Formula 1 returns to Austin this weekend and it’s not a sell-out … not yet. And that has business people wondering if the bloom is off the rose for this high-profile and high-dollar annual event.The state signaled it had its doubts when it slashed $6 million from the amount the race would receive from the state’s special events fund. But organizers at the Circuit of the Americas (COTA) blame poor weather for last year’s bad bottom line.
This time they’re hoping a more family friendly atmosphere will bring the fans back. And local businesses hope they’re right.
This is a good time to be in the hotel business in Austin. Formula 1 is coming and it always packs ‘em in. Cesar Velasquez, general manager of Ramada Inn Central says, “As of right now we still have a few rooms available but we’re definitely on track to be sold out.”
This year, though, the races appear to be packing them in a little more slowly. Velasquez says, “In years past we have sold out much earlier even with rates much higher. It has lost a little traction but it seems to pick up toward the end.”
Velasquez remembers when Formula 1 first arrived in Austin with much fanfare and huge crowds. “In years past if I had to double the amount of rooms here I could have sold them all,” he recalls.
The crowds were so big, neighbors began offering their homesteads as overflow parking. Belinda Ruiz still sells parking on race days. She says, “The first year was the best … It kind of went down from there. I think it’s on its way up honestly. I know this year all the races are a little bit better.”
This year Formula 1 is moving its downtown Far Fare to Sixth Street and Trinity Street. Merchants there aren’t sure what kind of crowds to expect. One even told me he’s afraid high-rolling race fans may not find Sixth Street that appealing.
If you still want to go to the races expect to pay $150 on Saturday which includes Taylor Swift and $180 for Sunday’s final which includes Usher. Ticket City tells us pricing, “has gotten slightly worse each year but this year got a small pick-up due to Taylor Swift.” Local merchants are hoping they’ll benefit, too.