South Korean Island Preps for F1’s Return, Expecting $90 Million in Revenue from 200,000 Visitors

Hosting a Formula 1 race is becoming highly fashionable and everyone wants to do it. We are seeing growing evidence of this every few weeks. Only recently we saw Madrid snatch the hosting right for the Spanish GP from 2026 onwards with a major investment into a new circuit. However, it has become common knowledge F1 has a massive return on investment and all F1 infrastructure practically pays for itself. This is exactly why now the Incheon International Airport Corporation will build a brand new circuit in hopes of reviving the South Korean GP.

Formula 1 did feature a race on the peaceful side of the Korean peninsula on the calendar during Sebastian Vettel’s reign. The race was featured from 2010 to 2013 and Vettel three out of the four races. Now the Incheon International Airport Corporation has accounted they will be constructing a new motorsports-centered tourism and leisure complex. The complex will attract tourists and will be a go-to for 200,000 travelers who would convert into spectators for the race which will also generate 120 billion won or approximately $90 million in revenue.

“Based on the analysis that there is a need for novel content that foreign tourists can enjoy while staying, we decided to focus on motorsports as a theme,” a construction official said as reported by Korean media outlet Hankyung.

Lee Hak-jae, CEO of Incheon International Airport Corporation, added, “If the F1 competition is hosted and held for three days at the Incheon Airport motorsports circuit, 200,000 visitors are expected to visit and spend about 120 billion won.”

Read More: How Much Does It Take For a City to Hold a Formula One Grand Prix Race?

South Korea is just another country trying its best to become a part of the circus and they know F1’s value having been part of it for three years. However, it seems it’s not only the venues that know the value of Formula 1.

Is Sebastian Vettel missing Formula 1?

It’s been a full year since Vettel left the sport and left a gaping hole in the minds of every F1 fan who enjoyed the German practice his trade in the circus. Vettel made a cameo during the 2023 Japanese GP to inaugurate some bee hotels around Suzuka where he was met by chants of “come back”. 

Perhaps the German has taken that suggestion seriously or he really misses the sport.

We are suggesting that based on his Instagram activity and not a whim. The German has been posting almost daily on his social media and giving his fans a trip down memory lane. Vettel, via photos and videos, is recalling his time in F1 with his Instagram full of throwbacks from his Red Bull days, so far.

The German could be just doing a bit of social media catching up after getting his hands on a boatload’s worth of content to show his fans. Or he just really misses racing in F1.

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If it’s the latter, we already have a lot of seats in question for the 2025 season and a two-year break would be enough to ignite the fire within him. Who knows, by the time he’s back, even South Korea will make a return to the calendar and he can extend his record.