— This is the script of CNBC's news report for China's CCTV on September 14, 2018, Friday.
It is the 11th year for SG to hold Formula 1, but there are many highlights in race of this year. First, we know that SG Formula 1 is the only one night race in the world.
A decade ago, taking advantage of advanced lighting system, SG held the 1st night race with the help of 10000 lights and thousands of projectors. So SG soon becomes one of the most popular races because of brilliant night scene and concerts with top international stars.
And the highlight this year is Jay Chou will be the first to perform at the concert, meanwhile, internationally renowned singers and teams, such as DJ Martin Garrix from Netherlands and the Killers from the US will to perform. Plus, during the race, tourists fuel the local tourism industry, especially surrounding hotels.
The surrounding hotels are already fully booked this weekend, even the hotels far away from the racing track, are also close to full. Some hotels around the Marina Bay racing tracks have roof top and high-rise views, offering guests a visual experience from the air.
Data shows during the Singapore grand prix from 2008 top 2016, ticket sales increases to 19 percent per year, attracting 450,000 overseas visitors to Singapore, which accounts for 40 percent of total visitors. Meanwhile, these visitors contribute around SG0.15bn revenue to local tourism industry, while controversy also exists for holding this kind of race many years.
Released data shows, SG costs around SG0.15bn for holding Formula 1 per year, which is around RMB0.75bn, and 60% of that is paid by the government, in the past several years, there was also a hot debate among local residents about whether Singapore should continue to host the grand prix, opponents argue that the high costs do not bring particularly obvious economy benefits, and a week of blockades would inconvenience daily life and businesses along the streets.
While SG authority said, compared to tourism revenue, it's more important to show the city to a worldwide audience. And Formula 1 resumes its contract with SG to at least 2021. Another highlight is Fernando Alonso, Spanish racing driver announced he will withdraw from Formula 1 the next year, and an interesting point is in 2008, Fernando won the inaugural Formula 1 grand prix in Singapore, so this weekend race may the last one for him.
Spanish racing driver
From a boy in the north of Spain, where we have no tradition of F1, my mother was in a shopping mall working there, my father worked in a factory. Obviously reaching F1 and become the world champion is the highest thing I could dream. On the personal side, 18 years in Formula 1 is half of my life and that was a wonderful life.
Fast and furious on this weekend is coming soon. We will keep an eye on that.