What Hong Kong can learn from how Singapore made a success of its Formula One grand prix
Speakers at the Hong Kong Sports Economy and Tourism Summit also stress the need to get the ‘whole society’ involved when staging events
Hong Kong had the potential to develop its sporting industry in such a way as to drive the city’s economy, panellists at an economic and tourism summit said on Friday.
Speakers also highlighted the need for Hong Kong to have its own professional sports clubs to make the city a more desirable place to live, and reiterated the importance of getting the “whole society” involved whenever and wherever there were plans to stage any events.
Starting proceedings at the Fullerton Hotel Ocean Park in Aberdeen on Friday, Samantha Chen, executive vice-president of CAA Sports, hailed Hong Kong as an international travel hub that did not require a lengthy visa application process to visit.
Chen also said Hong Kong was a “safe and secure” place to visit and suggested the soon-to-be-opened Kai Tak Sports Park would be an “important game changer” when it came to staging both sports and music events in the future.
While Singapore has always been seen as a “rival” to Hong Kong when bidding for mega events, Chen said the Formula One Singapore Grand Prix, first held at the Marina Bay Street Circuit in 2008, stood out as the best case study for the city.
Chen said 60 per cent of the estimated S$150 million (HK$900 million) cost to run the Grand Prix event over a weekend was borne by the Singapore government, while the remaining 40 per cent was funded by local private promoters – resulting in more-accessible ticket prices to the wider population.
