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bigsale
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[Discussion] $90 million from Singapore taxpayers funds to show off bigsale Sep 30th, 08, 11:27 AM #1
$90 million from taxpayers funds to show off

While the common man on the street is fretting about the ongoing economic crises and graduating students like myself are worrying about our career prospects in times of economic uncertainty, the Singapore Government had a great weekend to cap its $90 million spending spree for the F1 Grand Prix in Singapore.

No doubt that the event was an overwhelming success, but the question is, what is the value of staging this event for the average Singaporean? $90 million was just the cost for this year’s Grand Prix… the event will be held for the next 4 years too. That’s a lot of money for a shot at “putting Singapore on the world map” for its expertise in hosting the F1.

First of all, this was obviously not staged for the enjoyment of Singaporeans. With ticket prices mostly costing several hundred dollars and up, its certainly far from being affordable. 50% of those who paid for tickets were tourists, but besides paying top dollar for tickets and their hotel stays, it leaves to be seen how much these 50,000 or so visitors have brought in tourist revenues to Singapore businesses. If I am not wrong, expectations are low since many of these visitors are here just for the F1 race. Besides that, road closures in the city to accomodate the event also had negative impacts on shopping malls’ businesses.

Some people may start accusing me of being ’short-sighted’ in not being able to see the long-term benefits of spending such money to promote Singapore. Well, to me it seems quite clear that there aren’t many long-term benefits beyond what we are already getting via our Integrated Resorts project and other tourism initiatives.

True, the decision to host the Grand Prix was made when the economy was doing quite well, and arguably Singapore has more than enough money to splurge on this. But I am not saying that the decision was made at the wrong time. I’m saying that the money would have been better off spent on other things that can benefit more people directly, such as more educational grants to upgrade Singaporeans further (or to ease the burdens of poor students like myself), or more funding for various industries (how ’bout putting in $90 million to fund cancer research and do a huge favor to humanity? Wouldn’t it be better to be ‘put on the world map’ for such commitment?).

At the end of the day, I think this is just another expensive, unnecessary publicity stunt. Very typical of Singapore.

Source: http://www.mrbiao.com/blog/90-millio...-show-off.html


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moneygod Sep 30th, 08, 11:44 AM #2
The same speech had been used to criticize the entire F1 phenomenon in general. Back in 1998 when I was in UK, there were already student protests against splurging of huge amount of money on a sport that is appreciated by very few. In fact, there were protests of every kind against so called "high society" events (i.e. horse races, premiership football, etc).
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sin cruise Sep 30th, 08, 11:59 AM #3
haha, they just tell you how much they spend/stage this event
But they didn't tell you the income/profits generated
hmmm.... so who actually benefit from this?
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raysusan Sep 30th, 08, 12:04 PM #4
hear so much of F1
dont really get interested in it and do even bother to watch the race
sorry to F1 fans
but there are really many of us who is not interested in racing here too
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LgO-sluglives Sep 30th, 08, 12:25 PM #5
but tats only 15 bags of peanuts.. and no beer too... cheapo.
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koohansen Sep 30th, 08, 12:33 PM #6
Quote:
Originally Posted by LgO-sluglives View Post
but tats only 15 bags of peanuts.. and no beer too... cheapo.
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cho09 Sep 30th, 08, 01:22 PM #7
the main point is that this is not appreciated by the masses but the niche market is that of the ultra rich and thats all that matters... selective advertising..
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hanmilo Sep 30th, 08, 02:07 PM #8
And not forgetting the multiplier effect.
If the speed of light is said to be the speed limit, I sure hope I don't get a ticket.
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dondon Sep 30th, 08, 02:16 PM #9
Quote:
Originally Posted by LgO-sluglives View Post
but tats only 15 bags of peanuts.. and no beer too... cheapo.
well put
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Falconlgh Sep 30th, 08, 02:31 PM #10
I believe there's more to it behind the scenes than just a F1 race. Its more of a promotion for our country as a whole. While it may not seem to have any direct impact to the masses like giving out the $$$ spent (like GST Credits package), it may yet reap benefits to Singapore in the long run..

A lot of these high end, expensive sports like F1 serves only a niche market. But there are a lot of big money players that like this kinda sports. F1 is the playground for the rich billionaires. They come here to enjoy, to network, to see Singapore. By showing them how good we can host the F1, we may get them to invest here. Indirectly, this will help the economy and such. So it might not be that bad a thing is it?
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DiGdUb Sep 30th, 08, 04:11 PM #11
thats why australia want to drop their f1 gp, cos its too expensive. but aust is ok since they have many other attractions as well. sg have nothing. we cannot solely rely on internal anymore.
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booest Sep 30th, 08, 05:31 PM #12
F1 create jobs... PERIOD.

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ORiN Sep 30th, 08, 10:01 PM #13
Quote:
Originally Posted by booest View Post
F1 create jobs... PERIOD.
$90 million to create jobs for how many Singaporeans? I think most of the construction workers are not Singaporeans.
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dondon Sep 30th, 08, 10:59 PM #14
it is not only construction that gained, go check the hotel occupancy rates during the period. Sept has always been a lull period for tourism, staging it in this time is a boost needed.

Do you know how much will it cost to advertise across the different countries, live telecast? It may not cause a ripple impact immediately but it will bring returns soon.

I don't think it is all 90m tax payer's money ( meaning those who pay tax), some part of it are recovered by the advertisment, coprporate sponsors.
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LoNgMaO Sep 30th, 08, 11:46 PM #15
after the event 22% increase wats nexts?
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