Turbocharging the economy -injecting $800M
The F1 Miami Grand Prix of 2022 and 2023 collectively injected a jaw-dropping $798 million into the local economy! According to a study by Applied Analysis, the 2023 race alone boosted the economy by $449 million, a whopping 29% jump from 2022!. With visitor spending topping $195 million during race week and a nearly 15% hike in attendance, Miami has solidified its status as a must-see racing destination. And did we mention the crowd? The event drew a record 243,000 spectators over the weekend in 2023. By 2024, sold-out attendance was over 270,000. Race week also saw high-rollers spend over $195 million in the Greater Miami area, averaging at $1,940 per person, nearly double the usual tourist expenditure. But that's not all. Recently, Ross just turned down a staggering $10 billion offer to buy the Dolphins, the Hard Rock Stadium, and the F1 Miami race. To put that into perspective, this nearly equals the combined record-breaking sales of the Denver Broncos and Washington Commanders. And who could can ignoe the star-studded Carbone Beach/American Express four-night fiesta? From Elon Musk to LeBron James, it was a red-carpet roll call of the rich and famous.
Miami, a city synonymous with glamour and luxury, has another jewel to its dazzling crown. The thrilling spectacle of high-performance engines roaring and the gleam of luxury hospitality have become a regular sight. This is all thanks to the successful endeavour to establish Miami as a premier destination for the Formula 1® Crypto.com Miami Grand Prix. What was once a mere dream has now blossomed into a vibrant reality, with the Miami Grand Prix becoming a centerpiece of the city's thriving sports and entertainment ecosystem.
Visitor Spending and Spectator Numbers
A study by Applied Analysis reveals that the Miami Grands Prix of 2022 and 2023 collectively injected a whopping $798 million into the local economy. The study uncovered that the 2023 race alone boosted the economy by $449 million, a 29% jump from 2022. The total impact for the first two years is staggering at $798 million. With visitor spending topping $195 million during race week and a nearly 15% hike in attendance in 2023, Miami solidifies its status as a must-see racing destination. The event also drew a record 243,000 spectators over the weekend in 2023. In 2024, sold out attendance was over 270,000.
Race week in 2023 saw visitors spend over $195 million in the Greater Miami area, averaging at $1,940 per person, nearly double the usual tourist expenditure.
Miami Dolphins, F1 and the Rejection of a $10 Billion Offer
F1 is impacting other sports, like football. Miami Dolphins are now making waves beyond the gridiron. Miami Dolphins' and Hardrock Stadium owner Stephen Ross and Dolphins CEO Tom Garfinkel and Managing Partner of the Formula 1® Crypto.com Miami Grand Prix are on a high-speed journey into the world of Formula One racing that's turning heads and setting new records.
Beyond the roaring engines and the blazing speed, this venture into F1 has led to a jaw-dropping moment that has left the sports world buzzing. Recently, Ross turned down a staggering $10 billion offer to buy the Dolphins, the Hard Rock Stadium, and the F1 Miami race. This nearly equals the combined record-breaking sales of the Denver Broncos and Washington Commanders, underscoring the astronomical figures at stake in the world of sports franchises and conglomerates.
In 2008, Ross acquired a 50% stake in the Dolphins franchise, including the Hard Rock Stadium and nearby land, for $550 million. A year later, he invested in an additional 45% share, bringing his total investment to $1 billion.
This daring move has lifted their NFL franchise to new heights, strengthening the Dolphins' brand and opening up fresh opportunities in the vast, thrilling realm of F1 racing.
The Glamorous Carbone Beach Formula 1 Extravaganza
The Journey to the Top
The genesis of Miami's ascension as an F1 powerhouse commenced in 2022 when the city made its grand debut on the prestigious Formula 1 calendar. Initial skepticism and local opposition were unable to deter key figures Stephen Ross and Tom Garfinkel. Their unwavering dedication to transforming the Hard Rock Stadium campus into a world-class racing venue has reaped impressive results.
Overcoming Initial Hurdles
Despite the glamour and anticipation surrounding the inaugural Miami Grand Prix in 2022, the event was not without its rough patches. Drivers voiced worries about the track layout and surface. However, the event organizers demonstrated remarkable resilience and adaptability, addressing these issues head-on. By the time the 2023 edition rolled out, the Miami Grand Prix had ironed out these initial kinks, positioning itself firmly as a must-attend event for both racing enthusiasts and the global elite.
Embracing Luxury and Opulence
True to Miami’s reputation for luxury and opulence, the Miami Grand Prix has curated a fan experience that seamlessly marries high-octane racing with extravagant amenities. From exclusive VIP areas like the Trophy House, where Grammy-winning artists perform private sets for influential guests, to the Hard Rock Beach Club featuring a star-studded lineup of performers, the Miami Grand Prix has turned into a magnet for the world's most discerning motorsports fans and socialites.
Igniting Miami's Future
Beyond the thrill of the racetrack, the Miami Grand Prix boosts the local economy, acting as a potent catalyst for financial growth. The swell of visitors, increased sponsorship deals, and wider financial ripples significantly enhance the region's wealth.
Job Opportunities and Infrastructure Development
The Miami Grand Prix also sparked employment opportunities, offering over $100 million in wages for 3,000 local workers. Half of these earnings were generated during the construction phase, which included building a new 24,000-ton asphalt track at the Miami International Autodrome.
Maximizing existing resources
The choice to hold the Miami Grand Prix at the Miami Dolphins-owned Hard Rock Stadium allowed the organizers to utilize the Dolphins' vast experience and resources. This includes their expertise in hosting major events like Super Bowls, college football championships, and the upcoming Copa America final and 2026 World Cup games.
Audience Engagement and Online Impact
The Miami Grand Prix in 2023 drew a record-breaking 2.6 million TV viewers, impressively followed by 1.96 million viewers in 2023. The average race viewership in 2023 was a solid 1.11 million. Moreover, the event garnered 140 million views on F1's digital platforms, enhancing its global exposure. Plus, sold out stadium attendance for 2024 topped 90,000 a day.
Fueling America's F1 Fascination
The Miami Grand Prix has sparked a rise in American Formula 1 interest. According to a Harris Poll, 35% of current American F1 fans and 16% of all U.S. adults would find the sport more appealing if more American drivers participated.
Accelerating F1 Growth in the U.S.
The Miami Grand Prix is a strategic move by Formula 1 to amplify its presence in the United States. The racing series has added a second U.S. race in Las Vegas starting in 2024, tripling the number of U.S. Grand Prix events and affirming its dedication to the expanding American market.
Ensuring Future Sustainability
As the Miami Grand Prixe continues to grow. the organizers are committed to its long-term sustainability, considering both economic and environmental factors.
F1 Miami, high octane
The Miami Grand Prix's triumph has solidified Miami's reputation as a top-tier destination for motorsport lovers and event attendees worldwide. As the event evolves, it stands as proof of how vision, innovation, and dedication can revolutionize a city's entertainment scene.
Its unique blend of thrilling races, luxury hospitality, and community engagement is an inspiration for other cities to follow suit. Miami has raised the bar, illustrating how Formula 1 can be effortlessly integrated into a bustling city's lifeblood.
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