Singapore has been hosting the FORMULA 1 SingTel Singapore Grand Prix on and off since 1961. Without a doubt and through the many names it has been under, the Singapore Grand Prix is a costly affair.
It doesn’t come as a surprise then why the Singapore Tourism Board uses the Singapore Grand Prix heavily in its promotional ventures. But, the big question remains unanswered: Has Singapore made any money from hosting the event?
Given eTN’s extensive knowledge in the cost and benefits of hosting global sporting events (such as the Olympics, FIFA World Cup and Grand Prix), this journalist took the issue up with Singapore Tourism Board’s executive director for communications and industry marketing, Oliver Chong, during this year’s edition of the ASEAN Tourism Forum, which was held in Nay Pyi Taw, Myanmar.
eTN: A lot of countries/destinations host global sporting events such as the Olympics, FIFA World Cup and Grand Prix. The cost of the event usually doesn’t justify the benefits of hosting the games. In Singapore’s case, have you been able to make money from hosting the Grand Prix?
Click the below video to hear Oliver Chong’s response: