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)

 

Cars and carnival: Singapore gets the F1 formula right

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attendance for the 2018 race: 263,000 (second highest since inaugural race with 300,000)

Singapore Tourism Board (STB) had previously revealed that in the race's first 10 years, over 450,000 international visitors had flown to Singapore for the event, generating an estimated $1.4 billion in total incremental tourism receipts.

Former F1 chief executive Bernie Ecclestone had called the Singapore race the sport's "crown jewel". Current supremo Chase Carey said it is "the signature race for Formula One"...And two weeks ago, the twisty and challenging 23-turn track had defending world champion Lewis Hamilton calling the Marina Bay Street Circuit "Monaco on steroids".

The annual cost of hosting the race was estimated to be $150 million, although then Minister for Trade and Industry (Industry) S. Iswaran said last year that costs had come down by about $15 million to $135 million.

The night race, with Singapore's skyline as the backdrop, has marketed the whole of Singapore - not as a city full of crazy rich Asians, but as a city that can be full of crazy fun.


Qns:

1.     Hosting major sporting events creates more problems than benefits. Do you agree? (Cam. 2005)

2.     Does sport merit the vast sums of money that are spent on it? (Cam. 2010)

Singapore GP will continue if 'the price is right'

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Hosting of F1 race inSingapore:

raking in more than $1.4 billion in tourism receipts since 2008

gives us a chance to brand Singapore overseas because the race is broadcast to more than 840 million viewers. And when they see how beautiful Singapore is, I hope they have an interest to visit us

Singapore Airlines Singapore Grand Prix drew more than 263,000 fans over the three-day event, the second-highest attendance after the 300,000 at the inaugural race in 2008

cost of hosting the race had decreased by about $15 million to $135 million.

for the younger generation, for them to have interest in F1 and related activities because it is also linked to the learning of science, technology and engineering

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