So far this race weekend has been a huge letdown for F1. Drivers are commenting on the track layout, attendance is low, stuff like this happens... I doubt this race will be back next year.
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.