Celebs, fast cars, big-spenders drive Grand Prix mystique

British F1 driver Jenson Button is a top contender this year. (June 10, 2011)

MONTREAL - What's better than a great party? A party where you make a lot of money, of course.

Well-heeled tourists storming to Montreal's Grand Prix event every year –and there's an estimated half million of them – pour cash into hotels, bars and others businesses, one of the main beneficiaries being on Crescent Street.

"There is nothing like it," said Steve Siozos, President of the Crescent Street Festival. "I don't care what you say or bring to the city."

The annual celebration of hot cars has become an informal Montreal rite of passage to summer since 1978 but when the city was pulled off the F1 schedule in 2009 it hurt, particularly those same Golden Square Mile merchants.

"We had to adjust our business plan and find other ways to put our names out there," says Siozos, "it hurt." He boasts that the closed-off street is the biggest block party in the world.

It might be a party for the fans but it's hard work for the drivers, as the track is not built for wimps.

"You have to think from corner to corner, nothing more," says driver Vitali Petrov. "The speed is much higher, you have to attack the corners and get very close to the walls. It's not an easy one."

On Friday CTV Montreal's Andre Corbeil reported that race favourite, German Sebastien Vettel, suffered a mishap with his vehicle in a training run and his wheels now need repairs.

Another top contender, Jenson Button, No. 4 in the world, said all the right things about the city he's racing in this weekend.

"It feels great to be in Montreal, it's a race and a city I love," said Button. "We're all looking forward to the action this weekend, great to be here, I love this place. The city stops for Formula One here and I love that," he said.

He said achieving excellence in driving is the same as anything else.

"You have to work at it, it's never enough just to be good at something," he told CTV News.

On Thursday evening diners paid $1,000 a plate for a celeb-stacked evening at the Windsor Station, for a shindig that benefited the Ste. Justine and Sacre Coeur hospitals.

Racer Timo Glock told CTV Montreal that the city is one of his top two on the circuit. "Melbourne and Montreal are the places to be," he said.

Bernie Ecclestone agreed. "Everybody is behind the race and it's good, people love the city."