The 2022 MIAMI thinks its Monaco GP in the US of A

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#256

Post by MonteCristo »

Bottom post of the previous page:

PTRACER wrote: 1 year ago There were people on the boats in the "marina", I wouldn't be surprised if the organisers charged a huge amount of money for those seats. But it did look pretty sad.
You can guarantee they were part of some premium experience package.

You don't go to that expense and trouble to not make money out of it.
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#257

Post by Everso Biggyballies »

Interestingly the people that promoted it said that they will not make money on this years race and quite the opposite. The costs of all the wankiness and trimmings (to build the quality of the experience!) got out of hand and far exeeded original plans. The (Miami) boss says a first-year operating loss on the Formula 1 event has not stopped him being convinced the race will succeed in the long term.

But they see their year 1 investment in wank will pay back in future years. This from an interview from the Miami GP boss.
Tom Garfinkel, the managing partner of Miami’s new F1 event, had originally targeted making a profit from the first race around the Miami Dolphins stadium.

But higher than anticipated costs pushed the inaugural Miami GP into a loss.

However, he says there are no regrets about the extra expenditure that was done to ensure fans had as good a time as possible, and he thinks there will be a longer-term payoff that will bring bigger financial returns in the future.

“If you would have asked me six months ago, I would have expected this to make money based on where the revenues were headed,” said Garfinkel about the sell-out event.

“But based on where the expenses headed, we're not going to make one this year. However, it was very important for us to deliver a great event.

“The expenses far exceeded our expectations, but it was because we were trying to do everything we could first class to be on brand for what F1 is and the kind of event we wanted to deliver.”

Garfinkel says one example of where extra money was spent was in turfing much of the Hard Rock Stadium’s car park to make it a better environment for spectators.

“I think a lot of races you go to, for example, if you go behind the grandstand it might be just black top [asphalt], where the bathrooms and the concessions are.

“But the grandstands out at the Beach Club, there's turf everywhere. That serves a lot of purposes. Number one, black top is hot, and the turf makes it cooler for people. It just looks cleaner, it looks nicer.

“It's expensive to put, whatever it is, 30 acres of turf out there. But we want to do things right. So we'll continue to try to do things like that.”

While one way to improve the balance sheet would be to dramatically increase the number of tickets on sale, Garfinkel said he was mindful about getting too many people through the door if it compromised the experience.

“We certainly had demand to sell a lot more tickets, but I want to get people in and out of here, concessions, bathrooms, and all of those things, to try to do that really well," he said.

“We want to kind of see: are there any pinch points of pedestrian bridges where we need to do a better job? Are there any bathroom situations, concessions, traffic, etc that can be improved? So once we evaluate that, we'll know where we can grow.

“I'd like to get to 100,000 a day. If we can get there next year, we'll do that. But if we don't feel like we can do that, and give everybody a great experience, we will grow it more slowly.”

With a sell-out crowd of 82,500 on race day and F1 delighted at the impact of the event, Garfinkel said he was delighted with the way things had gone for a first race

However, he said that some key lessons had been learned from things that did not go so well.
“There's a lot of things we're learning that we think we can do better,” he said.

“And there's some things that are going really well. The feedback has been very positive, from the teams, drivers and F1, FIA. And the feedback we've got from the fans: there are certainly some things that I think we can get better. But, for a first time event, I think it's gone really well.”

One big problem that occurred over the weekend was with the F1 Paddock Club, with team guests being left without food and service on Friday due to staffing problems.

Garfinkel admitted that Miami had made mistakes on that front, but said the matter had been addressed – and would be further improved for 2023.

“We had a problem with the food prep,” he said. “It was not ideal.

“The biggest thing that happened was we had a lot of our service workers arrive late because they were loading them one bus at a time. And so when guests arrived, everything wasn't prepared. They weren't ready.

“When people show up, the first thing they want to do is go grab something. And we didn't execute that well.”
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#258

Post by MonteCristo »

I can see how that would be possible.

Did they buy the infrastructure (barriers and alike)? If so, that's a front-loaded cost that would be cheaper in the future

And they'd likely need to market it more than will later.
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#259

Post by Everso Biggyballies »

MonteCristo wrote: 1 year ago I can see how that would be possible.

