Here is a number for the government to chew on - HK$3.4 billion. This is the money racked up by Singapore in incremental tourist receipts by hosting the Formula One race over the past four years. This is money for jam. When one considers that the Singapore government coughs up roughly HK$540 million annually as its share of the costs for hosting the popular night race, it is strikingly clear how profitable the enterprise of hosting the F1 jamboree is.
While this tangible evidence is plain for everyone to see, what is not so obvious are the other benefits that a race of this magnitude brings. Prestige cannot be measured in dollars and cents. The cachet of holding the world's first night race has bolstered Singapore's reputation as a happening place. The race around the streets of Marina Bay has put Singapore on the map. Veteran Formula One commentator Steve Slater has described it as a 'three-hour long TV commercial for a host nation' and undoubtedly the Lion City has benefited from this exposure.
The Singapore Tourist Board estimates that while nearly 40 per cent of the spectators who attended the past four races - Singapore's first F1 race was in 2008 - were from overseas, the event was collectively televised to a global audience of close to 400 million viewers. So many people watching in the comfort of their sitting rooms this year could translate into fans booking their flights and hotel rooms for next year.
This September's race, the fifth and last one in the current contract, will not be the final one, according to FI supremo Bernie Ecclestone. He said this week that a new five-year deal had been hammered out, but Singapore quickly denied this, saying what Ecclestone was offering was insufficient to commit to a full five-year extension.
It is clear Singapore is way down the track, and well ahead of Hong Kong, when it comes to hosting major sporting events. We might have the Hong Kong Sevens, but F1 is of a greater magnitude.
It has been a fortnight since our new leader, Leung Chun-ying, took up the mantle. We have already asked that he take a long, hard look at sports as a way to raise the city's status. We beat this drum again, because it is only with government support that we can get this ball rolling.