this post was submitted on 17 Nov 2023
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They signed a 10-year-contract with the intention of extending it should it turn out to be a long term success.
It's kind of an interesting situation since F1 purchased & built the pits & paddock area for 240m USD. So F1 doesn't really make a contract with a racetrack owner, but with the City of Las Vegas to "borrow" those public roads.
Sauce: https://www.planetf1.com/news/las-vegas-strip-2032-f1-agreement