Blame cast about for drop in bookings.
There are worries that the new Grand Prix venues will make an impact on Monaco's F1 race. Last year we saw empty spaces in the stands and private terraces, blamed on the economic crisis and high prices. There were reports that some terrace owners were out on the streets offering spaces for 500 euros, and the Automobile Club complained of a decrease in sales of 10% to 20%.
Travel agents selling Monaco deals are saying that 2010 bookings are worse than last year even tho' they've reduced prices. The dollar and the pound are weak compared to the euro, which translates into higher prices in Europe. Some are blaming Monaco hotels for refusing to review their prices and insisting on 4 night stays. It's a similar story on the private terraces, which can no longer expect to charge 30,000 euros for a terrace that fits 25 people.
But others are saying that the new races in Asia are taking income from Monaco because they are charging less. At Abu Dhabi or Singapore it's possible to have an all-in weekend for 2 including flight, hotel, meals and Grand Prix tickets for 8000 to 10,000 euros. In Monaco that will barely pay for your hotel.
Will the Monaco Grand Prix suffer from competition with Abu Dhabi and Singapore? [1]
Links:
[1] http://www.monaco.mc/actuArticle.do?idArticle=123311