Sunday December 3, 2023

Grand Prix Lucrative for Monaco Economy

  • F1’s flagship race returned after canceling in 2020 for the first time in 64 years.
  • Max Verstappen won the race for the first time in his career.
Formula 1/Design: Alex Brooks
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Formula One’s flagship race was called off in 2020 after 64 consecutive years, but it returned over the weekend to much fanfare.

The Monaco Grand Prix had the biggest crowd that any Grand Prix event will see this year, with about 7,500 spectators, or 40% of the race’s usual capacity.

Max Verstappen won the race for the first time and also leads the Formula 1 championship for the first time in his career, but he wasn’t the only winner.

A popular destination for the world’s wealthiest, the Monaco Grand Prix brings in an average of $110 million per year for the city-state’s economy.

Still, there were some restrictions in place this year that put a cap on the event’s standard levels of decadence.

Monaco’s government instilled a 10 p.m. curfew, closed nightclubs, and requested that no music be played in restaurants — but it’s hard to ignore the inherent luxury in such a location.

  • The Monaco Grand Prix track, converted from the road over six weeks, is surrounded by stores like Gucci and Hermes.
  • Louis Vuitton designed the race’s trophy trunk.
  • A studio apartment in the country costs roughly $2.4 million.

Yacht owners love Monaco, too. Lawrence Stroll, who owns the Aston Martin Formula One racing team, had one of the most extravagant boats in the harbor: the $200 million Faith.

Earlier this month, Liberty Media reported $180 million in Q1 revenue for Formula One, up significantly from a dismal $39 million in the same quarter last year.

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