The cancellation of April’s Formula One races in Bahrain and Saudi Arabia due to the war in Iran will likely cost the destinations over $200 million in delayed revenue.
After weeks of speculation about whether the conflict would impact the Gulf states’ ability to run the April events, Formula One’s governing body, the Fédération Internationale de l’Automobile (FIA) canceled the races.
Although the World Travel & Tourism Council has estimated that for every day of the conflict, the Middle East is losing $600 million in international visitor spending, the organisation has also told Skift that the cost of Bahrain and Saudi Arabia losing these races is more deferred than lost.
“When accounting for the wider economic effect – including hotel occupancy, international flight bookings, and local hospitality spend – the total commercial deferment could exceed $200 million,” said Gloria Guevara, president and CEO of WTTC.
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