Formula One motor racing returned to the Sunshine State in May for the second Miami Grand Prix, pumping hundreds of millions of dollars into the South Florida economy.
The international race adds to a growing wave of professional sporting events in the Magic City.
From May 5 to May 7, the governing body of Formula One—the Federation Internationale de l'Automobile—occupied Hard Rock Stadium in Miami Gardens.
The event transformed the facility, home of the Miami Dolphins of the NFL, into the Miami International Autodrome.
Racing festivities attracted more than 270,000 people and generated enough revenue in the region to rival a national championship sports event, according to a local tourism organization.
In 2022, Formula One reported that the first Miami Grand Prix gave a $350 million economic boost to the Greater Miami area and South Florida. It recorded a total attendance throughout the three-day weekend of 240,000 people.
For comparison, the Miami Super Bowl Host Committee stated that Super Bowl LIV generated $572 million for Southeast Florida in February 2020.
It’s unknown whether Miami will host another Super Bowl.
Business Boom
The total revenue from the Miami Grand Prix 2023 hasn’t yet been released, but attendance increased in 2023 by 30,000, recording 270,000 in attendance, a sellout.Estimates on the economic effect going into race weekend were exciting, local entrepreneurs told The Epoch Times.
In the lead-up to the race, clients of Heyday Marketing and PR were expecting a jump of “25–35 percent from a business model” as travelers packed Miami restaurants, clubs, and events, according to Eduardo Moya, the firm’s chief marketing officer.
While official numbers are still being tallied, the Greater Miami Convention and Visitors Bureau confirmed that the number of hotel rooms sold in Miami-Dade County increased by 7.9 percent during race week, as compared with race week in 2022.
Neighboring Broward County, home to Fort Lauderdale, also saw a 2.5 percent increase in occupancy.
Hotel occupancy in Miami-Dade County was recorded at 72.5 percent overall and was more than 80 percent in some areas, the tourism organization reported.
A Formula One Grand Prix attracts fans, celebrities, and socialites from all over the world, pitting some of the biggest names in the automotive industry and extreme sports against each other.
In the mix of competitors were teams for Mercedes-Benz, McLaren, Ferrari, Aston Martin, and Red Bull.
Miami’s own professional sports teams continued experiencing success.
Both the NBA’s Miami Heat and the NHL’s Florida Panthers were advancing in their respective playoffs, upsetting top teams in their leagues.
“A weird dynamic now in the city that helps a lot of the local businesses is the sports,” said Miguel Zulueta, founder and CEO of the marketing firm Lifestyle Miami. “The Panthers. The Heat. The city’s excited. Everybody’s pumped.
“So what happens? They’re going out!”
And that’s good for Miami-area businesses, Zulueta and Moya said.
“It’s F1 weekend. It’s Cinco de Mayo weekend. It’s the Heat–Knicks playoffs,” Moya said.
‘A Necessary Evil’ for Locals
But not everyone in Miami is thrilled with what a grand prix race brings to town.Hard Rock Stadium is in the middle of a vast residential area. Many complain that Formula One is just the latest event turning Miami into a party town exclusively for the rich, Moya and Zulueta said.
“It’s a mixed review,“ Moya said. ”Locals feel that the event in the city is overpriced. They feel like they are catering to the elite. At the end of the day, it is what it is. But that’s their perspective.
“But there are locals that appreciate the sport, and they go and enjoy it.”
And the boost it brings to local businesses can help soothe angry feelings.
As for Formula One attracting many locals around the stadium, “that’s not their audience,” according to Zulueta.
“But, of course, if you own a local restaurant around there, it does bring business,” he said. “So they kind of deal with it.”
Inside the autodrome, local businesses partner with Formula One by operating pop-up vendor stands.
And most people who work at the Grand Prix live in the area, according to Zulueta. So while they may not be Formula One fans and feel that their neighborhood is being used, they still get an influx of work.
In the eyes of the locals, “it’s a necessary evil,” he said.
Formula One is said to be one of the fastest-growing spectator sports in the United States. It’s been popularized recently by a Netflix documentary series, “Formula 1: Drive to Survive.”
Miami is trying to prove that it can host an event that stands alongside the racing quality at Silverstone Circuit in England and the Imola track in Italy. The city also aims to rival the elegance of tracks in Monaco and Abu Dhabi.
“Formula One, like anything else, is putting us on the map to another audience,” Moya said. “With F1, we’re bringing a European audience.”
Zulueta said, “Super Bowl is king, in my opinion. Formula One is the new kid in school. Everybody wants to look at it. Everybody wants to go and be a part of it—but fans are not super connected yet.”
And like that notoriously bumpy first day of school, Miami had a lot of adjustments to make in the lead-up to its second Formula One event.
The inaugural event in 2022 was criticized by fans and drivers on a variety of issues—from the state of the street circuit to the logistics of getting spectators in and out of the autodrome.
But Miami leaders took action, according to Moya and Zulueta.
“The City of Miami has a lot of pride for itself. We bleed 305,“ Moya said. ”When we heard those comments last year that people were unhappy, we took that to heart.”
Moya and Zulueta were involved in meetings with state representatives, mayors, and committees in order to figure out how to make the 2023 event better, they said.
“We’re known for a high production, high-quality party city,“ Moya said. ”It’s important for us to continue making this the go-to city.”
This year, the event went more smoothly, and drivers reportedly immersed themselves in the city more than last year, they said. And there was a strong sense of community involvement.
Promoters of the sport hope to “get to the kids, build a fan base, and gain support,” according to Zulueta.
“Not just in Miami Gardens, but everywhere,” he said.
Moya said, “Let’s think 10, 15 years from now. You may have a kid who comes out of Miami Gardens that ends up being a racer. That’s the idea of it.”
Formula One just adds to the nearly nonstop sports action for the past two months.
LoanDepot Park—home of the Miami Marlins of MLB—was one of the four stadiums to host the 2023 World Baseball Classic from March 11 to March 21.
The world’s best tennis pros gathered at Hard Rock Stadium for the 2023 Miami Open from March 19 to April 2.
And UFC 287: Pereira versus Adesanya 2, a mixed martial arts event produced by the Ultimate Fighting Championship, was held at the Miami Heat’s home arena, Kaseya Center, on April 8.
“Believe it or not, local businesses are already getting ready for [a FIFA] World Cup” soccer championship in 2026, Zulueta said.
“It’s three years away. It seems like a long time. But with these Formula One events coming up, it’s also taught the city and local businesses [to handle] another mega event. So people are more prepared.”
Home-Grown Formula One Star
On May 7, 20 of the best drivers in the world charged through 57 laps around Hard Rock Stadium. In that lineup was Fort Lauderdale native Logan Sargeant.As he started from the back of the grid, Sergeant’s race was analogous to South Florida’s Formula One future. The city has earned its place in the club and now gets to show the world what it can do over the next few years.
Some say the Miami Grand Prix is already among the best spectacles in racing.
“Formula One is all over South America, all over Asia, all over Europe–everywhere but America,” Juan Ganem, a Miami-based consultant and Formula One fan, told The Epoch Times.
“I’ve gone to Monaco. I’ve gone to Singapore. I’ve gone to all of these ... races, and Miami is up there, man. Miami is really up there. It’s making a noise.
“Now, our first year, Miami cut some corners as far as the quality of the track. But as a consumer, as a sponsor, it’s all there. It’s a great opportunity, and it’s growing.”
