atans1

F1- Only two other countries pay higher fees

In Economy, Tourism on 05/10/2014 at 6:07 pm

Singapore pays US$65m (S$83.3m) a year to bring F1 here. Only Malaysia and Abu Dhabi pay more.(BBC report).

Monaco is the only place that doesn’t pay.

So our “iconic” race is not cheap. Remember this when you read how much money F1 brings here.

The cost for organizing each race is approximately S$150 million dollars, with the government paying about 60% of the costs. And the fee is 55.6% of the cost). The government claims that each race generates about S$150 million in tourism receipts. So sounds like breakeven to me only, without taking into account the inconvenience to commuters and the lost sales at Suntec.

Worse, ticket sales are falling. More than 84,450 tickets were sold for the 2014 Formula 1 Singapore Grand Prix, slightly lower than last year but the third highest attendance since the inaugural race in 2008.Back in 2008, 100,000 tickets were snapped up as Singapore successfully pulled off the world’s first F1 night race on a street circuit.

  1. The F1 is not for common people. Went to the first F1 and will never return again.
    Most of the people there, especially at the more expensive locations are foreigners on FOC tickets given by banks and what-nots.

    Full of posers who are there to show off their expensive outfits and SPGs

    Again, nobody bring up the social costs of traffic jams and lost sales revenues to the surrounding shopping centres. Whilst the hotels made a killing by tripling their rates and running full occupancy, what is in it for the rest of us…..

    We should stop being conned into this “crown jewel” in the F1 circuit BS. When was the last time a crown jewel cost $65m annually?

  2. Yang_man’s right. F1 is not for average people like us. I worked in the construction for F1 few years back and the viewing galleries cost ranged from S$1.5k-S$10k per head. Yes bros. Per head. Paddock area could be more. But the suckiest thing is it’s our tax money going into that event annually.

    PS: Allow me to share your article. I’ll place your url as credits.

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