SINGAPORE, 2017-Sep-19 — /Travel PR News/ — Singapore GP Pte Ltd and Singapore Tourism Board today announced that they will continue to host the FIA Formula 1 World Championship for four more years from 2018 to 2021.
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[1]. 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.
Over the years, the Singapore F1 race has distinguished itself as one that is not just about the sport, but one complemented by a strong line-up of concerts, entertainment and lifestyle offerings both within the circuit park and throughout the city. Mr Lionel Yeo, Chief Executive, Singapore Tourism Board said, “The race in Singapore has provided an excellent platform for businesses to test bed new lifestyle initiatives and products. This has not only created an exciting atmosphere during the race season, but also injected creative concepts and experiences that continue to attract tourists to Singapore all year round.”
Singapore GP’s Mr Ong Beng Seng said, “Since 2008 we have enjoyed a close working relationship with Formula 1® and all of its key players. We believe this has been a beneficial partnership for all parties, for our city and for the sport, and we look forward to building on that foundation with F1’s new owners.”
Minister for Trade and Industry (Industry) S Iswaran said, “The F1 Singapore Grand Prix has generated significant benefits for our economy as well as the FORMULA 1 franchise. With its global viewership and media coverage, the race has reinforced Singapore’s image as a vibrant and innovative city to a wide international audience. It has also created good opportunities for Singaporeans and the local business community. We look forward to the continued support of all Singaporeans as we work with FORMULA 1 ®, Singapore GP, and all stakeholders, to ensure the F1 Singapore Grand Prix remains an event that we can all be proud of.”
Speaking for Formula 1®, Chairman and CEO Chase Carey said:
“The Singapore Grand Prix is a signature Formula 1 race and therefore we are very pleased that it will continue to feature on the calendar for a further four years. The first ever night race in this sport is one of the most thrilling events of the year, taking place against the stunning backdrop of Marina Bay.
The Singapore Grand Prix, the Singapore Tourism Board and the Singapore Government have all done an excellent job of making this an event that involves the whole city. We are looking forward to offering our continued support to make the next four years even more spectacular and exciting.”
[1] Inclusive of projected international visitor arrivals and tourism receipts for 2017
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About Formula 1®
Formula 1® racing began in 1950 and is the world’s most prestigious motor racing competition, as well as the world’s most popular annual sporting series. In 2016 it was watched by 400 million unique television viewers from over 200 territories. The 2017 FIA Formula One World Championship™ runs from March to November and spans 20 races in 20 countries across five continents. Formula One World Championship Limited is part of Formula 1, and holds the exclusive commercial rights to the FIA Formula One World Championship™.
Formula 1 is a subsidiary of Liberty Media Corporation (NASDAQ: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) attributed to the Formula One Group tracking stock.
The F1 FORMULA 1 logo, FORMULA 1, F1, FIA FORMULA ONE WORLD CHAMPIONSHIP, GRAND PRIX and related marks are trade marks of Formula One Licensing BV, a Formula 1 company. All rights reserved.
About the FORMULA 1 SINGAPORE GRAND PRIX
Singapore has successfully hosted the only night race in Grand Prix history and Asia’s only street race on the Formula 1® calendar at the Marina Bay Street Circuit in downtown Singapore since the inaugural race in 2008.
For more information, visit www.singaporegp.sg or follow us on Facebook, Twitter, Instagram or Snapchat @F1nightrace. Official hashtags: #SingaporeGP & #F1NightRace.
For media kit and hi-res images, please visit bit.ly/SGPmedia
About the Singapore Tourism Board
The Singapore Tourism Board (STB) is the lead development agency for tourism, one of Singapore’s key economic sectors. Together with industry partners and the community, we shape a dynamic Singapore tourism landscape. We bring the Passion Made Possible brand to life by differentiating Singapore as a vibrant destination that inspires people to share and deepen their passions.
For more information, visit www.stb.gov.sg or www.visitsingapore.com or follow us on Twitter @STB_sg (https://twitter.com/stb_sg).
SOURCE: Singapore Tourism Board