We’ll be seeing more fast cars and music festivals for years to come.
As Singapore gears up for the tenth edition of the Formula 1 Singapore Grand Prix in September, the event’s continuation in the city-state looked to remain up in the air. Former chief executive of the Formula One Group, Bernie Ecclestone, said that the racing spectacle is here to stay.
When speaking to reporters at the Russian Grand Prix, Ecclestone was asked about whether Malaysia’s decision to end their association with the racing phenomena. He responded with “No, not at all. We’ve got Singapore.” The Briton, who still advises the Formula One Group in a chairman emeritus role, continued by saying that “If [they’d] have lost Singapore, it’s not good. But [they] haven’t lost Singapore, so it’s OK. [Singapore was] going to stop, it’s okay now.”
This comes in contrast with statements Ecclestone made in November last year, when he suggested that contract negations to extend the Singapore Grand Prix beyond 2017 were not going well. Representatives of the Singapore Grand Prix, however, would not comment on the ongoing negations.
Tourist Numbers Still Going Strong For F1
When news broke last year that the Singapore Grand Prix might not be continuing, many were quick to understand the Singapore government’s reservations about committing to the expensive events. It has been estimated to amount to about S$150 million annually, with the government forking out 60 percent of the costs. Moreover, 2016 saw the average daily attendance of the event fall to 73,000, down from 87,000 in 2015, with many blaming the faltering global economy for this occurrence.
The event, however, is estimated to bring in about S$160 million in tourist receipts – making it more profitable than its Malaysia counterpart. Experts have also argued that the Singapore Grand Prix benefits the country in more than just pure financial profit, but has helped to transformation the city-state’s image into one that is modern and cosmopolitan. The race, which is broadcast globally in over 200 territories, reaches an average of 80 million viewers.
Dan Parr, director of Fast Track Asia, pointed out that “more people that travel to the Singapore Grand Prix for the music than for the car racing”. He added on, saying that “For a few days a year Singapore is cool, funky and glamorous, challenging the perception of a rather sanitised, dull city.”
Although the temporary road closures and disturbances to traffic might irk some, the Singapore Grand Prix is ultimately a positive for both Singapore’s economy and global image. And if Ecclestone’s words ring true, we’ll be seeing more fast cars and music festivals for years to come.