Macau’s casino operators have pledged MOP100 million in sponsorship for the 2024 Grand Prix, significantly supported by Melco Resorts & Entertainment and Wynn Macau. The event, set for November, expects increased participation compared to 2019. The FIA’s shift from Formula Three to Formula Regional signals changes in junior motorsport development, enhancing global competitiveness for emerging drivers.
Macau casino operators have committed MOP100 million (approximately US$12.46 million) in sponsorships for the upcoming Grand Prix. Notably, two of the operators have reduced their financial contributions compared to previous years. The recent Grand Prix, which marked its 70th edition, secured a total sponsorship of MOP120 million, with Melco Resorts & Entertainment and Wynn Macau each pledging MOP10 million, while other sponsors contributed MOP20 million each. The 71st Macau Grand Prix is set to occur from November 14 to 17, showcasing up to seven races on a 6.2-kilometre circuit. The event anticipates participation from at least 180 racers across 35 countries, indicating an increase in both participation and variety since 2019. During a recent press conference, Luís Gomes, the president of Macau’s Sports Bureau, mentioned that the budget for the 2024 event would reach MOP240 million, not including contributions from gaming companies. The 2023 edition generated MOP17 million in ticket sales. In May, the International Automobile Federation (FIA) announced the introduction of the Formula Regional category, which will replace the historically significant Formula Three category. The transition reflects the changing landscape of junior single-seater racing, with the Formula Regional Championships designed to facilitate young drivers’ preparation for international competitions. FIA Formula Three has evolved into a prestigious international series supporting Formula One events, featuring standardization in car design and performance. This change highlights the ongoing progression towards unifying racing standards and enhancing the development of emerging talents in the motorsports arena.
Macau’s Grand Prix serves as a significant automotive racing event that attracts competitors from around the globe, playing a crucial role in the regional sports scene. With its origins deeply rooted in local culture, the Grand Prix has evolved over time, accommodating shifts in motorsport governance as indicated by FIA’s recent modifications to racing categories. The event not only promotes motorsports but also contributes to the economy through ticket sales and sponsorship revenues from major casino operators.
The upcoming 71st Macau Grand Prix showcases a temporary downturn in sponsorship commitments from gaming companies despite maintaining a significant overall budget. A pivotal change to racing categories, posed by the FIA, indicates a shift in focus towards modernizing the racing framework for emerging talents. Organizers continue to strive for international standards while hoping to enhance participation and revenue for future events.
Original Source: www.macaubusiness.com
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