Singapore- After hosting a third succesful Formula 1 grand prix, Singapore’s future as a grand prix destination seems to be in limbo.
Government officials promised to review the pro’s and con’s of the world’s only night race to see if it justify’s economical reasons to host the race after 2012 when its initial 5 year contract ends.
Senior Minister of State for Trade and Industry S.Iswaran was quoted as saying:-
We’ve gone through three quite different years in our experience with F1,”
“They give us a good set of data points from which to assess the F1 from.”
“We want to make sure the economic benefits are justifiable going forward. I would say the decision to proceed will rest on a robust cost-benefit analysis, and clearly the terms on any deal we get going forward.”
Dubbed by F1 supremo Bernie Ecclestone as the crown jewel of the F1 calendar. Singapore looks set to take over Monaco as the must be seen at event for celebrities and socialites. Many organisations in the retail, hospitality, FnB and leisure industries are set to lobby for the future of the F1 race in Singapore beyond 2012. Retail and hospitality owners in Singapore also mentioned that the F1 helps cement the island-state’s position as the premiere entertainment and lifestyle hub in Asia.
Will we be seeing the likes of Hamilton and Vettel in 2013? Only time will tell.