World Equestrian Games expected to generate $167 million
Posted June 23, 2010
U of L’s Paul Coomes estimated the Games will generate $167 million. That’s up from the $150 million estimated used by state officials since the selection of Lexington for the games in late 2005.
LEXINGTON, Ky. — A University of Louisville economist’s study released Tuesday estimated that Kentucky could see higher-than-anticipated economic impact from the Alltech FEI World Equestrian Games being held this fall at the Kentucky Horse Park in Lexington.
U of L’s Paul Coomes estimated the Games will generate $167 million. That’s up from the $150 million estimated used by state officials since the selection of Lexington for the games in late 2005.
Coomes said the projection also is significantly higher than his own previous estimates that anticipated an economic impact of between $60 million and $80 million.
Data provided by the games’ organizers showed higher hotel room rates than he had estimated and more tickets being sold to out-of-state and international spectators, Coomes said, citing the reasons for significantly increasing his outlook.
“The people that were buying tickets for a certain event, … they weren’t just buying a day or two of tickets, they were buying five days of tickets,” Coomes said.
Projections show more than 85 percent of spectators will be from outside Kentucky, and ticket buyers are averaging five days of events.
Of the $167 million, $96 million would come from sales at the park, at hotels, campgrounds, restaurants and stores; about $33 million would be ticket sales; and about $31.6 million would be from new wages.
With lodging alone, Coomes estimated $20.3 million being spent beyond what would have been seen without the games.
Coomes’ study also provides a glimpse at how many individuals may attend the games – previously officials with the games only had estimates of how many tickets would be sold.
More than 73,500 unique visitors — who may buy tickets for more than one day and would be counted repeatedly in attendance figures — are expected, not counting people who buy one-day general admission tickets.
The games, held Sept. 25-Oct. 10, represent the world championships of eight equestrian sports. It’s the first time the event is being held in the United States.
Although the impact of the games is expected to spread across the Louisville area, Central Kentucky and Northern Kentucky, Coomes said he doesn’t have regional breakdowns.
“The people that were buying tickets for a certain event, … they weren’t just buying a day or two of tickets, they were buying five days of tickets,” Coomes said.
Previous
·
