underway in March 2024, with an estimated 14-month completion timeline. It is possible some of the costs incurred could be rolled into the already planned project, Naft noted.
“There are portions of that project that can coincide with this one,” Naft said. “You can certainly make a case that a chunk of this work would have had to been done regardless of Formula One and that’s closer to what a reasonable amount for the county to contribute could be. Beyond that, we shouldn’t be prioritizing something like this over much-needed transportation projects that impact people that live here and have to get around and safety and all those things.”
Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on Twitter.