The hotel, nightspot and retail industries are celebrating the news of Singapore hosting the F1 race next year.
It is believed the tourism industry will be making more than S$100 million from the race.
Many are expecting lots of fast action off the track when F1 comes to town.
During the race season, it is parties galore – practically by every team and their sponsors.
Big names in entertainment are likely to show up, and no expenses will be spared by the world’s biggest luxury brands in entertaining their clients.
Clement Lee, CEO, LifeBrandz, said: “F1 is a fantastic opportunity that will propel Singapore into the international spotlight as a global city with a complete offering of entertainment and leisure, and it acts as a catalyst to fuel growth excitement and buzz in the nightlife scene.”
Dennis Foo, CEO, The St James, said: “I believe F1 is going to bring a lot of people here, the right people, the right tourists…the world’s paparazzi will be here, it will put us on the world map alongside major sporting venues. It will not just make Singapore a destination for nightlife, it will propel Singapore to be a world-class lifestyle destination.”
Hotel owners are also set to benefit, as room rates are known to double or triple during such an event due to an influx of tourists and spectators.
And so the government will be imposing a special F1 cess on hotel room revenues, at a maximum of 30 percent during the race period, to help defray hosting costs.
Aiden McAuley, General Manager, Swissotel The Stamford, said: “I think everybody has to play a part in ensuring that we have the attraction of F1 here in Singapore. I understand that the cess has been discussed and the details of that are under further discussion with the Singapore Hotel Association.”
The Singapore Hotel Association says it is in discussions with the Ministry of Trade and Industry and Singapore Tourism Board on how the hotel industry can support the event, including the contribution of a Formula 1 cess.
An F1 race will also benefit retailers, construction and logistics contractors, and the transport sector.
Roads will have to be resurfaced for the competition.
Hospitality tents and marketing stalls need to be set up and taxis will be in high demand.
And that means more jobs will be created to welcome the influx of at least 100,000 tourists, who are expected to visit Singapore during race season.
Source: Channel NewsAsia, 12 May 2007