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This weekend’s Formula One (F1) night race marks Singapore’s fourth year of playing host to this sporting event that is proving to be lucrative for both organizers and sponsors alike.
The Singapore Tourism Board (STB) told CNBC on Friday that the annual event costs S$150 million ($115 million) to stage. The company Singapore Grand Prix, set up by local entrepreneur Ong Beng Seng, has the rights to run the race for five years. Singapore GP along with the government share the cost of the event, with the government footing 60 percent of the bill, according to the STB.
Beyond the floodlights, race cars, A-list crowds and glamorous parties, the sporting event has turned into a business opportunity for hotels and retailers attracting tourists that make up about 40 percent of the spectators.
“Every year, for the last 3 or 4 years, (Singapore GP) adds over S$100 million on top of the overall tourist receipts,” Song Seng Wun, Regional Economist of CIMB, told CNBC.
Tourists coming for the three-day event are forecast to spend around S$100 million this year, according to the Singapore Tourism Board. The total expected revenue of S$200 million offers a sizable return on the S$150 million spent.
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