According to a report on the BBC, a Beijing-based conglomerate has indicated it will help bankroll a race plan that is being put together by American entrepreneur Farid Shidfar and his P2M Motorsports company.
Shidfar said: "They are very close to Las Vegas and have got businesses in media, sport, technology and entertainment, so they are a massive conglomerate.
"They came to us out of the blue late last year, because of the initiatives they are involved with in the state of Nevada, and we have been in due diligence since then.
"The benefits they will derive are very strategic so that's why they are very excited about it."
Track plan done
As well as the financial situation appearing to come together, the BBC has also revealed that F1 track designer Tilke has already proposed a circuit layout that will take in the Strip.
"We have successfully designed a racetrack which is partly on the Las Vegas Strip and does not impact any resort," says Peter Wahl, managing partner of F1's track designers Tilke.
"The track definitely has its own character and shall provide drivers high-speed challenges with different sharp corners.
"Best part, the track is designed to host large numbers of spectators, and I can't wait to see the first car fire up. I believe the Vegas race will become one of the highlights of the F1 calendar."
2017 not impossible
Although it is most likely that the first potential time a Las Vegas race could take place is 2018, Shidfar has not ruled out an event next year if progress in sorting a deal is done quickly.
He added: "There has been discussions of 2018, but it could be as early as 2017. We need roughly 14 months to prepare for this race."
This article by Jonathan Noble originally appeared on Motorsport.com.