Miami’s Debut Formula 1 Event Drew $350 Million Into The Local Economy

 
Talk about a formula for success! On top of drawing in even more celebrities and VIP’s than Miami is used to and hosting as many lavish parties as Art Basel, the first-ever Miami Grand Prix boosted the local economy by $350 million, according to a new report.

In the first Economic Impact Report released by South Florida Motorsports, it was found that tourists contributed a total of $150 million during race week. In addition, 3,000 local jobs were created with workers being paid an excess of $100 million in the days leading up to and during the event. During the 3-day Crypto.com Miami Grand Prix, 243,000 spectators enjoyed the Miami International Autodrome. Television viewership was up nearly 30% as 23 million viewers caught the live action from across the United States.

“Our team worked selflessly to create a campus and experience that was unique to the international culture of Miami,” Richard Cregan, CEO of the Crypto.com Miami Grand Prix, said in a press release. “We look forward to growing the event and the positive impact it will continue to make here for years to come.”

So it seems that although Max Verstappen and Red Bull Racing walked away with the purse and trophy, Miami was the real winner of the event. Bravo! We can’t wait until May again!