Formula 1 Miami Grand Prix: a luxury event that will draw $400 million in revenue

From Friday through Sunday, Miami's sun and beaches will take a back seat, though not because rain is in the forecast. This weekend, the Miami International Autodrome will host the Formula 1 Miami Grand Prix, one of the city's major sporting events which brings in big money. It is estimated to generate around $400 million in revenue.

Let's start with the tickets. To see F1’s fifth race of the season, fans will have to pay between $880 and $1,312, depending on the area of the circuit where their seat is located. These tickets allow the fan to watch the entire Miami Grand Prix, including free practice on Friday, the qualifying session that determines the starting grid on Saturday and the race on Sunday.

Those who want to go down to the track and walk around before the races begin, as well as watch the race from the best vantage points can buy these tickets for around $5,000.

Tickets are also available to watch only the race on Sunday. These cost between $416 and $1,400, depending on the ticketing vendor. In addition, Formula 1 sells closed packages ranging from $1,299 to $6,149. These include, at a minimum, a seat in the grandstand and a photo on the winners' podium. The circuit has a VIP area with private suites and access to each team's garage priced at $14,199. This is where fans can get up close with drivers and celebrities attending the Miami Grand Prix. Last year, celebrities such as Michael Jordan, Paris Hilton and David Beckham were spotted on the circuit.

Enjoy Miami's nightlife and cuisine

In addition to the weather and beaches, Miami has a diverse cuisine that can satisfy any palate. Restaurants of all types and styles, with food originating from all over the world and prepared by some of the top chefs on the planet. Some of them will have their own establishments within the Miami Grand Prix grounds. Travelers must also factor in the cost of hotels. The average room rate in 2022 was $253.

For those who like to go out on the town, Miami has exclusive clubs, where the best DJs in the world will perform after the qualifying and the race. The cheapest club entrance costs range between $30 and $100. Then there are the tables, which cost around $5,000, and VIP access can reach up to $200,000.

With the ticket prices for the Miami Grand Prix alongside the food, hotels and nightlife, the city will certainly see a great economic benefit.