The Las Vegas Grand Prix will remain on the Formula 1 calendar until at least 2037

F1’s willingness to invest its own money in Las Vegas was a key factor in allowing the city to support the event and move down the Strip in front of the famous casino hotels.

The event proved a big success for Las Vegas, turning what had been its least profitable weekend of the year into one of its most profitable since before Thanksgiving.

A statement from F1 said the grand prix had provided $3.2bn (£2.4bn) in incremental economic impact for Las Vegas from 2023, with the 2025 race alone generating $US43m ($32m) in tax revenue for the city.

Steve Hill, President and CEO of the Las Vegas Convention and Visitors Authority said: “Extending our partnership with Formula 1 for the next decade is a big moment for both Las Vegas and the Grand Prix.

“In just three years, the race has grown into a signature global event – ​​placing Las Vegas at the center of culture, competition and entertainment during race week.

“As the world’s spotlight turns to Las Vegas, the event continues to reinforce our evolution as a premier sports and entertainment destination.”