Putting the Grand in Grand Prix
Miami expects to be an experience like no other
We’re less than three days away from official race week in Miami, and hundreds of thousands of people are flocking to The Magic City.
Ticket requests are through the roof. It’s been reported that there have been over 250,000 ticket requests for the Miami Grand Prix at Hard Rock Stadium.
While the official race weekend begins May 6, there’s a week of activity we’ll talk a little bit more about below.
Let’s take a look at some of the economics:
Race weekend tickets were initially sold for prices starting at around $1,000, with single-day tickets beginning at nearly $600. Currently, general admission tickets are $300 for Friday (practice), $900 for Saturday (qualifying), and $900 for Sunday (race). General admission does not guarantee a viewing angle.
On the secondary ticketing market, the average ticket price for the race is $2,414. According to FOS, tickets reached as high as $33,704 as of Wednesday.
Miami F1 GP organizers estimate that the event will have an annual economic impact of $400 million on Miami Gardens, including 35,000 hotel bookings and the creation of 4,000 new jobs.
Broward County, located just north of Miami Gardens, is expected to generate $50 million in economic activity.
Everybody Wants In
Many companies and brands are investing heavily in the Miami GP. Crypto exchange FTX is hosting a three-day concert in Miami Beach in partnership with Mercedes-AMG Petronas and IWC Schaffhausen.
Uber-exclusive Italian-American restaurant Carbone is serving up $ 3,000-per-person dinners for 200 guests per night. They are self-describing it as a “celebration of indulgence”.
Nightclub E11even is bringing in Travis Scott to perform for the first time since the Astroworld incident.
General admission tickets start at a reasonable price of $150 (for females) and increase to $250 (for males)—table reservations at the club range from $5,000 to $100,000. Therefore, promoters are likely to view Travis as a significant draw for the event. Hotels are offering high-end packages, such as The Fontainebleau Miami Beach’s $1 million private jet package, for its poolside party celebrating the Miami Grand Prix in May.
The St. Regis Bal Harbour is offering round-trip private jets, a private oceanfront villa, and diamond jewelry design from De Beers for $110,000.
Bits and Bobs
This partner billboard was spotted. Eight Sleep became an official sleep partner of Mercedes-AMG Petronas earlier this year. Eight Sleep is based in Miami.
This CBS Miami news story predicts that the Grand Prix will bring in more money than the Super Bowl…
Teams are going all in on this as well. I’ve heard from numerous folks inside F1 refer to this as a “Tier 1 event” and that the focus on the United States as a market, beginning in Miami, has become “top priority”.