Formula 1 Racing Coming to Miami in 2022

[CXT2000]

Just want to make it clear that the economic benefits from F1 do tend to get over-estimated. It definitely does attract investments and tourism, however in terms of tax revenue and net job creation outside the race, those two often get over-estimated and there's countless examples of this happening over the years.

[elchevere]

And that’s fine...still will be greater than not having the event...be curious to see if the benefits spill over into beyond the event, such as real estate—which the article I linked earlier suggested. Fairly certain it was part fluff, but be curious to see if there are post race week benefits as well and if they can be quantified.

Curious if you know what the economic impact of F1 is to Montreal, for perspective.

Speaking of events, one that shocked the hell out of me was learning the financial impact of the annual FtL/Miami Boat shows....estimates have those events generating a combined economic impact of $2.1B on an annual basis (that’s the equivalent of 4 Super Bowls on an annual basis). Had no clue it was THAT big.

Originally Posted by djesus007

Just want to make it clear that the economic benefits from F1 do tend to get over-estimated. It definitely does attract investments and tourism, however in terms of tax revenue and net job creation outside the race, those two often get over-estimated and there's countless examples of this happening over the years.

[CXT2000]

Originally Posted by elchevere

And that’s fine...still will be greater than not having the event...be curious to see if the benefits spill over into beyond the event, such as real estate—which the article I linked earlier suggested. Fairly certain it was part fluff, but be curious to see if there are post race week benefits as well and if they can be quantified.

Curious if you know what the economic impact of F1 is to Montreal, for perspective.

Speaking of events, one that shocked the hell out of me was learning the financial impact of the annual FtL/Miami Boat shows....estimates have those events generating a combined economic impact of $2.1B on an annual basis (that’s the equivalent of 4 Super Bowls on an annual basis). Had no clue it was THAT big.

Oh get ready for this, there was a study conducted years ago that said the race created $42.3M per year in "economic spinoffs". The only issue is they only accounted for tourists who were ticket holders and what they spent. The study also said the promoter + visitors spending accounts for $90M in spending. Visitors from outside Quebec make up 70% of attendance and visitors during F1.

The study doesn't focus on locals or spending at restaurants/bars downtown, nor the festivities that attract 500,000 additional people downtown over 3 days nor hotel stays, which have an occupancy rate of 95%.

So because of this half-assed study, the range is $42.3M to $90M. However, the jobs one is where F1 really inflated numbers, saying it creates thousands of jobs when 640 jobs were created/maintained. I'm sure it increases to a few thousand when you focus on part time though.

Nothing about real estate either, but I do know a few sales went down at the new Four Seasons hotel/condos in 2019. Units going for $10M+ which is something you never ever see in Montreal.

I definitely expect Miami to rake in the millions for sure, but I'm only skeptical at the moment since F1 and the backers behind it tend to inflate numbers from viewership to attendance and so on.

[blueherons]

Knowing firsthand what kind of revenue the boat shows bring in, I know the Formula 1 will also bring it in. Just the support groups alone for the 22 cars is around 10,000 people. The money associated with it is insane.

A formula 1 engine is in the $10 million dollar range. By comparison a NASCAR engine is $40,000. It's no surprise the top luxury brands in the world sponsor F1 racing.

[Huasho]

When It comes to car races I am as lost as a Penguin in the Amazon....Is The Firestone Grand Prix of St. Petersburg also a Formula 1 ??

I have been to that one a few times, including seeing Paul Newman run one Sunday there many moons ago.

The race Downtown and by the Tampa Bay Water side of St Pete is just awesome.

Other than that and B4 the Pandemia I frquented for many years the NASCAR Truck Races at Homestead on Friday nites. That's all I know.

Most comments here about the Miami Event are that the Area where the race is to take place is not many people's favorite and I agree.

I went for ever and ever to the O.B to watch the 'Canes Football Games...The Day they moved to Timbaktu, I stopped watching them LIVE in Miami. I dislike that Stadium, the Area and just being on the Turnpike..Nothing pretty up there.

I hope it works for Miami

[elchevere]

No, Firestone Grand Prix is not part of the F1 circuit (see below).

https://sports.bwin.com/en/news/othe...prix-calendar/

I regret not having gone when I was in Barcelona 9 years ago....I used to attend the Long Beach (CA) Grand Prix, also not F1 (IndyCar series).

Originally Posted by Huasho

When It comes to car races I am as lost as a Penguin in the Amazon....Is The Firestone Grand Prix of St. Petersburg also a Formula 1 ??

I have been to that one a few times, including seeing Paul Newman run one Sunday there many moons ago.

The race Downtown and by the Tampa Bay Water side of St Pete is just awesome.

Other than that and B4 the Pandemia I frquented for many years the NASCAR Truck Races at Homestead on Friday nites. That's all I know.

Most comments here about the Miami Event are that the Area where the race is to take place is not many people's favorite and I agree.

I went for ever and ever to the O.B to watch the 'Canes Football Games...The Day they moved to Timbaktu, I stopped watching them LIVE in Miami. I dislike that Stadium, the Area and just being on the Turnpike..Nothing pretty up there.

I hope it works for Miami

[Huasho]

elchevere:

Txs.. I see it's the BIG Heavy Duty Cars, Drivers and Top Notch World Car Race...Mmmmmm probably would have to get a credit line on the paid house to purchase tickets for the last days Race.

No thanxs....I forgot to mention that I also went to the Miami Open for at least one Session every year they were in Key Biscayne. I will never go to almost Broward to their place in this day and age.

So The Downtown Car races in Miami - yrs ago and I never went to those, what Level were they ? Same Level as St Pete ? ?

[elchevere]

Portuguese F1 Grand Prix on ESPN now as I’m typing.

[Huasho]

Waiting for the ESPN 1PM Hr for the Miami Inter FC Vs Nashville, MLS .

Enjoy the Portugal F1 Run