The much-anticipated Singapore Airlines Singapore Grand Prix F1 race
is back in town after a three-year hiatus, bringing a slew of
race-themed experiences, high-profile MICE events as well as high
spenders over the Grand Prix weekend (30 September to 2 October).
The return of this iconic event is also a strong signal of
Singapore's return as a host of world-class events, after the city
reopened its borders in April 2022 and progressively eased many Covid-19
restrictions over the past couple of months.
Despite
being confirmed only in January this year, this year's event enjoyed
its biggest spectator turnout of 302,000 attendees since the first night race in 2008, with
ticket sales surpassing that of the 2019 race, which drew a three-day
total of 268,000 spectators.
Rooms at hotels near the street circuit area such as The
Ritz-Carlton, Millenia Singapore and Mandarin Oriental, Singapore were
booked out for the race or reported high occupancy rates.
Restaurants, bars and entertainment venues, especially those with a
view of the track, reported roaring business during the F1 week.
Lots of high spenders were also in town among the tens of thousands of fans during the three-day Grand Prix.
Among them was American entrepreneur Rembrandt Flores, the founder of
a Los Angeles-based Web3 consultancy, who was in Singapore for the Asia
Crypto Week. The two-day crypto conference, called Token2049,
coincided with Grand Prix and had its closing party at the Marina Bay
Sands Rooftop and the F1 Singapore Grand Prix.
Following his event, Flores would embark on his own week-long trip in
Singapore, splurging on top-end experiences such as watching the F1
race from the exclusive Paddock Club, Michelin meals and private yacht
trip around Sentosa.
Corporate entities, similarly, are entertaining clients at hotel suites, aboard yacht charters and the likes.
The only night race on F1's calendar, the Singapore Grand Prix has
generating over S$1.5 billion (US$1 billion) in incremental tourism
receipts for the country and attracted over 550,000 unique international
visitors since its debut.