![]() In addition to the traditional race, other motor-racing events have been created in the wake of the Formula 1 Grand Prix: the Historic Grand Prix and the ePrix. The benefits in terms of image and renown are difficult to quantify but each year, the event draws media coverage across all five continents.īeyond the Principality’s borders, the Formula 1 Grand Prix has an economic impact on the neighbouring region, in terms of both the jobs that it creates and the accommodation and businesses used by participants. The Grand Prix is an integral part of how the Principality is perceived abroad. Over the last few years, the audience arriving in Monaco for the Grand Prix, previously made up of motor-racing fans, has become more diverse and now includes some visitors who come to enjoy the atmosphere and the celebratory events around the races. Numerous events take place on the side-lines of the races themselves. Unlike other events, the Grand Prix has an impact on all of the Principality’s businesses it is truly the Grand Prix OF Monaco, an event involving an entire country and an entire city, which transforms and organises itself for the occasion. It is estimated that 40% of those present in Monaco during the Grand Prix do not have direct sight of the race. Numerous service providers and intermediaries benefit from the event’s appeal (rental of terraces and boats, catering services, transport, event organisers, etc.). These temporary stands generate significant income over and above ticket sales. The study shows that in addition to those in the stands, many more spectators watch this urban circuit from terraces, roofs, balconies and boats. The number of “participants” was estimated at between 50,000 and 65,000 depending on the day, with a total of more than 200,000 over the period from 25 to 28 May. These four days are a decisive event in the industry’s calendar, and a “good Grand Prix” is synonymous with a good year for the sector. The hotel sector benefits fully from this period, during which the Principality’s hotels enjoy occupancy rates approaching 100%. ![]() Beyond the figures themselves, the economic benefits far exceed the four days of the event and Monaco’s borders alone. These numbers confirm that the Formula 1 Grand Prix is the most important event held in the Principality. In a recently published report, the Monegasque Institute of Statistics and Economic Studies (IMSEE) assesses the economic benefits of the 2017 Formula 1 Grand Prix in Monaco at 90 million euros over a period of four days and within an area of two square kilometres (21.7 million in direct benefits and 68.3 million in indirect benefits).*
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