Singapore has hosted The Formula One races since 2008, this was seen as a great move for the city-state, which was a tremendous success at the time; gaining international coverage and interest.
However recently, Formula One has been attracting a declining level of interest in Singapore. 2016’s race saw the lowest level of attendance since the 2008 launch. On an average, attendance was down 15%. Despite its deteriorating popularity, F1 has helped boost Singapore’s economy. According to Singapore Tourism Board statistics, the race attracted 350,000 international visitors in an 8 year period with the tourism industry generating SGD $150 in annual revenue, all thanks to the race spectators.