### Formula One Races Propel Local Economies Worldwide

Hosting a Formula One race has proven to be a major economic boon for cities around the globe. The inaugural Grand Prix in Las Vegas stands out as the most financially successful F1 event to date, generating nearly $1.5 billion in economic value. This record-breaking figure includes revenue from visitor spending, job creation, and tax inflows, surpassing all previous local records for event-related tax revenue in Las Vegas.

The impact of F1 races extends beyond the United States. Stuart Pringle, CEO of the Silverstone Circuit in the United Kingdom, noted that the British Grand Prix injects around £100 million ($130 million) into the local economy. "It's a real shot in the arm for the local economy here," Pringle told CNBC's "Inside Track: The Business of Formula 1." He highlighted the substantial employment boost, with the circuit's workforce scaling up from a permanent headcount of 250 to 12,000 during the event.

Australia also reaps significant economic benefits from hosting F1. The 2023 Australian Grand Prix in Melbourne, according to a report from EY, delivered an economic impact of approximately 266 million Australian dollars ($180 million). Travis Auld, CEO of the Australian Grand Prix Corporation, emphasized the importance of the event, stating, "Melbourne has a reputation of being the event capital of Australia, and so to have a big global event, such as the Formula One, it is something that we hold very dear to us."

From Melbourne to Monaco, Silverstone to Abu Dhabi, the ripple effects of hosting a Formula One race are felt deeply in local economies, creating jobs and generating substantial tax revenues.