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Formula 1 Miami Grand Prix brings extraordinary wealth to race weekend

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Tickets to this weekend’s Formula 1 Grand Prix in Miami are selling for 1000’s of dollars a chunk, as surging U.S. interest and the worldwide wealthy drive up prices for a weekend of high-speed excess.

Greater than 300,000 race fans, tourists, executives and party-goers are expected to pour into Miami for the event, sponsored by Crypto.com. It is the racing league’s inaugural Miami event and takes place across three days starting on Friday.

The crowds and spending are expected to surpass Miami’s 2020 Super Bowl and its annual Art Basel festival, in keeping with local officials. Miami’s top hotels are charging greater than $100,0000 an evening for his or her top suites. Chefs are offering special dinners for $3,000 a plate, and night clubs are bringing in top DJs with tables going for as much as $100,000 an evening.

“That is going to be the largest week in Miami history,” said Jeff Zalaznick, managing partner of Major Food Group, which has sold out its dinner on Miami Beach at $3,000 per person. “We have never seen demand like this. It may be a really hedonistic experience.”

Formula 1 has at all times been a sport for the wealthy, whether watching from their mega-yachts in Monaco or the SkyPark on the Marina Bay Sands in Singapore. Miami’s Grand Prix will mark a complete latest level of spending for a U.S. sporting event — fueled by the surging popularity of Formula 1, and the post-pandemic wealth boom in south Florida.

Netflix’s hit series “Drive to Survive” has created a latest generation of F1 fans within the U.S. TV rankings for the races were up 54% in 2021 over 2020, and the primary two races of the 2022 season were up 47% over 2021, in keeping with ESPN, which broadcasts the races within the U.S.

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

The typical price for Sunday’s race is $2,179 — thrice the common price for the U.S. Grand Prix in Austin last 12 months, in keeping with online ticket seller SeatGeek. Some tickets sold for north of $7,200 each. Organizers say the costs are soaring even higher into the weekend, with hospitality packages listed on resale site StubHub for greater than $25,000.

The huge race campus built around Hard Rock Stadium for the event features a beach, dry-dock yacht marina and a number of other VIP viewing areas. “Sand Tickets” on the Hard Rock Beach Club promise a resort-style seat for the racing motion and are being offered for $1,000 a chunk — “beach attire encouraged.” “Deck tickets” on the Beach Club go for $2,000.

With a whole bunch of 1000’s of fans expected, but capability limited to about 80,000 on the race venue, local hotels, restaurants and bars will probably be overrun — and are charging accordingly. Event organizers project an economic impact of $400 million to town of Miami Gardens, where the Hard Rock Stadium and track are positioned.

Local hotels are leaning into the posh.

The St. Regis Bal Harbour Resort is offering a $110,000 “Diamond Package” that features an oceanfront villa, round-trip private jets, dinner and a bespoke piece of diamond jewelry from De Beers.

The five-star Faena Hotel Miami Beach is offering its 4,500 square-foot Faena Suite for $120,000 an evening during race weekend. The package includes access to the Red Bull team’s hospitality suite, which offers among the best viewing areas of the race.

Red Bull is currently second within the F1 team standings, behind Ferrari, and boasts current World Champion Max Verstappen as certainly one of its drivers.

The restaurant Carbone, whose parent company Major Food Group is constructing an empire of glitzy restaurants stretching from Las Vegas to Miami to Hong Kong, is making a special pop-up restaurant on South Beach for the Formula 1 crowds.

It is going to host 200 guests an evening at Carbone Beach, offering cocktails, wine, champagne, caviar, dinner prepared by chef Mario Carbone and nightly performances by surprise guests. With a price tag of $3,000 per person per night — not including tip — Zalaznick said the dinners are mainly sold out.

“Truthfully, I feel it’s value $6,000 per person,” Zalaznick said. “We’re way ahead of where we projected we can be.”

And the spending doesn’t stop at sundown. The nightclub E11even Miami is bringing in celebrity DJs corresponding to Tiesto and Diplo for the week and is offering tables for between $5,000 and $100,000 per night.

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