September 21, 2008
F1 night race to boost tourist industry in Singapore
Singapore is hoping that the Formula One night race next weekend will help the country position itself as a premier lifestyle destination and the Monaco of the East, reported Channel News Asia (CNA).
The world's first F1 night race is expected to attract 50,000 tourists to the city-state, along with 500 million television viewers worldwide. Tickets are reportedly almost sold out, with about 100 of those that cost $1,800 left to be taken up.
Singapore’s Senior Minister of State for Trade and Industry S Iswaran is banking on the event to help boost future tourism arrivals as he sees it as an excellent networking platform for local businessmen.
CNA quoted Iswaran as saying that besides the actual race, there are fringe events like the Singapore River Festival and Singapore Biennale which all Singaporeans can enjoy.
Singapore is expected to make about $77 million from tourism receipts during the night race.
It costs Singapore $115 million to host the race.