The cost of hosting the race around the Marina Bay Street Circuit was estimated to cost around $150 million each year, although Mr Iswaran said costs had come down by about $15 million a year.
"The Singapore race is clearly a signature race... it's also our gateway into Asia which is important for our future and our growth", Carey said on Friday. The race is on Sunday, Sept. 17, at 8 a.m. ET, and NBCSN's pre-race live coverage will start at 7 a.m. ET.
As the race is held on a street circuit, it could be properly illuminated during the evening, with demand for tickets remaining high. The Australian has never won the race, however, with Nico Rosberg, Sebastian Vettel and Hamilton splitting the last three editions.
With this year being the tenth straight F1 Night Race in Singapore, it has been a landmark event in the country every year - with its races, parties and grand music performances.
Sergio Perez is another driver to look out for - he has finished in the points on each of his six visits to Singapore. The Ice Man has two 3rd place finishes at Marina Bay, but Ferrari realistically need the Fin to complete a one-two with Vettel to make real inroads into Mercedes' lead in the constructors.
With this year's race taking place on Sunday, the event could have received no better boost than confirmation it will continue until at least 2021.