LAS VEGAS (KLAS) — Formula 1 racing will be returning to Las Vegas after almost 40 years in November 2023.

The racing event coming to the Strip will be huge for Las Vegas, literally — 170,000 people are expected to be in town for the race, enough to fill Allegiant stadium over two and a half times over.

John Yaskowitz told 8 News Now he drove hundreds of miles to see the Grand Prix in Austin, Texas.

“I think it’s growing every year, for us, it’s an event,” he said.

During the racing season in the U.S., races come to Las Vegas, Austin, and Miami.

Race cars will be going 200 miles per hour on 3.8 mile track on and around the Strip for 50 laps, and millions around the world are expected to watch from home.

“That is going to be something we haven’t seen before,” said Las Vegas Motor Speedway Communications’ Jeff Motley. “Now, we got one of the largest events in the world.”

It was announced on Wednesday that the race will take place on a Saturday in November of next year.

“I hear the race is going to be at night, anytime you can do anything underneath the lights of the Las Vegas Strip it, really resonates around the world,” Motley continued. “Formula 1 certainly has an incredible international following, they race all over the world.”

The economic impact the race is expected to have on the city is also staggering. Clark County officials have said they expect the race to bring in around $700 million, and for about 400,000 hotel rooms to be booked for the event.

“There is going to be a huge economic impact, that is going to be the hotels, the restaurants, rental cars, airport landing fees, everything that goes into that,” Motley said.