Friday, September 26, 2008

F1.....or F9?

Well, the F1 is here. is coming. The newspaper reported that the social escort business will be one of the beneficiaries of the F1. ...including one "starlet" who will be paid $40K for a 6 hour booking. Everyone in Singapore is wondering who that starlet is. If you know, please drop a hint. F1, Singapore Flyer, casinos (oops IRs), structured deposits, biotech what do they have in common?

For a tourist industry promoting a "uniquely Singapore" experience, we seem to have been copying everything from every where. The London Eye has been wildly successful so have to have one. Unfortunately, business has not been too good at the Singapore Flyer. Don't worry we still have the IRs (aka casinos). This is an idea we thought was great because Las Vegas and Macau were doing so well. But they are not doing too well these days - the number of visitors have fallen sharply in the past few months - it is unclear what will become of our IRs once they are completed. What I'm getting at is this - our planners, whoever they are, have this habit of jumping onto whichever bandwagon is proven successful at that point in time. They like big ideas that have made a lot of money somewhere else - jump onto them only to find the industry in decline. ....why didn't they think of building the Flyer before the Londoners had theirs? Why didn't we think of hosting the F1 before the Malaysian one became such a huge success.

There is however something very unique about our F1. We are uniquely unsuitable to host such an event!!! Not only do we lack the space for a track, we have to re-route traffic from our already congested roads to host the F1. We also have relatively few F1 fans so this thing is not done for the passion of the sport. But my main concern is not the traffic jams or that starlet making too much money. Just like risky structured products which our regulators allowed our banks to market so they can make more profits, the F1 race track we formed from our roads appear to be fraught with danger.

The sharp turns, night racing conditions and the possibility of rain makes this easily one of the most dangerous F1 races. Since the number of accidents in F1 has declined, everyone seems to be alright with the risk - yes there will be bright lights to overcome the darkness, drivers are skillful to navigate the turns etc but the main reason that makes people accept the risk is the amount of money behind this race.

I really hope nothings happens and this race turns out to be a big success.... and by next year I would have figured out what this sport is about and learn to enjoy it.


Anonymous said...

Hi Lucky Tan,

I think your concerns about the possibility that, recent endeavours by our gahmen to organise these extravagant (Singapore Flyer, F1 race, IRs etc), may end up being a write-off are groundless.

Never underestimate the ingenuity and capability of our beloved gahmen in recouping such losses from elsewhere by raising GST/ERP/Utility Bills/Fare Hikes etc by masking it off as due to rising "operating costs"....

Hence, my fellow Singaporeans, I feel that we all should pray that all these projects end up making money......or else we are very likely to be the ones to top up the losses.

Anonymous said...

as the Ferrari boss hinted - Singapore F1 is a mistake. its not about the sport of racing, but a money making endeavour. The track doesnt offer much overtaking, and it will be nothing but a procession of very fast cars.

who owns the F1 franchise? Ong Beng Seng. Who's one of the top hoteliers in Singapore? Ong Beng Seng. Who owns the TV rights? Medicorp. Who owns Mediacorp?

Now, flip it the other way round. the small retailers in the area affected by the road closures, pedestrian blockoffs.. Did they get any compensation? Businesses in town area affected by the traffic redirection? Any compensation?

Only a few people will be the monetary benefits of this F1 race...but i dunno whether the common singaporean gains anything.

Anonymous said...

I do know that the planners in the Singapore government are very good at promoting the sex industry here by hosting all these big names sounding events.
I'm sure all these events will become flop, so it's best not to have anything to do with Singapore in the long term.

Anonymous said...

Lucky Tan,
Don't worry too much, I last heard from the some divine old fart he is going to pay millions to the weather god for good weather, lucky god to make sure drivers has enough luck to make it through the race alive, Wayang god to make it as though F1 is successful.

This is a proven formula used for decades so the old fart is confident that it will work.

Don't question it anymore.

Anonymous said...

Agree very much with Lucky that the Race Circuit is fraught with dangers.

It could be a race to the End and yes they have to race to the end to win of course!


Alex said...

Well, just hope everything goes well. We want the best for our country, don't we? :)

Anonymous said...

not to mention this F1 event is super un-environmently friendly. And we made it worse - diesel generators for lighting, traffic snarls leading to higher fuel consumption.

Anonymous said...

why should I want anything good for this country when it's hogged by self serving farts, like the PAP MP's and rich ministers who organize no brainers events with gambling nature only for the rich millionaires?

Anonymous said...

5 year contract.
Disruption to businesses in that area at least 1 month in preparation for the race.

Employees, based in suntech area, asked to work from home.

How much revenue is lost...

If i am a business based in Suntech, i would really consider relocation as a viable option.


Anonymous said...

Been to the race last night. It's a disaster. It looks like a fortress with barriers all over and a cheap constuction site. water is leaking everywhere. There are more police officers than spectators.
Once you get out you have to walk miles to get to bus stations and taxis are prowling like sharks asking ridiculous amount of money , cheating tourists.
Singapore like Monte Carlo? Ah Ah Ah, more like the cheap version of it (if it can be comared at all)

Anonymous said...

Dont worry, our esteemed nation building but 154th world ranked press is sure to cover up all the faults and only put in good glowing praising words and articles to make the f1 a "success". And those brainwashed peasants can continue to blindly lap up the good news.

Anonymous said...

Agreed. It is a great disaster. I am expecting Dr Chee to be there at least to enliven the event. The event is so dull and even beautiful MeiMei can't make up for the dullness. The gov should have invited Dr Chee to join in the circuit and protest, and at will make my money worth.

What's a waste of money. I rather see big fat rat racing in my HDB.