According to journalist Byeon Seong-won, Mayor Yoo presented the results of a preliminary feasibility study estimating an economic benefit of 1,167.9 billion won and identifying the Songdo Moonlight Festival Park area as the ideal location, given an expected attendance of around 300,000 to 400,000 people over the three days of the Grand Prix weekend.
Incheon Mayor Yoo Jeong-bok, during a press conference held today at City Hall, stated: “The preliminary feasibility study and basic plan for the Incheon Formula 1 Grand Prix, launched last year, have demonstrated the economic sustainability of the project.”
The most suitable area to host the event has been identified around the Songdo Moonlight Festival Park. The proposed circuit would be 4,960 metres long, with a top speed estimated at 337 km/h, meeting modern Formula 1 circuit standards.
These conclusions come from a joint analysis conducted by German circuit design company Tilke and the Korea Industrial Development Institute, which examined international street circuits such as Singapore and Las Vegas, combining site inspections, technical evaluations, and expert opinions from F1 stakeholders and industry professionals.
The analysis also highlighted the strong financial and economic viability of the project. The benefit-cost ratio stands at 1.45, with total benefits estimated at 1,167.9 billion won compared to costs of 802.8 billion won, thus meeting overall economic sustainability criteria.
According to reports, the project will be primarily led by private operators, with the aim of minimising the burden on public finances. The contribution from the government and local administration is estimated at around 237.1 billion won.
The circuit in the Songdo Moonlight Festival Park area will mainly utilise existing public roads and will include infrastructure such as a pit building and grandstands for spectators. The total capacity is expected to reach around 120,000 spectators per day, with a total estimated attendance of 300,000 to 400,000 visitors, both domestic and international, over the three-day event.
According to local authorities, hosting Formula 1 would represent a strategic opportunity: with live broadcasts in 180 countries and hundreds of thousands of spectators each year, Incheon could establish itself as a “top 10 global city”. The expected economic impact is significant, with projected tourism revenue of around 580 billion won and the creation of approximately 4,800 jobs. The event could also help increase the city’s global value, including through integration with Korean culture.
To mitigate noise impact, an 1,800-metre-long noise barrier will be installed in nearby residential areas, while temporary parking facilities will be arranged to reduce traffic disruption.
Mayor Yoo, after presenting the full plan, concluded: “If Formula 1, which is considered alongside the Olympics and the World Cup one of the three major global sporting events, is hosted here, Incheon will take a decisive step towards becoming a top 10 global city. Moreover, F1 operates under five-year agreements, so this would not be a one-off event but a continuous opportunity.”
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