Formula 1 brings prices of glitz, glam and giddy to Miami this week

A top-of-the-line Formula 1 (FWONK) series is coming to Miami this weekend, bringing the best looking, beautiful, and affordable prices.

The Miami Grand Prix, sponsored by Crypto.com, is the first F1 competition in Miami history and the second in the US, following a one-on-one in Austin earlier this year. The third US competition kicks off next year with Las Vegas on the calendar.

Miami is adding another spectacular, hot spot for the race, which is already popular in Singapore and Monte Carlo. But Miami has its destination, because it is close to the densely populated east coast, close to Latin America and South America, and the only airport from Europe.

MIAMI, FLORIDA – MAY 04: A spectacular view of Hard Rock Stadium around the front of the Miami F1 Grand Prix at the Miami International Autodrome on May 04, 2022 in Miami, Florida. (Photo by Mark Thompson / Getty Images)

And this is a close look at many F1 fans with much-needed tickets. At a three-day event held at a venue set up at Miami’s Hard Rock Stadium, tickets for great-grandchildren and general admission were starting at $ 300 for the Friday test, and $ 500 for Sunday’s race. Both tickets have been sold out, and on the pages verified as Ticketmaster competition tickets start at around $ 800 + a piece.

It’s a lot more than that. There are plenty of VIP lounges and areas around the railway line, including Hard Rock’s own Beach Club and swimming pool, where a “sand” beach ticket costs $ 1,000 on weekends and a guided tour costs $ 2,000. The organizers of the contest also made a false “marina” with yachts nailed to one of the corners of the race.

Formula One F1 - Miami Grand Prix - Preview - Miami International Autodrome, Miami, United States - May 4, 2022

Formula One F1 – Miami Grand Prix – Preview – Miami International Autodrome, Miami, United States – May 4, 2022

A small number of three-day hospitality tickets costing about $ 5,000 to $ 10,000 sold in the first week. Do not bother to ask about the Formula 1 Paddock Club, which is the most popular in every F1 race. Expect to pay even more than $ 10,000 to get it.

With 300,000 fans expected in three days, hotel prices are rising sharply over the weekend. Some of the top hotels in Miami offer suites that can cost up to $ 100,000 over a three-day weekend. The Faena South Beach package includes a museum, access to Red Bull’s Guest House for a race, and a trophy winner.

Weekend package for Faena Miami Beach F1

Weekend package for Faena Miami Beach F1

Along with expensive hotel rooms they come with cheap food. It’s not uncommon to pay $ 15 for beer or $ 40 for a burger in and around South Beach, but over the weekend get ready for an extra turbocharged bill. Major Food Group, which operates restaurants like Carbone and Dirty French in New York City, has sold $ 3,000 per person for its Miami Carbone Beach pop-up.

“We have never seen such value. It will be great fun, ”said Jeff Zalaznick, director of Major Food Group.

Add all and it will be a one-week expense for fans who have a chance to get tickets, but this should come as no surprise given the growth of the game in the US. One of the main reasons the game has recently appeared is the result of Netflix’s “Drive To Survive” series, which records all F1 events and performances, both inside and outside the railway.

“Where a lot of other games are played in a single stadium, there are a lot of outdoor games, and I think Netflix has taken the game,” said Zak Brown, CEO of McLaren Racing. a recent interview on Yahoo Finance, discussing how Netflix affects game popularity.

MIAMI, FLORIDA - MAY 04: Regular view of the area at the forefront of the Miami F1 Grand Prix at the Miami International Autodrome on May 04, 2022 in Miami, Florida.  (Photo by Mark Thompson / Getty Images)

MIAMI, FLORIDA – MAY 04: Regular view of the area at the forefront of the Miami F1 Grand Prix at the Miami International Autodrome on May 04, 2022 in Miami, Florida. (Photo by Mark Thompson / Getty Images)

This in turn raises the bottom of the team. “The commercial side of the game – in my 20 years of living near Formula 1 and six years running McLaren, I’ve never seen this powerful game,” says Brown.

And a lot of money coming into the game means new entrants. In front of the Miami Grand Prix, Volkswagen’s chief executive (VOW.DE) confirmed that German carmakers Audi and Porsche will both be involved in the game in 2026, when new rules come into effect.

For games that often reach glacial speed, the addition of two major new teams, and a racing game in Miami, is a sign of the amount of money coming into the game.

—-

Pras Subramanian is a leading automotive journalist at Yahoo Finance. You can follow him twitter and on Instagram.

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on twitter, Instagram, YouTube, Facebook, boardand LinkedIn

Leave a Comment

Your email address will not be published.