Las Vegas will return to the Formula One calendar in 2023 after an absence of more than four decades.
Vegas will be the third city in the United States to host F1 races, joining Miami and Austin on the schedule.
Races were previously held in the city in 1981 and 1982, though unlike back then, the new race will take place along the world-famous Las Vegas Strip.
An F1 statement read: "The 14-turn track will run for 3.8 miles (6.12km) with top speeds expected to hit around 212mph (342km/h).
"The design features three straights, a high-speed cornering sequence and a single chicane section, with the Grand Prix to be run over 50 laps."
At an announcement event in Vegas on Wednesday, F1 President and CEO Stefano Domenicali said: "This is an incredible moment for F1 that demonstrates the huge appeal and growth of our sport with a third race in the US. Las Vegas is a destination known around the world for its excitement, hospitality, thrills, and of course, the famous Strip.
"There is no better place for Formula 1 to race than in the global entertainment capital of the world and we cannot wait to be here next year. I want to thank everyone who helped deliver this event, especially Governor Sisolak, the Clark County Commission, Steve Hill at the LVCVA, and our local partners."
Various drivers reacted to the news on the F1 website, with Red Bull's Max Verstappen saying: "It's going to be fun."
Mercedes rival Lewis Hamilton simply added: "That’s going to be a pretty hardcore event."