Miami’s first Formula 1 Grand Prix boosted the local economy by $350 million

Miami's first Formula 1 Grand Prix boosted the local economy by $350 million 1

It was a formula for success.’s first-ever Formula 1 Miami Grand Prix — which attracted names like Venus and Serena Williams, Tom Brady, Dwyane Wade, Michael Jordan and Michelle Obama in May — boosted the city’s local economy by $350 million, according to a new report.

“Our team selflessly worked to create a campus and experience unique to Miami’s international culture,” said Richard Cregan, CEO of the Miami Grand Prix, in a press release.

“We look forward to growing the event and the positive impact it will continue to make here for years to come.”

South Florida Motorsports published the findings of the first Economic Impact Report, which found that tourists spent a total of $150 million during race week. In addition, 3,000 local employees paid a $100 million deductible in the days leading up to the event and during the GP.

The report also states that a total of 243,000 spectators attended the Miami International Autodrome during the three-day rate and that television ratings increased nearly 30 percent as 23 million viewers tuned in to watch the live action in the United States.

As Vidak For Congress previously reported, celebrities flocked to the South Florida town and were spotted at parties and hot spots all week leading up to the big event. A-listen on the scene were Jamie Foxx, Ludacris, DJ Khaled,, Swizz Beatz, Timbaland, Larsa Pippen, Post Malone and LeBron James.

Meanwhile, David Beckham, Karlie Kloss, Patrick Mahomes, James Marsden, Pharrell, Hailee Steinfeld, Ashton Kutcher and more stars were spotted in the Paddock.

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