The 2022 Breeders’ Cup Planet Championships at Keeneland generated a total estimated financial effect of far more 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 developed the second-highest financial effect recorded in Breeders’ Cup history, following the record set in 2017 at Del Mar.
On top rated 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 have been also set for person day wagering totals with Future Stars Friday registering $66.1 million and the Saturday system amassing $122.9 million.
The financial advantages of the Breeders’ Cup quantified in this study consist of:
- $30.five million in on-track spending, like wagering, concessions, parking, merchandise, and far more. The on-track effect incorporated 248 extra personnel with a total payroll of far more 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 far more 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 general, 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 ideal track in the globe, Keeneland, and to the ideal Thoroughbreds,” Lexington Mayor Linda Gorton mentioned. “Nonetheless, the Breeders’ Cup is about substantially far more than bragging rights. The occasion has a substantial financial effect that assists our hotels, our restaurants, and our whole neighborhood.”
Sign up for BloodHorse Every day
“We are proud of the optimistic financial effect the 2022 Planet Championships had on the Lexington neighborhood, our hometown,” mentioned Drew Fleming, president and CEO of the Breeders’ Cup. “Soon after enduring a international pandemic, we held correct to our word and returned to Keeneland just two years just after the 2020 edition with an understanding of the required enhance the Planet Championships would give regional firms. Keeneland and Lexington are intimately connected to the history of our good sport, and it was excellent to perform with our very engaged neighborhood to host an occasion that benefited everybody involved.”
For the good results of the final year’s Breeders’ Cup, Fleming especially 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 firms 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 distinctive nations, contributing to a substantial boost in site visitors at Blue Grass Airport. Breeders’ Cup also effectively promoted various charitable initiatives all through the week.
“The final results of this study show with certainty that Lexington completely 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 market partners, and Central Kentucky organization and civic leaders who teamed with us to present 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 greater spot about the globe for championship racing than right here in Lexington, the Horse Capital of the Planet, and we applaud Breeders’ Cup’s choice to bring the 2022 occasion to our city.”
The 2023 Breeders’ Cup Planet Championships will be held Nov. three-four at Santa Anita Park in Arcadia, California.
This press release has been edited for content material and style by BloodHorse Employees.