Singapore to continue hosting Formula 1 Grand Prix until 2021

A man walks near decorations for the Singapore Formula One Grand Prix in Singapore on Wednesday

Singapore will host a grand prix until at least 2021 after signing a new contract with Formula 1.

"We are pleased that the teams and constructors involved in these intensive and complex discussions have reached an agreement satisfactory to all concerned", commented Chase Carey, Chairman and CEO, Formula 1. This recent announcement comes after the year-on-year 19-percent growth in ticket sales.

From next year, Singapore will be the sole stop that Formula One makes in Southeast Asia, as next month's Malaysian Grand Prix is to be the last. "The first night race is is one of the most thrilling events of the year".

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In a statement, Formula One said: "Since its debut in 2008, the first ever night Grand Prix is one of the highlights of the F1 calendar and one of the most attractive and spectacular races". Aside from being a street race, the Singapore GP is also known for holding a strong line-up of concerts as well as other entertainment shows.

In its first decade, the race has yielded significant economic benefits, attracting over 450,000 worldwide visitors to Singapore and about S$1.4 billion in tourism receipts [1]. This event has also showcased Singapore as a lovely, vibrant and attractive destination to over 780 million worldwide broadcast viewers. With more than 90% of the race organisation sub-contracted annually to Singapore-based companies, the race also contributes to the local economy, over and above the tourism outcomes.

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