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The role of the Formula 1 Grand Prix in Hungary's tourism

Author

Listed:
  • Remenyik Bulcsú
  • Molnár Csilla

Abstract

Formula 1’s business model is unlike that of any other sports series. F1 is the world’s most-watched annual sports series and attracts more than 400 million television viewers on every occasion. Hosting an F1 race puts a country on the sporting map and stimulates curiosity. income from ticket sales comes to an average of around $33 million a year and has large influence on the economy, especially on tourism by generating income in the HORECA sector, transportation and other services. Formula 1 races reach a global audience and are keenly followed by avid fans. it is considered to be the most frequented sports event in the world afer the Summer Olympic Games marked by high travel numbers. The Formula 1 Hungarian Grand Prix marks an important period for Hungarian tourism, as almost 2 million visitors have visited the Hungaroring during the last 25 years. This sports event attracts international visitors with increased tourist spending, which means a regular and calculable income for hotels and restaurants. The Budapest – Central Danube tourist region, where the Formula 1 Hungarian Grand Prix takes place, is a well-developed and easily accessible area close to the capital city.

Suggested Citation

  • Remenyik Bulcsú & Molnár Csilla, 2017. "The role of the Formula 1 Grand Prix in Hungary's tourism," Prosperitas, Budapest Business University, vol. 4(3), pages 92-112.
    • Handle: RePEc:bbs:prospe:v:4:y:2017:i:3:p:92-112
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    File URL: https://publikaciotar.uni-bge.hu/id/eprint/1097/1/Remenyik-Molnar.pdf
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    References listed on IDEAS

    as
    1. Chris Judde & Ross Booth & Robert Brooks, 2013. "Second Place Is First of the Losers," Journal of Sports Economics, , vol. 14(4), pages 411-439, August.
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