F1 Formula in Singapore

Introduction- The largest sporting event in Singapore, Formula 1 Singapore Grand Prix, and official name called the Formula 1 Singtel Singapore Grand Prix. It was announced that the telecommunications company Singtel would sponsor the event in November 2007. After signing a five-year deal, it will be set the first ever night race Singapore’s Marina Bay street circuit and also be Asia's first F1 street race in 2008. In one of the sport's most striking settings, the street circuit snakes through the shimmering skyscrapers along the harbour side of the wealthy Asian financial hub. In other words, the timing of night event means it can be broadcast at a convenient time for European TV audiences. The track also will be illuminated by projectors which match the shape of the course.
F1 has put Singapore on the world map, and it continues to put country on the world map year after year. Formula 1 has given the country many benefits. According to the figure from Singapore Tourism Board (STB), this event attracting some 150,000 international visitors over the last four years and injecting about S$600 million into the local economy, must also continue to remain steady. Furthermore, it has been watched by more than 360 million TV viewers in Singapore race.
Singapore Grand Prix agreed that Singapore will continue to host the Formula 1 night race for the next five years till 2017, and cut overall costs of organising the Singapore Grand Prix (SGP) event by 15 to 20 per cent. A study has shown that Singapore is likely to reap greater economic spin-offs in tourism and investment from Formula One (F1) the next five years.
Objectives- First, formula 1 can act as an annual engine to drive tourists to Singapore. According to the study showed that the race attracted more than 150,000 international visitors over the last four years and about $140 to $150 million in incremental tourism receipts each year. In addition this event promoted Singapore in terms of its investment