Rick Jervis

USA TODAY

AUSTIN — Millions of dollars in bars and restaurant receipts. High-spending visitors from around the world. Three days in the international speed and glamour spotlight.

Austin and Central Texas are experiencing another weekend of Formula One racing and all the spoils that come with it. Now in its third year, the three-day race event at the Circuit of the Americas track in southeast Austin is expected to draw a quarter-million people and millions of dollars into city coffers and private registers.

This year's race, however, is not without controversy. The race on Sunday will only have 18 cars participating — the smallest F1 race field in nearly a decade — after two teams, Marussia and Caterham, were sidelined with financial issues.

And, off the track, questions surfaced recently as to whether the $250 million in state incentives promised to wealthy F1 executives to bring the global circuit to Austin – the only U.S. Formula One venue – was done within legal guidelines.

Controversy aside, Austin is readying to party – at speeds of up to 200 mph.

"It's a great vibe," said Kimber Cavendish, co-owner of the Kimber Modern, a seven-room upscale hotel that sold out six months ago with F1 enthusiasts. "The city just comes alive with a really neat vibe. It's contagious."

The numbers are contagious, too. The various concerts, events and races held by Circuit of the Americas throughout the year deliver a nearly $900 million annual economic impact to the Austin area, according to a study released this week by track officials. The F1 race generates the lion share of that impact, bringing $507 million to the area.

That total is far higher than the cash generated by the SXSW film-music-interactive festival ($315 million) and the ACL Music Festival ($182 million), two of the city's other premier gatherings.

Since announcing its opening in 2010, the track has delivered $2.8 billion in cumulative economic impact and 91,000 jobs to the Austin metro area, according to the report.

"(Circuit of the Americas) has turned out to be much more than just a racetrack," Austin Mayor Lee Leffingwell said in a statement included in the report. "It's a job creator, a revenue generator, and a destination for quality, year-round entertainment."

With the crowds, however, come the usual challenges of traffic snarls and downtown cramming. To alleviate some of the crush, city officials worked with track officials to implement shuttles between the track and downtown Austin and bolstered its public transportation service for that weekend, City Councilman Mike Martinez said.

"We're doing everything we can so we can have a successful major international event but still be the little old city everyone's in love with," he said.

Last month, a report in the San Antonio Express-News alleged that $250 million in promised taxpayer money from the state's Major Events Trust Fund to race executives may not have been approved through the proper channels. Critics maintain state lawmakers shouldn't subsidize the European-style races while slashing funding for schools and social services to balance the budget, according to the report. Supporters say the economic windfall from track-related events more than pay for the subsidy.

"That will always be an issue," said Martinez, pointing out that no city tax dollars went to the project. "There are always going to be questions on whether that's the best use of state taxpayer dollars."

Besides the economic benefits, the F1 race brings with it a myriad of exclusive parties and concerts around town that some locals have learned to tap into. Parties such as the Amber Lounge and Blu at the W Hotel draw in hundreds of guests and celebrities and cost anywhere between $150 to more than $1,000 to enter.

Last year, Blu's Brazilian-Carnival-themed bash hit its 600-person capacity before midnight, said Ginger Leigh, a local singer and Formula One party planner. Though many locals may find the steep prices off-putting, local musicians benefit from playing at packed clubs around town, she said.

"Formula One puts a big stamp on Austin globally," Leigh said. "The champagne doesn't stop flowing when the race is over."