The Las Vegas Convention and Visitors Authority on Tuesday formally certified that it expects this year’s Formula One Las Vegas Grand Prix will generate economic impact of at least $250 million, the largest financial generator among the city’s 2024 special events.

Board members unanimously approved the certification which will enable advertising and promotion along a designated state highway. Tuesday’s vote is only a procedural move as the economic impact of the 2024 F1 race will likely be much more as the 2023 race was estimated to have generated $1.5 billion for the region.

The course for the Las Vegas Grand Prix includes a section of Las Vegas Boulevard that also is designated as U.S. Highway 91 and is administered by the Nevada Department of Transportation.

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