Cancun Will Be Home to Mexico´s F-1 Grand Prix in 2006

After eighteen years out of the world´s Formula One (F-1) Grand Prix Circuit, Mexico is back in track with the addition of Cancun as one of the competition´s premier venues.

"The International Auto Racing Federation (FIA is the Spanish acronym) has okayed Cancun for F-1 races between 2006 and 2010," Quintana Roo Governor Joaquin Hendricks said.

Mr. Hendricks went on to say construction works for the new racetrack will begin next January at a price tag of $70 million as part of several tourism development projects in Cancun.

The new racetrack could be used for F-1, NADSCAR and go-cart rallies, as well as for bike competitions, training center for hotrod drivers and tryout grounds for new vehicles.

Next to the Cancun International Airport and covering a total surface of 380 acres, the construction of the new racetrack will be carried out by Germany-based company Tilke, the same firm that has built similar venues around the world in the past.

Mr. Hendricks underscored the intention of state authorities to continue revamping the region´s tourism infrastructure alongside the building of the racing track.

A case in point is Islas Mujeres, where there are plans in the offing to build an 18-hole golf course and a marina for 100 yachts. In the Mayan Riviera, developers are sketching blueprints for 18,000 more hotel rooms in five years and a brand-new international airport.

"Down the Mayan Coast, we´ve got plans to build the country´s second-largest cruise terminal and the Cancun Trade & Expo Show over a surface of 7,000 square yards. This center will be made up of a baker´s dozen partition-ready meeting halls, quite a drive to the development of congress tourism," Mr. Hendricks was quoted as saying.

Mexico´s Tourism Secretary Fernando Elizondo noted the new racetrack is part of a comprehensive project whose facilities could also be used for concerts, shows and tennis tournaments.

Estimates have it the first televised F-1 race in 2006 will be watched by more than 270 million viewers around the world. In addition to far-reaching media hype, Cancun will benefit from the races with somewhere between $120 and $200 million worth of revenues.