• Tue. Mar 21st, 2023

Keeneland Breeders’ Cup Has $81.8M Financial Influence


Mar 17, 2023

The 2022 Breeders’ Cup Planet Championships at Keeneland generated a total estimated financial effect of extra than $81.eight million in Lexington and the surrounding places, according to final results released March 17 from a study by the University of Louisville.

The study carried out by economics professor Dr. Thomas E. Lambert showed the 2022 Planet Championships created the second-highest financial effect recorded in Breeders’ Cup history, following the record set in 2017 at Del Mar. The 2022 event’s financial punch was 27.eight% larger than the 2015 Breeders’ Cup at Keeneland, which had an financial effect estimated at $65 million.

On leading of these robust financial indicators, the 2022 Breeders’ Cup Planet Championships, held final Nov. four-five, generated record international wagering of $189.1 million, the highest in Breeders’ Cup history, three.four% larger than the prior record of $182.9 million set in 2021. Records had been also set for person day wagering totals with Future Stars Friday registering $66.1 million and the Saturday plan amassing $122.9 million.

The financial added benefits of the Breeders’ Cup quantified in this study involve:

  • $30.five million in on-track spending, which includes wagering, concessions, parking, merchandise, and extra. The on-track effect integrated 248 further workers with a total payroll of extra than $7.7 million,
  • $33.six million in spending on hotels, retailers, meals and drink, transportation, and off-track entertainment. The direct effect for these categories was an estimated 370 jobs with a payroll estimated at extra than $11.three million.
  • $ten million in track improvement investments for Keeneland, with $7.five million in labor and material expenses generated by the projects boosting the Lexington economy by an estimated $17.five million all round, and
  • $900,000 secured in state and regional tax revenues and $five.three million secured in federal tax revenues

“When the Breeders’ Cup comes to town, Lexington has the chance to step into the international spotlight and demonstrate why we are recognized as the Horse Capital of the Planet. Clearly, we’re household to the very best track in the globe, Keeneland, and to the very best Thoroughbreds,” Lexington Mayor Linda Gorton mentioned. “Even so, the Breeders’ Cup is about considerably extra than bragging rights. The occasion has a substantial financial effect that aids our hotels, our restaurants, and our complete neighborhood.”

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“We are proud of the good financial effect the 2022 Planet Championships had on the Lexington neighborhood, our hometown,” mentioned Drew Fleming, president and CEO of the Breeders’ Cup. “Just after enduring a international pandemic, we held accurate to our word and returned to Keeneland just two years immediately after the 2020 edition with an understanding of the required increase the Planet Championships would give regional organizations. Keeneland and Lexington are intimately connected to the history of our good sport, and it was excellent to perform with our hugely engaged neighborhood to host an occasion that benefited absolutely everyone involved.”

For the good results of the final year’s Breeders’ Cup, Fleming particularly recognized Keeneland president and CEO Shannon Arvin, Festival chairman Kip Cornett, the VisitLEX Tourism Board, and Gorton.

“(We) welcome guests from about the globe to the Horse Capital of the Planet, and collaborate with regional organizations to foster financial development possibilities for the area and neighborhood members,” Fleming mentioned.

Breeders’ Cup ticket purchasers traveled to Lexington from all 50 states and from 18 various nations, contributing to a substantial boost in visitors at Blue Grass Airport. Breeders’ Cup also effectively promoted numerous charitable initiatives all through the week.

“The final results of this study show with certainty that Lexington totally embraces the Breeders’ Cup,” Arvin mentioned. “Breeders’ Cup and Keeneland share a mission to conduct racing at the highest levels of high-quality, security, and integrity, and to contribute to our neighborhood. It was a pleasure to perform once again with Drew Fleming and the group at Breeders’ Cup, and we thank them, our sector partners, and Central Kentucky company and civic leaders who teamed with us to offer a warm welcome and outstanding hospitality to fans and racing connections from about the globe.”

“Breeders’ Cup 2022 was an outstanding weekend of racing, hospitality, and financial effect,” mentioned Mary Quinn Ramer, president of VisitLEX. “We know there is no much better location about the globe for championship racing than right here in Lexington, the Horse Capital of the Planet, and we applaud Breeders’ Cup’s selection to bring the 2022 occasion to our city.”

Central Kentucky company surveyed mentioned they saw added benefits of Breeders’ Cup lengthy immediately after the even had passed, with 41% mentioned they strongly agreed or agreed that the clients attracted in the course of Breeders’ Cup week became repeat clients later.

The 2023 Breeders’ Cup Planet Championships will be held Nov. three-four at Santa Anita Park in Arcadia, Calif.

This press release has been edited for content material and style by BloodHorse Employees.