The 70th edition of the city’s signature motor racing event that spanned two consecutive weekends received a combined MOP120 million.

According to the Sports Bureau, Melco Resorts & Entertainment and Wynn Macau are to contribute MOP10 million each, while the rest of the sponsors will provide MOP20 million each.

The 71st Macau Grand Prix is scheduled to take place between 14 and 17 November, featuring as many as seven races on a 6.2-kilometre circuit.

No fewer than 180 racers from 35 countries will be roaring through the street circuit, with both numbers up on 2019.

Talking to media on the sidelines of a press conference on Tuesday, Luís Gomes, president of the bureau, said that the budget for the 2024 edition would be MOP240 million, exclusive of financial support from gaming companies.

The 2023 version generated a revenue of MOP17 million from ticket sales.

In May this year, Fédération Internationale de l’Automobile, or FIA, the governing body of motorsport, announced that the formula regional category would replace the long-running formula three category.

Macau’s formula three race has long been regarded as a platform for junior racers from national series around the world.

Francois Sicard, FIA’s director for single-seater strategy and operations, said in an explanation then that it was a “natural consequence of the evolution of the junior single-seater landscape” over the past few years.

According to a comparison on the official website of the motor racing event, the Formula Regional Championships, certified by FIA, serve to prepare young drivers for global competitions.

On the other hand, FIA Formula Three has ascended to an international series supporting Formula One races, boasting a uniform grid of cars.