The event needs a rethink - but is unlikely to get one whilst the MSA/IMS keep going to the highest bidder, i;e the Welsh money. The event hasn't visited 'killer' Kielder since 1995, Yorkshire since 1993.....ignoring other regions of the UK is pretty poor.
The Tour of Britain cycle race is a good example of how to do it; visit different regions/ areas over several years so lots of people get a chance to see the event. And unsurprisingly which sport/ event has a greater pull and mainstream media coverage....