The Monaco Grand Prix is an annual Formula 1 event, held on the streets of the principality Monaco.  It is much comparable to the popularity of other great motor sport events such as the Indianapolis 500 (held at the Brickyard, Indianapolis Motor Speedway) and the Le Mans 24 hour race (held at Le Mans Circuit, France)[1],[2].  The event is being staged since 1929, and was interrupted in the 1930’s and the 1940’s by the World War II.  The event was founded by Monte Carlo resident and the former President of the Automobile Club of Monaco Anthony Noghes[3].  The event costs about 1.5 billion dollars in a year (Reported by a Formula 1 magazine) making it one of the costliest events in the world.  Following the success of the Monaco Grand Prix, several street motor races have been held elsewhere in the world including the Long Beach Grand Prix, California, the Grand Prix of Toronto and the Grand Prix of Houston.  Drivers, who win the annual Formula One World Championship, consider a win in Monaco as a ‘Jewel in the Crown’.  The race is being held in the narrow streets of Monte Carlo alongside the Port.  The venue has certain unique characteristics such as a tunnel, elevations and downhill, slow speed corners, and lack of overtaking opportunities, which do not exist in any other venue.  During the race weekend, sea divers are employed to save any driver from drowning.

SWOT Analysis

Strengths:

Monaco has a unique and noble culture, history and tradition.
It is a principality having a monarchy in power which adds to the prestige nature of the event.
Monaco is a French Riviera, located along the Mediterranean coast.
The country is located at the foot hills of the Alps.
It has a mild and sunny climate (average maximum temperature in summer is 26°C) in summer which is quite enjoyable.
Rain is usually predictalbe in Monaco.
People living in the country have one the highest per capita income in the World.
The circuit has a very narrow course with slow speed corners or turns.
The action is very close to the spectators.
A part of the race circuit is in a tunnel.
The race distance is much less than other Formula One races.
The race is the slowest races in the Formula One event calendar.
The crime rate in Monaco is very low.
Not many changes have been made to the circuit since the race had been instituted[4].
Weakness:

The circuit is narrow and the corners are very slow.
Buildings and spectator stands are located very close to the circuit.
The sea is located very close to the race circuit.
The circuit is very different from other circuits in which Formula One races are being held.
Standards of living in Monaco are very high.
The international airport is located about 37 kilometers away[5].
Opportunities:

The glamour and heritage of the event is unmatched.  Drivers earn the most financially, compared to any other event.
It is one of the noble and prestigious events in the World.
The weather and the climate is suitable for racing (warm climate is usually beneficial for motor racing).
Rain is usually predictable in Monaco, and hence teams can prepare well in advance for wet racing.
As the circuit is a slow-speed one, there are greater opportunities for otherwise slower cars to perform well.  Hence, this circuit provides a level playing field.
As it is a slower circuit, the fuel consumption is comparatively lower, which permits teams to play around with their fuel strategy.
The slow speed corners provide a greater chance of overtaking and increases spectator excitement.
The circuit usually does not tend to be harsh on the tires.
As it is a slower circuit, the accidents that take place at the circuit are not severe (or may not be fatal).
The undulating nature of the landscape provides greater level of excitement.
The demand for tickets is very high.
The race award ceremony is held beside the track, which is unique and completely different from other venues.
The race can be viewed from the stands in the circuit, in yachts at the port, and even in corridors of hotels or homes.
Security standards in Monaco are very good.
Threats:

The safety standards are very low compared to other racing circuits.
There is a lot of inconvenience caused to the general public as roads and markets remain closed.  The race demands preparations 6 weeks in advance and a further 3 weeks after the race to get back to normal.
The street manholes have to be sealed or welded, as these could come off during the race.
Due to the circuit characteristics, a new configuration for the engines and cars has to be developed.
Drivers have to adopt a new driving style that suits the characteristics of the circuit.
Overtaking other cars is very difficult in the narrow streets, if not dangerous.
Frequent accidents tend to repeatedly disrupt the racing action.
The drivers face the risk of drowning as the sea is located adjacent to certain parts of the circuit.
Fewer drivers finish the race compared to other races.
Due to the narrowness of the circuit, undulating landscape and slow corners, drivers have to apply frequent gear changes, hence risking the chances of mechanical failures of their cars.
The safety standards worsen very easily in rainy conditions.
A tunnel is a part of the race circuit.  Drivers coming in and out may find it very difficultly to adapt to the changing light conditions.  Hence, there is a greater chance of meeting accidents.
The margin for driver error in Monaco is very small, compared to other circuits[6].
It is often very difficult to transfer the injured driver to the hospital for medical care.
Spectators often find it very costly to stay at a hotel in Monaco and buy tickets for the race.
The demand for tickets is so high, that fans often prefer to go for other races.
As the international airport is located about 37 kilometers away, it is often very difficult to transfer equipment.
As the principality does not have a proper defense network in place, security may be an issue.