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F1 Grand Prix in Incheon would be economically viable: Study

Published: 16 Apr. 2026, 18:38

MICHAEL LEE
[email protected]

Mercedes driver Kimi Antonelli of Italy wins the the Japanese Formula One Grand Prix in Suzuki, Japan, on March 29. [AP/YONHAP]

A preliminary feasibility study has found that hosting the Formula One (F1) Grand Prix in Incheon would be economically viable, the city government said Thursday.

The study, commissioned by the city, found that the expected benefits would outweigh the costs by about 45 percent.

City officials described the findings as a “green light” to move forward with a bid.

The study examined the feasibility of a street circuit centered around Dalbit Park in Songdo, near Incheon International Airport and existing transport links.

The proposed track would stretch about 4.96 kilometers (3.08 miles) and meet top-tier international standards, with a top speed of 337 kilometers per hour (209 mph), the study said.

An F1 Grand Prix in Incheon would likely draw more than 300,000 spectators over a three-day race weekend, with a daily capacity of up to 120,000, officials said.

It could also generate about 580 billion won ($430 million) in tourism revenue and create roughly 4,800 jobs, while broadcasts to 180 countries would boost the city’s global visibility, the city said.

Financial projections indicate the project could also be commercially viable, with estimated revenue of 1.13 trillion won exceeding projected costs of 1.04 trillion won, according to the study.

Officials said funding for the event would be structured to limit the burden on public finances, with private-sector operators playing a central role and government support estimated at around 237 billion won.

The city also outlined measures to mitigate disruptions, including noise barriers near residential areas and traffic management plans such as temporary bridges, shuttle buses and additional parking facilities.

Incheon Mayor Yoo Jeong-bok described the bid as a potential turning point for Incheon, saying the race could help transform the city from a transit hub into a global destination.

“F1 is not just a sporting event but a key driver that can reshape the city’s brand and tourism industry,” he said, adding that the city aims to increase its share of inbound tourists.

BY MICHAEL LEE [[email protected]]