Thanks to ticket sales increasing 19% YTD.
Singapore will continue to host the FIA Formula 1 World Championship for four more years from 2018 to 2021.
According to a press release, the decision came after a 19% increase in ticket sales YTD.
"In its first decade, the race has yielded significant economic benefits, attracting over 450,000 international visitors to Singapore and about S$1.4b in tourism receipts," Singapore GP said.
Over 90% of the race organisation is sub-contracted annually to Singapore-based companies.
Singapore Tourism Board chief executive Lionel Yeo said, “The race in Singapore has provided an excellent platform for businesses to test-bed new lifestyle initiatives and products. This has not only created an exciting atmosphere during the race season, but also injected creative concepts and experiences that continue to attract tourists to Singapore all year round.”
Photo by Morio - Own work, CC BY-SA 4.0
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