The Miami Grand Prix generated 350 million dollars in economic impact

While the French Grand Prix is in jeopardy, the promoters of the Miami Grand Prix prove through numbers that hosting a Grand Prix can be very economically beneficial in terms of territoriality.

Indeed, between the tourism generated by fans, visitors, and the millionaires who flocked to the Miami Grand Prix, the economic impact is estimated at 350 million dollars (345 million euros) over the course of the 3-day event.

The promoters provided details in a press release. 3000 locals worked on site during the Grand Prix to help with the organization and were paid approximately $100 million (€96 million). The tourists, who came in large numbers to attend the Grand Prix, spent $150 million. The first Miami Grand Prix captivated with its American extravagance and convinced Americans to attend the event. In fact, there were 243,000 spectators over the course of the 3 days. The last $100 million mentioned was not broken down. It would probably be related to the salaries spent during the construction of the circuit, which began in 2019.

“Our teams have worked tirelessly to design a campus and an experience that is unique to the culture of Miami. We are excited to grow this event and its positive impact for the years to come,” explained Richard Cregan, the Director of the Miami Grand Prix.

A Formula 1 fan spends twice as much in Miami than usual.

$1940 is approximately €1900, it is the amount that an average spectator spends during the Miami Grand Prix. According to the promoters, this amount is twice as high as an ordinary tourist in Miami during the same period.

However, be careful with these numbers as they do not specify whether they include the price of tickets, which were particularly high in Miami, as well as accommodation, which has experienced a significant increase due to the expected number of spectators…

Note that Grand Prix promoters must pay between 15 and 80 million dollars to Liberty Media to be included in the calendar.

And the Grand Prix of France?

The economic benefits of the French Grand Prix are just as numerous. The end of July period allows for an impressive number of tourists to be reached. The French Grand Prix fills up accommodations for miles around, spanning across the departments of Var, Bouches-du-Rhône, as well as Vaucluse and Alpes-de-Hautes-Provence.

Just like Miami, organizing such an event requires hiring many people, whether it’s track marshals or staff on site. Therefore, a Formula 1 Grand Prix is expensive, but has implications on the population to be considered in the balance.