Back in November 2016, then F1 boss Bernie Eccelestone, said that Singapore was no longer interested in hosting the annual race as it has become a destination hotspot, achieving its original goal. This however, is no longer case, as the country has decided to renew its contract with Formula 1 until 2021.
Singapore GP Pte Ltd, along with Singapore Tourism Board said that the Singapore Grand Prix will continue to be a part of the Formula 1 World Championship for four more years, from 2018 to 2021. This recent announcement comes after the year-on-year 19-percent growth in ticket sales.
“The Singapore Grand Prix is a signature Formula 1 race and therefore we are very pleased that it will continue to feature on the calendar for a further four years. The first ever night race in this sport is one of the most thrilling events of the year, taking place against the stunning backdrop of Marina Bay,” said Chase Carey, Chairman and CEO of Formula 1.
Since its debut in 2008, the first ever night race in the F1 calendar proved to be a favorite for fans. Aside from being a street race, the Singapore GP is also known for holding a strong line-up of concerts as well as other entertainment shows.
S. Iswaran, Minister of Singapore's Trade and Industry, said that the F1 Singapore Grand Prix has made significant revenue for the country's economy as well as motorsport's franchise.
“With its global viewership and media coverage, the race has reinforced Singapore's image as a vibrant and innovative city to a wide international audience. It has also created good opportunities for Singaporeans and the local business community,” Iswaran said.
Meanwhile, Lionel Yeo, Chief Executive of the Singapore Tourism Board, stated that the race has provided an excellent platform for businesses to test bed new lifestyle initiatives and products.
“This has not only created an exciting atmosphere during the race season, but also injected creative concepts and experiences that continue to attract tourists to Singapore all year round,” added Yeo.