Macau Grand Prix Revs Up the Local Economy
The Macau Grand Prix is an annual motorsport road race for automobiles and motorcycles, which stands out as the only street circuit racing event worldwide where both cars and motorcycles participate. Also, it is one of just two current national Grand Prix events that are not part of the prestigious Formula One World Championship, with the other being the New Zealand Grand Prix.
This year, the Macau Grand Prix successfully returned over the weekends of November 11 - 12 and November 16 - 19, marking its first post-pandemic iteration. The event not only mesmerized the racing enthusiasts but also set new records in terms of attendance. With an astounding turnout of 145,000 attendees, the race created an electrifying atmosphere that reverberated throughout the city.
The Macau Grand Prix had a significant impact on the local economy, driving massive consumer spending. The attendees contributed a staggering $11,651,512 in consumer spending, providing an event-driven economic boost to various industries. Let's take a closer look at the breakdown of consumer spending by industry:
Accommodation: $4,295,993
Restaurants: $5,825,456
Transportation: $1,530,063
The race acted as a catalyst of demand, driving hotel occupancy up to 90% during the event. Given that 130,000 visitors entered Macau for the race, it’s no surprise that the spending was this significant. By comparison, for the last instance of the event in 2019, there were just 86,000 attendees, reflecting a notable increase in attendance and subsequent spending.
These numbers showcase the immense economic value generated by the Macau Grand Prix, fostering growth and prosperity across multiple sectors. This event brings together the thrill of motorsport, the passion of the audience, and the economic vitality of Macau.
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