Racing fans rejoice, regular Singaporeans pull a long face.

The allegedly world-famous night race in Singapore will be around for at least another four more years.

Singapore GP Pte Ltd and the Singapore Tourism Board announced in a Sept. 15 press release that Singapore will continue to host the FIA Formula One World Championship from 2018 to 2021.

How much does it cost?

The race has drawn some criticism for the staggering costs borne by the host country wherever it goes. Forbes ran a story in March 2017, estimating that the total cost of hosting the F1 race over a 10-year period would come close to US$1 billion.

In 2012, Minister for Trade and Industry (Industry) S. Iswaran said in Parliament that it costs around S$150 million to organise each edition of the race, with the Singapore government co-funding 60 percent of the approved costs.

However, the STB stated in its press release that the race has yielded "significant economic benefits", attracting over 450,000 international visitors and earning S$1.4 billion in tourism receipts (inclusive of the projected 2017 race earnings).

This is in addition to the downstream economic benefits the race affords, with "90 percent of the race organisation sub-contracted" to local companies.

And hey, the race gives mega pop-stars like Ariana Grande and Calvin Harris extra incentive to host their concerts here.

Visitors to Singapore will have another four years to enjoy more of this:

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Trouble in paradise

The fate of the night race appeared in jeopardy last year, when F1 Group Chief Executive Bernie Ecclestone remarked in November 2016 that Singapore might not extend its F1 deal.

"Singapore was suddenly more than just an airport to fly to or from somewhere. Now they believe they have reached their goal and they do not want a Grand Prix anymore."

There were also reports that attendance at the F1 races had dwindled, with the 2016 edition declaring a 15 percent drop in the number of visitors from the previous year. With such gloomy prospects, it was unclear whether it made sense for the event to continue.

But just a few days later, Ecclestone backtracked and expressed his hope that Singapore would extend its contract. Speaking to The Straits Times, he said:

"F1's stand is to hopefully continue in Singapore. Everybody is happy to be in Singapore and (we) don't want to lose Singapore. Negotiations are ongoing and will be sorted out shortly... before the end of the year, I'm sure. We want to extend long term. We'll see what happens."

Things were touch and go for a time when Ecclestone was replaced as F1's Chief Executive by Chase Carey in January 2017. Carey is the former Vice-Chairman of 21st Century Fox and the possessor of a fantastic moustache. But it all seemed to work out, with Carey stating:

"The Singapore Grand Prix is a signature Formula 1 race and therefore we are very pleased that it will continue to feature on the calendar for a further four years. The first ever night race in this sport is one of the most thrilling events of the year, taking place against the stunning backdrop of Marina Bay.

The Singapore Grand Prix, the Singapore Tourism Board and the Singapore Government have all done an excellent job of making this an event that involves the whole city. We are looking forward to offering our continued support to make the next four years even more spectacular and exciting."

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Top image from Formula 1