Business

Formula One benefits flow to Singapore

11:36 am on 25 September 2011

Singapore's economy is reaping the profits from Formula One racing.

According to initial estimates, the cost of hosting the Grand Prix is S$150 million ($US115 million) per year.

The BBC reports 60% of this is being invested by the government through the Singapore Tourism Board to attract more visitors.

According to the STB, Singapore generated an extra S$160 million in tourism revenue in 2010 as a result of hosting the race.

The figure was S$93 million in 2009 and S$168 million in 2008.

The 2011 event was held on Saturday night.

Singapore's current Formula One contract expires next year. While the venture has been successful, the BBC reports the government is yet to decide whether it wants to renew the agreement.