Monday December 4, 2023

Miami Revs Up for Burst of F1 Tourists

  • Miami is expecting 300,000 tourists for the inaugural Formula 1 race weekend.
  • Brands and hotels are capitalizing on the event.
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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.

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