Max Verstappen and Lewis Hamilton aren't the only ones looking to cash in this Canadian Grand Prix weekend. The city of Montréal is bracing for an $80 million economic windfall.
Driving the news: As the Formula 1 Canadian Grand Prix kicks off this weekend, Montréal is set to welcome a mob of deep-pocketed, yacht-charting fans for what has become one of the hottest tickets in the country and the fastest-selling races on the Formula 1 calendar.
Why it matters: The Montréal Grand Prix has always been a summer highlight for the city, but as the fandom for F1 skyrockets on the tail of the hit docu-series Drive to Survive, the weekend has also become one of the biggest economic opportunities of the year.
Why it's happening: Though the average Grand Prix ticket is more than twice as expensive as the average ticket to Wimbledon (and a bit of a different vibe, we’re sure), the demand for accommodations and other fun stuff to do is what really drives money into Montréal.
- The cost of some hotel rooms has jumped to ~$1,700 a night, and that’s not to mention the cost of going out at night, which can set you back thousands more.
Zoom out: The motorsport has been aggressively expanding into the North American market as of late, notably with this year's Las Vegas Grand Prix, which is estimated to bring US$1.3 billion to the city—that’s double the estimates for next year’s Super Bowl.—LA