(Bloomberg) -- Miami’s third year hosting a Formula 1 Grand Prix found a happy medium after a promising inaugural year and a second year characterized by softer ticket sales and logistical challenges. 

A sold-out crowd of 275,799 watched McLaren’s Lando Norris win his first F1 race Sunday at the 2024 Formula 1 Crypto.com Miami Grand Prix. Those numbers failed to beat the 315,000 fans who descended upon the rival F1 Grand Prix in Las Vegas, but they bested the 270,000 who showed up in Miami last year. 

“Our main goal is to provide an incredible experience to the teams, drivers and fans [and] we believe we did that,” Tyler Epp, president of the Miami Grand Prix, said after the race. “Our third race in Miami Gardens has been our best yet.”

Gaining Momentum

The first race of the season held on US soil, Miami’s event has gained powerful boosters. Crypto.com’s Steven Kalifowitz told Bloomberg News ahead of race weekend that the company will sponsor more sports there because of F1’s success. Crypto.com has been the title sponsor of the Miami race since it made its debut in 2022, in a 10-year deal worth more than $10 million.

In 2023, the local economy benefited from the race by nearly $500 million, an increase of 29% over 2022. This year will likely hit similar numbers, says Vincenzo Landino, an F1 analyst who publishes The Qualifier, a newsletter about F1. 

“The event has matured,” he says. “It just felt more like a [F1 race]. You had amazing activations from VCARB and Aston and Red Bull. And Ferrari launched a freaking new car. To me, those are signs that the event is doing exactly what an F1 event should be doing in a city where they’re racing.”

Miami joins races in Austin, Mexico City, Las Vegas and Montreal for five total Grand Prix in North America this season. Organizers have repeatedly had to bat away questions about whether the success in Las Vegas in particular has diluted the energy around Miami. 

“Vegas stole Miami’s thunder from the moment it was announced,” says Landino. But, he adds, the expense and over-the-top luxury of Vegas had the side effect of making the Miami event seem more accessible. 

Prior frustrations surrounding access to and amenities at the 3.4-mile, 19-turn track seemed to have been settled, with drive times from Miami Beach to the race hovering from 60 to 90 minutes, an improvement over previous years. Along the track there were also more accessible food and drink options, from hand-made pizza and lobster to beer and cigars. Dozens of buses, ride-share vehicles and pedicabs lined up after the finish as fans poured into the street at the stadium where the Miami Dolphins play.

During the race, an audience including Kendall Jenner, Camila Cabello, Gabrielle Reece and Tom Brady roared as Norris overtook Max Verstappen, and pounded the stadium bleachers as he took his victory lap. Former president Donald Trump attended as well, visiting the McLaren garage and saluting the crowd during the national anthem.

Hot Times in the City

True to Miami’s nightlife reputation, the city provided a weekend so revved up with socializing that the race was almost an afterthought. Rihanna and A$AP Rocky presided over the launch of his latest motorsport collection for PUMA at a pop-up shop in Miami’s Wynwood neighborhood. New York institution Carbone held its $3,000-per-seat dinner party in a tent on the sand outside the W South Beach hotel, where RB driver Yuki Tsunoda and Williams Racing driver Alexander Albon stayed. Patrick Mahomes and LeBron James ate there. So did Elon Musk and Citadel Chief Executive Officer Ken Griffin.  

Read more: Caviar Lobster Rolls Go for $680 as Griffin Joins Musk at Miami F1 Race

Ferrari NV hosted hundreds of its favorite clients dressed to the nines in a tent outside the Faena Hotel Miami Beach, with pasta by Massimo Bottura and entertainment by Martha Graham Dance Company. It was Ferrari’s first-ever world debut outside Italy, with the carmaker unveiling the 12Cilindri and 12 Chilindri Spider supercars.

“I consider [Miami] like the French Riviera,” Ferrari Chief Marketing and Commercial Officer Enrico Galliera said during the race. The company also used the occasion to introduce its first-ever capsule fashion collection centered around a specific F1 race. “Everything is well maintained, clean, organized and there is passion for beauty,” Galliera said. “The houses are beautiful, gardens are beautiful, everything is beautiful as well cars, which are a big part of the love people have here.” 

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