Breeders’ Cup 2022 World Championship in Keeneland generated an estimated total economic impact of more than $81.8 million in Lexington and surrounding areas, according to results released March 17 from a University of Louisville study.
Research conducted by economics professor Dr. Thomas E. Lambert shows that the 2022 World Championship has generated the second-highest economic impact recorded in Breeders’ Cup history, after the record held by Breeders’ Cup. set up in 2017 at Del Mar. The economic impact of the 2022 event is 27.8% higher than that of the 2015 Breeders’ Cup in Keeneland, which had an estimated economic impact of $65 million.
In addition to these strong economic indicators, the 2022 Breeders’ Cup World Championship, held this past November 4-5, generated a record global bet of $189.1 million , the highest in Breeders’ Cup history, 3.4% higher than the previous record of $182.9 million set in 2021. Records were also set for total bets in individual days with Friday’s Future Stars grossing $66.1 million and Saturday’s grossing $122.9 million.
The economic benefits of Breeders’ Cup quantified in this study include:
- $30.5 million in on-time spending, including staking, discounts, parking, merchandise, etc. The right impact includes 248 additional employees with a total salary of more than $7.7 million.
- $33.6 million spent on hotels, retailers, food and beverage, transportation and off-track entertainment. The direct impact on these categories is an estimated 370 jobs with an estimated salary of more than $11.3 million.
- $10 million rail improvement investment for Keeneland, with $7.5 million in labor and materials costs generated by the projects boosting the Lexington economy by an estimated $17.5 million in total la.
- $900,000 guaranteed in state and local tax revenue and $5.3 million guaranteed in federal tax revenue.
“When the Breeders’ Cup came to town, Lexington got the chance to step into the international spotlight and prove why we’re called the Horse Capital of the World. Obviously, we’re home to the world’s best racetracks, Keeneland, and the best Thoroughbreds,” said Lexington Mayor Linda Gorton. “However, the Breeders’ Cup isn’t just about bragging rights. The event has a significant economic impact that benefits our hotels, restaurants and entire communities.”
“We are proud of the positive economic impact of the 2022 World Championships on our home town of Lexington,” said Drew Fleming, president and chief executive officer of Breeders’ Cup. “After enduring a global pandemic, we have kept our promise and returned to Keeneland just two years after the 2020 edition with an understanding of the much-needed boost that the World Championships will give. Keeneland and Lexington are intimately connected with our history of great sport and it was wonderful to work with our highly engaged community to host an event benefit everyone involved.”
For the success of last year’s Breeders’ Cup, Fleming specifically recognized Keeneland President and CEO Shannon Arvin, Kip Cornett Festival president, VisitLEX and Gorton Tourism Council.
“(We) welcome guests from around the world to the Horse Capital of the World and partner with local businesses to drive economic growth opportunities for the region and community members,” Fleming said.
Breeders’ Cup ticket buyers arrived in Lexington from all 50 states and from 18 different countries, contributing to a significant increase in traffic at Blue Grass Airport. Breeders’ Cup has also successfully promoted a number of charity initiatives throughout the week.
“The results of this study certainly show that Lexington fully accepts the Breeders’ Cup,” said Arvin. “Breeders’ Cup and Keeneland share a mission to conduct races at the highest levels of quality, safety and integrity, and contribute to our community. So excited to be working again with Drew Fleming and the team.” at Breeders’ Cup, and we thank them, our industry partners as well as the business and civic leaders in Central Kentucky, who have partnered with us to deliver a welcome warmth and outstanding hospitality to fans and racing relationships from around the world.”
Mary Quinn Ramer, president of VisitLEX, said: “Breeders’ Cup 2022 is an outstanding weekend in terms of races, hospitality and economic impact. “We know there’s no better place globally for championship racing than here in Lexington, the Horse Capital of the World, and we welcome Breeders’ Cup decision to bring the 2022 event to the city. ours.”
The Central Kentucky businesses surveyed said they saw the benefits of the Breeders’ Cup long after the even day had passed, with 41% saying they strongly agree or agree that customers attract within the week. Breeders’ Cup became a regular customer after that.
The 2023 Breeders’ Cup World Championship will be held on November 3-4 in Santa Anita . Park in Arcadia, Calif.
This press release has been edited by BloodHorse Staff for content and style.
