Smoky Singapore gears up for its F1 week of deals
Haze from Indonesia's worst fires in a decade hangs over a Grand Prix week worth an expected S$160 million to the city-state.
Singapore's Grand Prix week is opening under a haze. Smoke from Indonesia's most intense forest fires in more than a decade has pushed the city-state's air quality toward the unhealthy band, and the national environment agency has not yet given a forecast for Sunday's night race at Marina Bay.
The race is only the centre of a much bigger week. Reuters counts some 40 sideline events around the weekend, including the Forbes CEO Conference, the Milken Asia Summit and TOKEN2049, which expects about 25,000 attendees. The Straits Times has reported that around 90,000 senior executives will be in town, alongside hundreds of thousands of F1 fans.
Hotels have priced that demand in. The Fullerton Bay Hotel beside the circuit is charging S$5,030 a night for a room that usually costs about US$1,460. Official estimates put the race's annual incremental tourism receipts at around S$145 million, and Maybank economist Chua Hak Bin expects about S$160 million this year, plus whatever deals get done at the side events.
Singapore's tourism board says the race and its surrounding events still have "strong momentum" despite economic and geopolitical uncertainty. Whether the air clears by Sunday is the one thing nobody has priced in yet.