The Las Vegas Grand Prix is set for November 2023, and the city’s tourism officials have pledged to sponsor the race with $6.5 million every year.

Officials from the Las Vegas Convention and Visitors Authority have pledged $19.5 million over the next three years to sponsor Formula One races on a track that incorporates the Las Vegas Strip.

According to the Las Vegas Review-Journal, the board of the Las Vegas Convention and Visitors Authority overwhelmingly approved Tuesday to invest $6.5 million per year to collaborate with Liberty Dice Inc. on the Las Vegas Grand Prix.

Liberty Media Corp, the parent company and owner of Formula 1, unveiled plans last week to spend $240 million for undisclosed land near the Strip for a pit and paddock complex.

Las Vegas will join Miami and the Circuit of the Americas in Austin, Texas, on the Formula One calendar next year, according to plans announced on March 30. Officials expect tens of thousands of racing fans from all around the world to attend the race in Vegas.

According to ESPN, the Miami Grand Prix on May 9 broke a new record for TV views for a live event in the United States, thanks in part to the Netflix docu-series “Drive to Survive.”

The Las Vegas Grand Prix will feature a night race that will take place on a temporary 3.8-mile (6.1-kilometer) street circuit that will pass the Bellagio, Caesars Palace, and the soon-to-be-completed MSG Sphere.

The Las Vegas race will also act as a warm-up for the Super Bowl, which will be held at Allegiant Stadium in February 2024. According to the Review-Journal, the board earlier approved spending $40 million on the event.

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