Formula 1 is coming to Miami, and so are hundreds of thousands of people.

There have been a reported 250,000 ticket requests for the Miami Grand Prix at Hard Rock Stadium, which has a capacity of 80,000. Around 300,000 people are expected to come to the area, whether or not they end up attending the race or the preceding tests and time trials.

The three-day race weekend begins May 6, and Sunday’s race starts at 3:30 p.m. ET.

• Race weekend tickets were initially sold for prices starting close to $1,000, with single-day tickets beginning near $600.
• SeatGeek was seeing an average price of $2,414 for the race. Tickets reached as high as $33,704 on the resale platform, as of Wednesday.
• Event organizers estimated the event will bring an annual economic impact of $400 million to Miami Gardens, including 35,000 hotel bookings and 4,000 new jobs.
• Broward County, just north of Miami Gardens, is expecting $50 million in economic activity.

Circuit Circus

Companies of all stripes are flocking to the area. Crypto exchange FTX is hosting a three-day concert festival in Miami Beach, along with Mercedes-AMG Petronas and IWC Schaffhausen.

Nightclub E11even is bringing in celebrity DJs throughout the week, with table prices ranging from $5,000 to $100,000.

Numerous hotels are offering high-end packages, including the St. Regis Bal Harbour, which is offering round trip private jets, a private oceanfront villa, and diamond jewelry design from De Beers for $110,000.

The Cincinnati Bengals are the latest NFL team to consider plans to revamp their stadium — part of a growing nationwide trend.

Recent results from a study commissioned by the team and Hamilton County, however, found that while Paul Brown Stadium doesn’t need to be replaced, suggested renovations would cost $493 million over the next 20 years. 

• The study, which cost $375,000, was commissioned by the county and the Bengals in 2020 and conducted by Gensler Sports, an architecture firm that specializes in pro, collegiate, and international sports venues.
• It analyzed 15 main categories in the stadium, like parking lots and food offerings.
• While the price tag for renovations is hefty, the study ultimately found the stadium in “good” condition, despite the fact that it’s already 22 years old.

The Bengals called the study “the first step” to considering future renovations. 

Public Price Tag

It’s reportedly unclear how much taxpayers would be on the hook for renovation costs. 

But the stadium will cost taxpayers more than $1 billion by the time the lease ends in 2026, according to Fox 19. Hamilton County officials, however, said they hope to ease the tax burden as changes are made.

Garmin reported a record $1.17 billion in first-quarter revenue, a 9% year-over-year increase from $1.07 billion. 

Despite it being a record quarter, Garmin’s fitness segment fell 28% from $308.1 million to $220.9 million, which the company attributed to “the normalization of demand for cycling products from the pandemic-driven levels in the prior year.”

Gross profit for the segment reached $106.2 million, a decrease from the $173.5 million reported the same quarter last year. Fitness’ operating income for Q12022 was $580,000 compared to last year’s $70.7 million.

Strong demand for outdoor adventure watches helped spike 50% revenue growth for the technology company’s outdoor segment, reaching $384.6 million. Operating income for the segment reached $149 million.

• In January, Garmin announced “sweeping updates” to its flagship multisport fēnix smartwatch series.
• The fēnix 7 Series has a touch screen, protective button guards, new training features, and solar charging.
• It also offers 24/7 health and wellness tools including Pulse Ox, Body Battery, Fitness Age, and Sleep Score.

Tracking Segments

The company’s marine division recorded $254.1 million in revenue and unveiled LiveScope Plus during the quarter, a high-resolution sonar for recreational fishing. Fishing pro Jason Christie, whom Garmin sponsors, won the 2022 Bassmaster Classic in March.

Revenue for Garmin’s two other segments — aviation and auto — reached $174.8 million and $138.3 million, respectively. Fitness was the only segment that saw a revenue decline.