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Grand Prix in Singapore

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A few months ago, the Formula One Grand Prix took place in the streets of downtown Singapore. For the first time the race took place at night, which was a marketing strategy as the rest of the world watched it live on Sunday afternoon. Although the race created havoc as far as Saturday night traffic was concerned and did cost the taxpayers quite a bit, it was a much needed and very necessary boost in terms of creating income for local businesses and for the reputation of the city-state on the whole. Officials wanted the world to see Singapore as more than just a successful business and financial center. It was necessary to set up more than 1,500 stadium lights,specially created and burning four times as brightly as those used at other major sporting events such as baseball or football. All things considered, the custom made lights, the downtown traffic slowing, and the inconvenience of the race happening right downtown has put about sixty percent of the cost on the government of Singapore, costing them just about $100 Million for the next 5 years that the race will be set in Singapore.

Even with all the cost, the minister of industry and trade, S. Iswaran, states that it will help to ease the conservative and stodgy image Singapore has garnered over the years, and will help substantially to boost the economy . In the short term, it has helped local businesses as tourism had jumped last year during the dates surrounding the race. In the present economy it is quite a boom for all businesses from retail to the restaurant and service industries, to the Singapore luxury hotels. One traveling lounge, moving from city to city with the race over the years is an exclusive club for drivers and other celebrities attending the race. The Amber Lounge has in the past been set up temporarily in the hotels of the various cities, but for the first time a free standing building was constructed to house the lounge for the next five years that the Grand Prix will be scheduled in Singapore. All in all, the benefits have far exceeded the inconvenience and the initial cost of the hosting the race.

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Tags: hotels, luxury, Singapore

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