Local economy Monaco loses almost 100 million euro due to cancelled Grand Prix

24-05-2020 09:30
by GPblog.com
F1 News
Local economy Monaco loses almost 100 million euro due to cancelled Grand Prix

Originally this was the weekend in which the most prestigious and iconic Grand Prix of the season was on the calendar. Now the streets of Monaco remain largely empty. This is not only a disappointment for Formula 1, but also for the princedom itself, which misses almost 100 million euros in a few days.

That's what La Gazzetta dello Sport writes, which consulted a study on the lack of a Grand Prix in Monaco. A study carried out a few years ago by the Monegasque Institute of Statistics and Economic Studies.

The figures show that visitors to the Grand Prix spend 68.3 million euros in four days. Accommodation normally earns around €18 million, as do restaurants/cafés and tickets for access to private property (boats and balconies). The remaining roughly ten million is spent on souvenirs and transport, in particular helicopter rides.

Finally, some 22 million is earned indirectly from the organisational costs incurred by the Automobile Club of Monaco to run the race. Think of the placement of billboards and the laying of a new layer of asphalt. The value of the name recognition it generates for the ministry has not been taken into account.

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