Attendance falls amid weaker economic environment

Singapore

A WEAKER global economy and slower economic growth at home hit ticket sales for the 2016 Formula 1 Singapore Grand Prix, with 73,000 spectators attending the race daily.

"The overall ticket take-up is 15 per cent lower than the average attendance at the Circuit Park since the inaugural race," said race promoter Singapore GP.

Nearly 87,000 spectators attended the 2015 race at the Marina Bay street circuit. The race, which is now in its ninth year, saw its biggest crowds of 100,000 back at the inaugural night race in 2008.

Singapore's contract as a race venue expires with the tenth edition next year and the city-state is mulling over whether to extend the contract beyond 2017. Talk around the Paddock suggested that an extension could be on the cards if the right terms are offered.

The season's only night race typically drives some S$150 million in incremental tourism receipts each year as over 40 per cent of the spectators come from overseas.

The Singapore Grand Prix has been described as F1's crown jewel, offering a unique event in the heart of the city with performances around the circuit to entertain race fans and non-race fans alike.

Both F1 supremo Bernie Ecclestone and new F1 chairman Chase Carey attended the Singapore Grand Prix, after Mr Ecclestone made a U-turn on an earlier decision to stay in Europe to hammer out details of the sale of Formula 1 to its new owner, US-based group Liberty Media. The deal values the company at some US$8 billion.

Industry observers have noted that Liberty's strength in areas such as entertainment - it owns live events company Live Nation - could prove a boon for both F1 as well as venues such as Singapore as it could dial up entertainment value by delivering more high-profile international acts around the circuit.

Mr Ecclestone is due to remain onboard for a further three years as chief executive post-acquisition, although the colourful Briton didn't mince any words about walking away if the situation called for it.

"Thank God at the moment I don't quite need the money, I don't need a job and if by chance things aren't going the way I think would be the right way then I will disappear for sure," he was quoted as telling Sky Sport Television on Sunday.

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