Formula One motor racing returned to the Sunshine State in May for the second Miami Grand Prix, pumping hundreds of millions of dollars into the South Florida economy.

The international race adds to a growing wave of professional sport events in the Magic City.

From May 5–May 7, the governing body of Formula One—the Federation Internationale de l’Automobile (FIA)—occupied Hard Rock Stadium in Miami Gardens.

The event transformed the facility, home of the Miami Dolphins NFL team, into the Miami International Autodrome.

Racing festivities attracted more than 270,000 people and generated enough revenue in the region to rival a national championship sports event, according to a local tourism organization.

In 2022, Formula One reported that the first Miami Grand Prix gave a $350 million economic boost to the Greater Miami area and South Florida. It recorded a total attendance throughout the three-day weekend of 240,000 people. 

For comparison, the Miami Super Bowl Host Committee stated that Super Bowl LIV generated $572 million for Southeast Florida in February 2020. 

It’s unknown whether Miami will host another Super Bowl.

But the Formula One Miami Grand Prix is guaranteed to return for the next eight years. 

The total revenue from the Miami Grand Prix 2023 hasn’t yet been released but attendance increased in 2023 by 30,000, recording a sell-out crowd of 270,000.

Estimates on the economic impact going into “race weekend” were exciting, local entrepreneurs told The Epoch Times.

In the lead-up to the race clients of Heyday Marketing and PR were expecting a jump of “25–35 percent from a business model” as travelers packed Miami restaurants, clubs, and events, said Eduardo Moya the firm’s chief marketing officer.

Fans and celebrities all were looking to find the right places to go, Moya told The Epoch Times.

While official numbers are still being tallied, the Greater Miami Convention and Visitors Bureau (GMCVB) confirmed that the number of hotel rooms sold in Miami-Dade County increased by 7.9 percent during race week, as compared to race week in 2022.

Neighboring Broward County, home to Fort Lauderdale, also saw a 2.5 percent increase in occupancy.

Hotel occupancy in Miami-Dade was recorded at 72.5 percent overall and was more than 80 percent in some areas, the tourism organization reported.

A Formula One Grand Prix attracts fans, celebrities, and socialites from all over the world, pitting some of the biggest names in the automotive industry and extreme sports against each other.

In the mix of competitors were teams for Mercedes-Benz, McLaren, Ferrari, Aston Martin, and Red Bull.

Meanwhile, Miami’s own professional sports teams continued experiencing success.

Both the Miami Heat NBA team and the Florida Panthers NHL team were advancing in their respective playoffs, upsetting top teams in their leagues. The Miami Marlins MLB also have earned wins.

“A weird dynamic now in the city that helps a lot of the local businesses is the sports,” said Miguel Zulueta, founder and CEO of the marketing firm Lifestyle Miami. “The Panthers. The Heat. The city’s excited. Everybody’s pumped.

“So what happens? They’re going out!”

And that’s good for Miami-area businesses, Zulueta and Moya said.

“It’s F1 weekend. It’s Cinco de Mayo weekend. It’s the Heat/Knicks [basketball] playoffs,” Moya added.

“It’s Panthers playoffs. And the Marlins are on a winning steak.”

The men’s social media pages were registering tens of millions of impressions on the Friday night of race week, as locals, visitors, and celebrities looked for places to go. 

But, not everyone in Miami is thrilled with what a grand prix race brings to town.

Hard Rock Stadium is in the middle of a vast residential area. Many complain Formula One is just the latest event turning Miami into a party town exclusively for the rich, Moya and Zulueta said.

“It’s a mixed review,” Moya said. “Locals feel that the event in the city is overpriced. They feel like they are catering to the elite. At the end of the day, it is what it is. But that’s their perspective. 

“But there are locals that appreciate the sport, and they go and enjoy it.”

And the boost it brings to local businesses can help soothe angry feelings.

As for Formula One attracting many locals around the stadium, “that’s not their audience,” Zulueta said. “But, of course, if you own a local restaurant around there, it does bring business. So, they kind of deal with it.”

Inside the autodrome, local businesses partner with Formula One by operating pop-up vendor stands.

