The Paradise Tunnels station is on track to receive a temporary occupancy permit this week, LVCVA President and CEO Steve Hill said. Each Loop stop must pass inspections before it can open, and Hill said the agency anticipates the station being open by the end of the week.

"They're very close to being able to get that completed, and we anticipate it being open, like I said, by the end of this week," Hill said.

The new station will extend the existing Loop system, which already includes stops at Resorts World, Sahara, Encore and the Las Vegas Convention Center. Hill said the Thomas & Mack station and the Gordon Biersch station will connect to the rest of the system.

With hundreds of thousands of visitors expected in the Las Vegas valley for race week, traffic congestion is a major concern. Hill said the Loop could help take some cars off the roads.

"People will use it, which means people are not on the roads using the roads. That's the benefit. We think that's going to be pretty significant," Hill said.

Hill estimated that a station can currently handle a few thousand people per hour. "So each one of those stations could handle that," he said.

However, Hill cautioned that the Loop is not intended to solve all of the region's transportation problems. "But it is a supplement to the transportation system that's already here. It doesn't have either a goal or the responsibility of solving our transportation issues," he said.

Hill added that he believes the system benefits everyone and noted that it does not cost taxpayers.

The LVCVA said it does not yet have projections for how many people will use the Loop system during Formula One. The stop near Howard Hughes Center and Virgin Hotels is also in the process of being completed, but no timeline has been announced.