Did they buy the infrastructure (barriers and alike)? If so, that's a front-loaded cost that would be cheaper in the future

And they'd likely need to market it more than will later.
Agree a lot of their costs are one off up front costs, but it seems like. the original budgeting might have been a bit suspect .

They made one big error though..... starved the exclusive God knows how much a ticket "Paddock Club" clients. Bernie wouldnt have allowed that to happen. :haha: :haha:
One big problem that occurred over the weekend was with the F1 Paddock Club, with team guests being left without food and service on Friday due to staffing problems.

Garfinkel admitted that Miami had made mistakes on that front, but said the matter had been addressed – and would be further improved for 2023.

“We had a problem with the food prep,” he said. “It was not ideal.

“The biggest thing that happened was we had a lot of our service workers arrive late because they were loading them one bus at a time. And so when guests arrived, everything wasn't prepared. They weren't ready.

“When people show up, the first thing they want to do is go grab something. And we didn't execute that well.”

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#260

Post by MonteCristo »

Everso Biggyballies wrote: 1 year ago
One big problem that occurred over the weekend was with the F1 Paddock Club, with team guests being left without food and service on Friday due to staffing problems.

Garfinkel admitted that Miami had made mistakes on that front, but said the matter had been addressed – and would be further improved for 2023.

“We had a problem with the food prep,” he said. “It was not ideal.

“The biggest thing that happened was we had a lot of our service workers arrive late because they were loading them one bus at a time. And so when guests arrived, everything wasn't prepared. They weren't ready.

“When people show up, the first thing they want to do is go grab something. And we didn't execute that well.”
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#261

Post by White six »

One bus at a time, sweet Jesus
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#262

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Everso Biggyballies wrote: 1 year agoLol at Martin Brundle. He just had to ask a celebrity who they were and what their name was, with an I have no idea who you are whats your name!.
*Celebrity ego deflated**
Martin going "whatever" like a frustrated teenager was gold. You knew he was just absolutely done with this nonsense.
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#263

Post by Aty »

D/T 2022.05.13 4:47 UTC
Miami GP boss admits shock financial loss
http://www.gptoday.com/full_story/view/ ... cial_loss/

Well Mr. Boss, that's only beginning. After initial "we are the greatest", you will face more expenses on safety and track improvements, which is being demanded by drivers and probably managers (well, at least one is not that impressed). I bet that viewing audience has a few surprises waiting for them along the way next year when paying for gate ticket or pay TV.
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#264

Post by White six »

Aty wrote: 1 year ago D/T 2022.05.13 4:47 UTC
Miami GP boss admits shock financial loss
http://www.gptoday.com/full_story/view/ ... cial_loss/

Well Mr. Boss, that's only beginning. After initial "we are the greatest", you will face more expenses on safety and track improvements, which is being demanded by drivers and probably managers (well, at least one is not that impressed). I bet that viewing audience has a few surprises waiting for them along the way next year when paying for gate ticket or pay TV.
The track surface complaints make me laugh, it was fine. Drivers just work with the grip they have. You'd expect the race to make a profit next year, just a learning curve innit
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#265

Post by Aty »

White six wrote: 1 year ago
Aty wrote: 1 year ago D/T 2022.05.13 4:47 UTC
Miami GP boss admits shock financial loss
http://www.gptoday.com/full_story/view/ ... cial_loss/

Well Mr. Boss, that's only beginning. After initial "we are the greatest", you will face more expenses on safety and track improvements, which is being demanded by drivers and probably managers (well, at least one is not that impressed). I bet that viewing audience has a few surprises waiting for them along the way next year when paying for gate ticket or pay TV.
The track surface complaints make me laugh, it was fine. Drivers just work with the grip they have. You'd expect the race to make a profit next year, just a learning curve innit
I think the track and the Event was oversold, but that's not a point. Drivers expressed their point of view, and luckily it is not up to me to deal with it. I am assuming that not all drivers are complainers, and also based on years of their racing experience, they do know what they are talking about. Someone ought to evaluate their feedback.
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#266

Post by White six »

