At Formula 1 Miami, Tickets for $5,000, Bottle Service for $200,000
At the Miami Grand Prix, $35,000 for a table at a club is just the beginning.
Patrick Friesacher drives the Red Bull car on an exhibition run during last year’s F1 Festival at Bayfront Park in Miami, Florida.
Photographer: Michael Reaves/Getty Images North AmericaFormula 1 is a big moneymaker for the cities that host its races. Last year, the first-ever F1 Miami Grand Prix brought $350 million in new spending to the city via hotel bookings, decadent nights out and advertising revenue, according to data compiled by Applied Analysis. Racing fans spent an average of $1,940 per person at the race–double what the typical Miami tourist spends, Front Office Sports reported.
“You can visibly see how the event brings the city to life,” says Charles Khabouth, chief executive officer and founder of INK Entertainment, which owns and operates multiple Miami restaurants including Byblos, Amal Miami and Level 6 in nearby Coconut Grove. “I know firsthand the great impact that international events like this have on the local economy, with the influx of tourists and increased foot traffic for local businesses. The appeal of Formula 1 is undeniable.”