Singapore F1 revenue better than expected: minister

Singapore's first Formula One Grand Prix, which was held in September, generated far more tourism revenue than initially expected, a government minister said.

The event, the sport's first night race, attracted more than 40,000 foreign visitors and generated 168 million dollars (112 million US) in tourism revenue, S. Iswaran, Senior Minister of State for Trade and Industry, told parliament. A copy of his remarks was posted on the ministry website late Monday.

Officials had estimated the race would generate 100 million Singapore dollars annually in revenues.

Iswaran said that more than 110 million worldwide television viewers watched the Grand Prix.

Singapore has the race contract for five years and an option for another two.

With the global tourism industry in difficulty during a worldwide economic slowdown, visitor arrivals to the city-state are forecast to slide between six and 11 percent this year, Iswaran said.

The Singapore Grand Prix said recently that it will hike the cost of some corporate suites at this year's event but would keep others steady.

Iswaran said plans surrounding this September's Grand Prix event are in the final stages and "will take into account this year's tourism outlook."