Formula 1’s first Miami Grand Prix boosted local economy by $350M
It was a formula for success.
Crypto.com’s first-ever Formula 1 Miami Grand Prix — which attracted names like Venus and Serena Williams, Tom Brady, Dwyane Wade, Michael Jordan and Michelle Obama back in May — boosted the city’s local economy by $350 million, according to a new report.
“Our team worked selflessly to create a campus and experience that was unique to the international culture of Miami,” Richard Cregan, CEO of the Crypto.com Miami Grand Prix, said in a press release.
“We look forward to growing the event and the positive impact it will continue to make here for years to come.”
South Florida Motorsports released the findings of the first Economic Impact Report, which revealed that tourists spent a total of $150 million during race week. Additionally, 3,000 local workers paid an excess of $100 million in the days leading up to the event and during the GP.
The report also states that a total of 243,000 spectators hit the Miami International Autodrome during the three-day fare and television viewing figures went up nearly 30 percent as 23 million viewers tuned in to watch the live action across the United States.
As Page Six previously reported, celebrities flocked to the South Florida city and were spotted hitting parties and hot spots all week long leading up to the big event. A-listers on the scene included Jamie Foxx, Ludacris, DJ Khaled, Will.i.am, Swizz Beatz, Timbaland, Larsa Pippen, Post Malone and LeBron James.
Meanwhile, David Beckham, Karlie Kloss, Patrick Mahomes, James Marsden, Pharrell, Hailee Steinfeld, Ashton Kutcher and more stars were spotted in the Paddock.