And most people who work at the Grand Prix live in the area, Zulueta said. So while they may not be Formula One fans and they feel that their neighborhood is being used, they still get an influx of work.

In the eyes of the locals, “it’s a necessary evil,” he said.

Formula One is said to be one of the fastest-growing spectator sports in the United States. It’s been popularized recently by a Netflix documentary series, “Watch Formula 1: Drive to Survive.”

Miami wants to prove that it can host an event that stands alongside the racing quality at Silverstone Circuit in England and the Imola track in Italy. The city also hopes to rival the elegance at tracks in Monaco and Abu Dhabi.

“Formula One, like anything else, is putting us on the map to another audience,” Moya said. “With F1, we’re bringing a European audience.”

“Super Bowl is king, in my opinion,” Zulueta added. “Formula One is the new kid in school. Everybody wants to look at it. Everybody wants to go and be a part of it—but fans are not super-connected yet.”

And like that notoriously bumpy first day of school, Miami had a lot of adjustments to make in the lead-up to its second Formula One event.

The inaugural event in 2022 was criticized by fans and drivers on a variety of issues—from the state of the street circuit to the logistics of getting spectators in and out of the autodrome.

But Miami leaders took action, Moya and Zulueta said.

“The City of Miami has a lot of pride for itself. We bleed 305,” Moya said, referring to the local telephone area code, which has become a nickname for the city.

“When we heard those comments last year that people were unhappy, we took that to heart.”

Moya and Zulueta were involved in meetings with state representatives, mayors, and committees in order to figure out how to make the 2023 event better, they said.

“We’re known for a high production, high-quality, party city,” Moya aside. “It’s important for us to continue making this the go-to city.” 

This year, the event went smoother, and drivers reportedly immersed themselves in the city more than last year, they said. And there was a strong sense of community involvement.

Promoters of the sport hope to “get to the kids, build a fan base, and gain support,” Zulueta said. “Not just in Miami Gardens, but everywhere.”

“Let’s think 10, 15 years from now,” Moya said. “You may have a kid who comes out of Miami Gardens that ends up being a racer. That’s the idea of it.”

Formula One just adds to the nearly non-stop sports action for the past two months.

LoanDepot Park–home of the Miami Marlins–was one of the four stadiums to host the 2023 World Baseball Classic from March 11 to March 21.

The world’s best tennis pros gathered at Hard Rock Stadium for the 2023 Miami Open from March 19 to April 2.

And UFC 287: Pereira versus Adesanya 2, a mixed martial arts event produced by the Ultimate Fighting Championship, was held at the Miami Heat’s home arena, Kaseya Center, on April 8.

“Believe it or not, local businesses are already getting ready for [a FIFA] World Cup” soccer championship in 2026, Zulueta said.

“It’s three years away. It seems like a long time. But with these Formula One events coming up, it’s also taught the city and local businesses [to handle] another mega event. So people are more prepared.”

When people around the world think of Miami, they often think of glamorous South Beach, Moya said.

But now many are learning “there’s a lot more to do here than hang out at the beach,” he said.

On May 7, 20 men considered the best drivers in the world charged through 57 laps around Hard Rock Stadium. In that lineup was Fort Lauderdale native Logan Sargeant.

As he started from the back of the grid, Sergeant’s race could be seen as a metaphor for South Florida’s Formula One future. The city has earned its place in the club and now gets to show the world what it can do over the next few years.

Some say the Miami Grand Prix is already among the best spectacles in racing. 

“Formula One is all over South America, all over Asia, all over Europe–everywhere but America,” Juan Ganem, a Miami-based consultant, told The Epoch Times.

People travel to this,” said Juan Ganem, a Miami-based consultant and Formula One fan.

“I’ve gone to Monaco. I’ve gone to Singapore. I’ve gone to all of these [Formula One] races and Miami is up there, man. Miami is really up there. It’s making a noise.”

“Now, our first year, Miami cut some corners as far as the quality of the track,” he said. “But as a consumer, as a sponsor, it’s all there. It’s a great opportunity, and it’s growing.”