Revealed: The Billion Dollar Tourism Boost Singapore Gets Through F1 Amid Contract Extension

The Singapore Grand Prix is undeniably one of the most glamorous Formula One events on the calendar and has managed to produce some ecstatic wheel-to-wheel battles over the course of 12 years. Now, amid the ever-growing popularity of the sport, the Singapore GP organizers recently extended their contract with F1.

Not a short-term contract but one that remains active until the end of 2028, with the option of extending it even further. Of course, one might wonder how an F1 event could make a difference in terms of Singapore’s financial stature.

Well, turns out, F1 has played a large role in boosting tourism to Singapore. The racing event has generated $1.5 billion in incremental tourism receipts. What’s more, F1 has also managed to attract over 550,000 unique international visitors to Singapore since the debut of the Singapore Grand Prix in 2008.

In 2019, Singapore witnessed around 268,000 spectators making it to the three-day race weekend, making it the second-highest crowd count in event history. Hence, amid the massive growth in popularity in the past year, the upcoming 2022 Singapore GP is likely to witness a steep rise in the number of spectators.

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Singapore minister admits F1 being the ‘focal point’

As reported by Devdiscourse, Singapore’s Minister for Transport, S Iswaran, opened up about how F1 has played a significant role in generating more revenue.

“The Singapore Formula One race continues to be a strong focal point for tourists, global events, and business meetings,” he said. “The renewal will help sustain Singapore’s reputation as a global city with a vibrant lifestyle, attracting international visitors as travel rebounds, and generating business revenue and jobs for Singaporeans.”

Meanwhile, F1 CEO, Stefano Domenicali, affirmed that Singapore always holds a special place on the racing calendar. “Singapore holds a special place on the F1 calendar, and this extension is part of our long-term commitment to continue to grow the sport in Asia,” he said.

“The Marina Bay Street Circuit hosted the first night race in F1 history in 2008, and Singapore has continued to thrill fans, teams, and drivers ever since.”

Overall, with enhanced cars set to hit the track from this season, will the Marina Bay Circuit manage to provide an enthralling F1 race? We’ll know soon enough.

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