As we touched down into Singapore to witness this year’s Formula 1 Singapore Grand Prix, exciting news landed in my email—that Singapore GP Pte Ltd and Singapore Tourism Board have decided to host the Formula 1 World Championship from 2018 to 2021. News had circulated the past years and months that this year’s edition will be the last, so fans, who consider Singapore as one of the most anticipated parts of the F1 Grand Prix calendar, were surely elated by this development.
Per the press release:
The announcement comes against the background of a year-to-date 19% increase in ticket sales, with the weekend sales still to be included. In its first decade, the race has yielded significant economic benefits, attracting over 450,000 international visitors to Singapore and about S$1.4 billion in tourism receipts. With more than 90% of the race organisation sub-contracted annually to Singapore-based companies, the race also contributes to the local economy, over and above the tourism outcomes. This event has also showcased Singapore as a beautiful, vibrant and attractive destination to over 780 million international broadcast viewers.
This is surely a win-win for the parties involved, and as I said, this is good news for fans from all over the world.