Miami hosted its first F1 Grand Prix this weekend, and fans are spending a ton to be in town

Miami hosted its first F1 Grand Prix this weekend

May 6, 2022: Tickets to the Formula 1 Grand Prix in Miami sell for thousands of dollars apiece, increasing U.S. interest and the wealthy global drive-up prices for a weekend of high-speed excess.

Over 300,000 race fans, tourists, executives, and party-goers are expected to pour into Miami for the event, which Crypto.com sponsors. The racing league’s inaugural Miami event across three days starting on Friday.

According to local officials, the crowds and spending are expected to surpass Miami’s 2020 Super Bowl and its annual Art Basel festival. Miami’s top hotel charges over $100,0000 a night for their complete suites. Chefs offer special dinners for $3,000 a plate, and nightclubs bring in top DJs with tables for up to $100,000 a night.

“This will be the biggest week in Miami history,” said Jeff Zalaznick, managing partner of Major Food Group, selling out its dinner on Miami Beach at $3,000 for each person. “We’ve never seen demand like this. It’s going to be a very indulgent experience.”

Miami organizers say many of the ticket buyers and attendees to the Grand Prix are first-time race-goers with money to burn.

The average price for a race is $2,179, three times the average price for the U.S. Grand Prix in Austin in the previous year, according to online ticket seller SeatGeek. Organizers say the prices are soaring even higher into the weekend, with hospitality packages listed on resale site StubHub for over $25,000. Some tickets sold for north of $7,200 per ticket.

The huge race campus built around Hard Rock Stadium for the event includes a beach, dry-dock yacht marina, and several VIP viewing areas. “Sand Tickets” at the Hard Rock Beach Club promise a resort-style seat for the racing action and are offered $1,000 apiece “beach attire encouraged.” “Deck tickets” at the Beach Club go for $2,000.

With hundreds of thousands of fans expected but capacity limited to about 80,000 at the race venue, local hotels, restaurants, and bars will be overrun and are charging accordingly. Event organizers project an economic impact of $400 million to the city of Miami Gardens, where the Hard Rock Stadium and track are located.

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Miami hosted its first F1 Grand Prix this weekend
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Miami hosted its first F1 Grand Prix this weekend
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Miami's Formula 1 Grand Prix tickets sell for thousands of dollars, increasing U.S. interest and driving up prices of high-speed excess.
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The Women Leaders
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