Why Singapore renewed F1 race contract

Remember that other than the 2010 YOG, the F1 race is a high profile sporting event hosted by Singapore; the other one is the Standard Chartered Marathon. Here're some articles where the govt explains why it inked the new contract to resume the F1 race here. The usual arguments are mentioned, but two comes across quite strongly: national pride and branding. Pertaining to the latter, recognise that we want to shed our dull, fuddy-duddy image. Hosting F1 gives us that buzz, branding us not just as an efficient, innovative nation, but also as the 'world's playground', thus helping to draw tourists, investors and foreign talent -- the last of which is not just looking for a place to work, but also a fun place to live. Note that Singapore was voted one of the most liveable cities in the world, and hosting the F1 surely has a role to play in it. Useful statistics: cost of staging F1 each year is S$150 million; tourist receipts each race weekend is S$150 million. This appears to break even for us, but there's also S$1 billion of 'additional value-add' over ten years. Go figure!

Sample Qn: 'Hosting major sporting events creates more problems than benefits.' Do you agree? (Cambridge 2005)