BAKU (Dispatches) - The numbers were compiled by global accounting giant PricewaterhouseCoopers on behalf of Baku City Circuit in a follow-up to a review conducted after the first two races at the street venue.
The race, which ran under the European GP title in 2016, is known to pay one of the highest annual hosting fees of the season, and the report will be a useful tool to help justify the ongoing expense of holding the race.
Last February, its deal with the F1 organization was extended to 2023.
The numbers will also provide a PR boost for other would-be race promoters are trying to put deals together.
According to BCC, the total figure of $ 506.3mn "is a combination of the direct and indirect results of operational spending linked to the arrival of F1 in Baku for the past four race weekends, taking into account the spend across various sectors including the professional services, hotels and general accommodation, catering, transport, social and cultural services, agriculture, post and telecommunications, wholesale trade and electricity, gas and water amongst others”.
The figures are divided into two main categories. Direct spend on goods and services such as hotels, restaurants and transport services was valued at $300.6m over the four years of the race.