ECONOMIC IMPACT OF KEENELAND RACING AND SALES
ON LEXINGTON-FAYETTE COUNTY
Prepared by the Center for Business and Economic Research
Gatton College of Business and Economics
University of Kentucky
2
METHODOLOGY
1
Initial study included 2014
September Yearling Sale, October
Race Meeting and November
Breeding Stock Sale.
2
Based on these figures, we
assessed impact of the Spring
Race Meeting, April Two-Year-Old
in Training Sale and January
Horses of All Ages Sale.
3
Data obtained thru patron
intercepts, online surveys and
Keeneland sales and racing data.
3
KEENELAND RACING
4
VISITING
PURPOSE
FALL RACE
MEET
PATRONSFOR
VISITING
FOR OF
PURPOSE
OF ATTENDING
KEENELAND
56%
56% of the total patrons attending a fall meeting visit
primarily because of Keeneland.
73%
73% of patrons outside of Fayette County visit
primarily because of Keeneland.
5
RACE DAY PATRON SPENDING
$12 MILLION
$19 MILLION
on retail
on food & beverage
$15 MILLION
$9 MILLION
on lodging
on gasoline
Visitors attending for the primary reason of attending
the Fall Meeting spend money on retail, lodging, food
and beverage, and gasoline.
4
VISITING FOR PURPOSE OF RACE MEET
$900,000
Over $900,000 in local taxes are generated
through hotel stays during the meet.
$3.9 MILLION
Over $3.9 million in state taxes are
generated during the meet.
7
ECONOMIC IMPACT OF KEENELAND RACING
$102 MILLION
Spring Meet represents an additional $64 million in
direct expenditures and $102 million in total
economic impact.
$99 MILLION
The direct economic impact of Keeneland’s Fall Meet
is over $59 million; the full economic impact is over
$99 million.
$200 MILLION
The Spring and Fall Meet have a total
economic impact of over $200 million.
8
KEENELAND SALES
9
SALES CUSTOMERS
Sales participants come from over 50 countries and every state.
10
SALES CUSTOMER SPENDING
$6 MILLION
Sales customers spend over $6 million
in lodging.
$9 MILLION
Sales customers spend over $9 million on
food and beverage.
11
LOCAL & STATE TAXES FROM
SEPTEMBER AND NOVEMBER SALES
$400,000
Over $400,000 in local taxes are
generated through lodging.
$1 MILLION
One million in state taxes are
generated from the sale.
12
ECONOMIC IMPACT OF KEENELAND SALES
$354 MILLION
Keeneland September and November sales results
in over $206 million dollars to Fayette County, the
full economic impact is over $354 million.
$38 MILLION
January and April generate over $22 million in direct
spending and $38 million in total economic impact.
$390 MILLION
Total economic impact of Keeneland
Sales is $390 million.
13
ECONOMIC IMPACT OF KEENELAND RACING AND SALES
$200 MILLION
Total impact of Keeneland Racing.
$390 MILLION
Total impact of Keeneland Sales.
$590 MILLION
Total economic impact of
Racing and Sales.
THANK YOU
NAME
EMAIL
NUMBER
Christopher R. Bollinger
[email protected]
859-257-9524
ORGANIZATION
Center for Business and Economic Research
University of Kentucky