Singapore GP and Singapore Tourism Board (STB) will continue to host the FIA Formula 1 World Championship for four more years from 2018 to 2021.
According to an SGP press statement, 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 SG$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.
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.
“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," Lionel Yeo, chief executive, STB 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," Singapore GP’s Ong Beng Seng, 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," Formula 1, chairman and CEO Chase Carey, said.
Minister for Trade and Industry (Industry) S Iswaran said the F1 Singapore Grand Prix has generated significant benefits for the Singapore 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," he added.