Vegas tourism board allocates $6.5M a year for Formula One

LAS VEGAS (AP) — Tourism officials in Las Vegas have committed $19.5 million over the next three years to sponsor Formula One races on a course that includes the Las Vegas Strip. The Las Vegas Convention and Visitors Authority board voted unanimously to spend $6.5 million per year. Last week, F1 owner Liberty Media announced plans to pay $240 million to buy property near the Strip for a pit and paddock complex. Officials expect the race to attract tens of thousands of fans and boost Las Vegas as a tourist and sports destination.