LAS VEGAS (KLAS) – While repaving for November’s F1 race is well underway, the Las Vegas Grand Prix (LVGP) is just now asking Clark County to help cover the total cost of $80 million.
Stephanie Allen, representing LVGP during Tuesday’s Clark County Board of Commissioners meeting, revealed the price tag that, until now, has been unknown. The ask of LVGP: Clark County covers $40 million of it or half the total cost.
“There’s a significant public purpose related to the improvements to Clark County’s roads that you all will own after those improvements,” Allen said to the board Tuesday morning.
She cites sustainability and safety measures that are currently or about to be installed ahead of the November race along the nearly three miles of county-owned roads.
Planning for the internationally recognized race began over a year ago, according to Commissioner Chair Jim Gibson.
When asked why the ask to commissioners was delayed until June, Project Manager for the Circuit Terry Miller said, “There were a lot of moving parts. The only thing that wasn’t moving was November 2023. And so, we had to take action, we had to continue to move.”
The roughly 20-minute conversation saw commissioners grilling the two LVGP representatives about an assumed “obligation” the county would donate at least some funding, despite the formal request asking for so not being presented until roughly five months before the race.
“This negotiation feels a little bit too late,” Commissioner Michael Naft said while scratching his head.
“What’s 40 million dollars? Well, I’ll tell you what, in our capital budget, that’s a lot. That’s somebody’s park, that’s somebody’s recreation center,” Commissioner Marilyn Kirkpatrick said. “There’s a list where Clark County Comes last, but we’re first at the table, and I’m not doing it. I’m over it.”
“What gave you the comfort to go through this process and have us really, be obligated to $40 million?” Commissioner William McCurdy II asked the LVGP representatives.
“There is no obligation. We’re making a request today,” Allen responded.
The board narrowly passed a resolution during the Tuesday meeting that establishes a public-private partnership between the two agencies. Chair Jim Gibson explained that the partnership allows the county to negotiate with LVGP on how much public money, if any, will be contributed.
Indications up until now signal this money would come from taxpayers, though the specific source was not elaborated upon during the meeting.
Gibson said he’s been asking this same question to F1 for months with no answer, though he always “imagined” some kind of contribution would be necessary.
“We haven’t talked directly with Formula 1 about any of this,” Gibson said during an interview with 8 News Now after the meeting. “I think it’s fair to say no one should have an expectation that half of $80 million is something that the Clark County Board of Commissioners is going to approve or thinks it can afford to approve.”
With the partnership approved, county staff will now create an agreement through negotiations that commissioners will have the final say on when it’s introduced at a later and undisclosed date.
Currently, Liberty Media, which owns the Las Vegas Grand Prix and operates out of Colorado, is privately funding the entire project.
Regardless if the public money is not secured, Miller said “The race is going to happen in November 2023.”
Commissioners Jones, Kirkpatrick, and Naft voted ‘no’ on the resolution, with the other four members voting ‘yes.’ The vote presents no obligation for the County to contribute any money.