SINGAPORE – Minister for Trade and Industry S. Iswaran on Friday (Sept 15) announced that the Republic will continue hosting the Formula One Singapore Grand Prix for the next four years.
Now into its 10th edition, the Singapore Grand Prix is the sport’s first night race and has been a successful and unique blend of F1 action, its party atmosphere and business networking opportunities.
Since the inaugural race, it has drawn about 350,000 overseas visitors and tourism receipts on average bring in $150 million annually.
The cost of hosting the race around the Marina Bay Street Circuit is estimated to cost around $150 million each year, with the Government committing 60 per cent and organisers Singapore GP footing the rest.
Ticket sales fell last year to around 73,000 for each of the three days of the race weekend.
In 2015, the average was 87,000 and the highest was 100,000 in 2008 when the first Singapore Grand Prix was hosted.
Since the first race in 2008, four drivers have won the Singapore Grand Prix – Sebastian Vettel (four times), Fernando Alonso (twice), Lewis Hamilton (twice) and Nico Rosberg (once).
More to follow.
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