Aty wrote: 1 year ago
White six wrote: 1 year ago
Aty wrote: 1 year ago D/T 2022.05.13 4:47 UTC
Miami GP boss admits shock financial loss
http://www.gptoday.com/full_story/view/ ... cial_loss/

Well Mr. Boss, that's only beginning. After initial "we are the greatest", you will face more expenses on safety and track improvements, which is being demanded by drivers and probably managers (well, at least one is not that impressed). I bet that viewing audience has a few surprises waiting for them along the way next year when paying for gate ticket or pay TV.
The track surface complaints make me laugh, it was fine. Drivers just work with the grip they have. You'd expect the race to make a profit next year, just a learning curve innit
I think the track and the Event was oversold, but that's not a point. Drivers expressed their point of view, and luckily it is not up to me to deal with it. I am assuming that not all drivers are complainers, and also based on years of their racing experience, they do know what they are talking about. Someone ought to evaluate their feedback.
If you want to see bad surfaces try Argentina 1980 and Dallas 1984

Toto Wolff gave a fair assessment actually
The board equivalent of the Jody scheckter chicane. Fast but pointless
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#267

Post by MonteCristo »

DaleJuniorFan wrote: 1 year ago
Everso Biggyballies wrote: 1 year agoLol at Martin Brundle. He just had to ask a celebrity who they were and what their name was, with an I have no idea who you are whats your name!.
*Celebrity ego deflated**
Martin going "whatever" like a frustrated teenager was gold. You knew he was just absolutely done with this nonsense.
Well I don't know who either of those people are.

So ... whatever :P.
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#268

Post by PTRACER »

The whole grid walk was cringey as hell, none of these celebs knew/cared who Martin Brundle was (and I don't think he did either). Nor do I for that matter :haha:

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#269

Post by Aty »

White six wrote: 1 year ago
Aty wrote: 1 year ago
White six wrote: 1 year ago
Aty wrote: 1 year ago D/T 2022.05.13 4:47 UTC
Miami GP boss admits shock financial loss
http://www.gptoday.com/full_story/view/ ... cial_loss/

Well Mr. Boss, that's only beginning. After initial "we are the greatest", you will face more expenses on safety and track improvements, which is being demanded by drivers and probably managers (well, at least one is not that impressed). I bet that viewing audience has a few surprises waiting for them along the way next year when paying for gate ticket or pay TV.
The track surface complaints make me laugh, it was fine. Drivers just work with the grip they have. You'd expect the race to make a profit next year, just a learning curve innit
I think the track and the Event was oversold, but that's not a point. Drivers expressed their point of view, and luckily it is not up to me to deal with it. I am assuming that not all drivers are complainers, and also based on years of their racing experience, they do know what they are talking about. Someone ought to evaluate their feedback.
If you want to see bad surfaces try Argentina 1980 and Dallas 1984

Toto Wolff gave a fair assessment actually
:happy:
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#270

Post by White six »

Aty wrote: 1 year ago
White six wrote: 1 year ago
Aty wrote: 1 year ago
White six wrote: 1 year ago
Aty wrote: 1 year ago D/T 2022.05.13 4:47 UTC
Miami GP boss admits shock financial loss
http://www.gptoday.com/full_story/view/ ... cial_loss/

Well Mr. Boss, that's only beginning. After initial "we are the greatest", you will face more expenses on safety and track improvements, which is being demanded by drivers and probably managers (well, at least one is not that impressed). I bet that viewing audience has a few surprises waiting for them along the way next year when paying for gate ticket or pay TV.
The track surface complaints make me laugh, it was fine. Drivers just work with the grip they have. You'd expect the race to make a profit next year, just a learning curve innit
I think the track and the Event was oversold, but that's not a point. Drivers expressed their point of view, and luckily it is not up to me to deal with it. I am assuming that not all drivers are complainers, and also based on years of their racing experience, they do know what they are talking about. Someone ought to evaluate their feedback.
If you want to see bad surfaces try Argentina 1980 and Dallas 1984

Toto Wolff gave a fair assessment actually
:happy:
I wish I could turn clock back. Please tell me how to do that, and count me in.
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The board equivalent of the Jody scheckter chicane. Fast but pointless
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