F1 also had positive impacts on San Antonio

The United States Formula 1 Grand Prix held in Austin this year had a positive economic impact not only on the Texan capital but also on San Antonio, located just over a hundred kilometers away. A study revealed by the local newspaper Statesman shows that San Antonio hotels experienced a 40% increase in revenue over the five days leading up to the race compared to the previous year. This represents more than five million dollars, out of a total of 16.5 million dollars.

This did not fail to surprise local businesses, as stated by George Mery, head of a shuttle service in the two affected cities: « It’s probably the first time in the city’s history that we’re benefiting from an event with which we have nothing to do. This is the first time this has happened. »

However, this increase in revenue is not linked to an equally significant increase in the occupancy rate. In fact, local hotels experienced an increase of “only” 20% in the number of bookings for the period studied. The remaining 20% was therefore achieved through another variable: prices. It is common for establishments to significantly raise their prices when a major event takes place in a city. This may have discouraged some people from finding a spot directly in Austin, leading them to opt for San Antonio since the trip can be made in an hour and a half. The difference is striking between the average prices charged by Hotels for Hope, the preferred partner of the Circuit of the Americas, and the average observed in Tony Parker’s Spurs city: $393.69 per night compared to “only” $184.20.

Obviously, the impact was felt not only on hotels but also on the entire chain of services offered to tourists, as highlighted by Casandra Matej, the director of the San Antonio tourism board: « We have heard from hotels and restaurants about a significant increase in food and beverage choices. It is obviously a wealthy, international audience that is well-traveled. The impact of their refined taste and expectations has indeed been felt in San Antonio. Obviously, San Antonio is popular with Mexicans, and having a Mexican driver has also helped us. »

The situation can therefore only improve next year since two Mexican representatives will be present on the starting grid, with Sergio Pérez, having left for McLaren, replaced by Esteban Gutiérrez at Sauber. Given that the road access to the circuit proved to be fully capable of absorbing the 117,000 spectators present during the weekend, attendance could still increase next year. George Mery is therefore confident: « If there are 200,000 fans, between 5,000 and 10,000 could very well go to San Antonio. »

These positive impacts on other regions of Texas will naturally serve as justifications for the 29.3 million dollars that the Texas Major Events Trust Fund has allocated to local organizers. This could also provide a welcome solution to the problem posed by the clash of Oklahoma State University’s football team visiting the University of Texas at the same time as the Formula One Circus, prompting organizers to request a change of date for the F1 race.

With the participation of www.Racingbusiness.fr