LV in line for second NASCAR race
Deal near to bring fall Cup-tier event to speedway
Las Vegas is close to getting a second top-tier NASCAR race at Las Vegas Motor Speedway beginning in 2018.
The Las Vegas Convention and Visitors Authority board of directors has scheduled a special meeting for Wednesday to consider a seven-year $2.5 million annual sponsorship agreement with NASCAR that would include the addition of a fall race at the speedway.
NASCAR has held a Las Vegas race every year since 1998, usually in March. This year’s race, the Kobalt 400, a part of the Monster Energy NASCAR Cup Series, is March 12.
While key figures aren’t talking specifics, the proposed contract that will be put to the 14-member board’s vote Wednesday provides some detail.
The sponsorship and marketing agreement would dedicate $1 million per race, plus $500,000 a year to market both the spring and fall races, beginning Jan. 1 for seven years with an option for three additional years.
The contract would be for “two NASCAR first-tier (currently Monster Energy NASCAR Cup Series) sanctioned races at the Las Vegas Motor Speedway every year during the term of this agreement.”
The agreement said the LVCVA would pay the first fee in-
stallment of the total $17.5 million commitment “beginning with the 2018 races.”
There are clauses in place to cancel payments if a race is canceled and not rescheduled, the race isn’t a Cup-level event or if it isn’t broadcast on a major broadcast or cable television network. Eight networks are listed as suitable broadcast partners.
In the LVCVA’s meeting backup material, documents say the Las Vegas NASCAR race in March 2016 attracted 96,400 out-of-town visitors resulting in a $139.2 million economic impact.
A representative of the LVCVA declined to answer detailed questions about the planned race, but issued a statement.
“The proposed NASCAR sponsorship will be considered for approval by our board of directors at the March 8 meeting,” the emailed statement said. “Until the board votes on the proposal, it’s premature for us to comment on it. We have a great relationship with Las Vegas Motor Speedway and NASCAR and we look forward to continuing the partnership.”
A statement by Las Vegas Motor Speedway added few details.
“All of the information regarding a potential sponsorship opportunity between Las Vegas Motor Speedway and the Las Vegas Convention and Visitors Authority can be found at www.lvcva.com,” the emailed statement said. “When there is more information to provide, we will do so subsequent to the LVCVA board of directors meeting on March 8.”
It’s unclear whether the added Las Vegas race would be a new race or take the place of an event currently being held at another track that has two races a year. Thirteen NASCAR tracks have two races, and nine of those have second dates in the fall.
Jim Cassidy, senior vice president of racing operations and NASCAR event management, said nothing has been finalized regarding the 2018 schedules.
“We are constantly working with promoters to discuss and develop NASCAR schedules,” Cassidy said. “We have not finalized any schedules for 2018 or beyond, but will announce them as they become final.”