Singapore looks to F1 bonanza
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Singapore’s tourism and other sectors will reap a bonanza when the Formula One Grand Prix makes its inaugural pit stop next week in the city state, analysts were quoted saying in an AFP report. Businesses from hotels to retail shops, pubs, restaurants and spas are hoping to cash in on the arrival of an estimated 40,000 overseas visitors to watch Formula One’s first ever night race this Sunday.
According to the report, banks were rolling out the red carpet for wealthy clients flying in from around the world, booking hospitality suites at five-star hotels to wine and dine them. Events ranging from high-priced invitation-only galas to free activities for the public have been lined up from 20 September to 5 October, while trackside shopping malls will hold autograph sessions by F1 drivers, offer hefty discounts and open later at night.
Some retailers however are more pessimistic, fearing that road closures could deter customers, the report said. Retailers cited their bitter experience from Singapore’s hosting of the International Monetary Fund-World Bank meetings in 2006. Sales fell short of robust projections after the public were shut off by tough security measures.
For the tourism industry, which saw a dip in visitor arrivals in June and July, the F1 event should be a boost. Analysts also spoke of the many “intangible” benefits from staging the high-octane race.
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