BREEDERS’ CUP WORLD CHAMPIONSHIPS BRINGS $64.9 MILLION TO LOS ANGELES ECONOMY
LEXINGTON, Ky. (October 29, 2014) – The 2013 Breeders’ Cup World Championships, hosted at Santa Anita Park in Arcadia, Calif., generated $64.9 million in direct and indirect economic benefits for Los Angeles County, as concluded in a recent economic impact study by Tourism Economics. The study was commissioned by the Los Angeles Tourism & Convention Board (L.A. Tourism) and the results revealed that the Breeders’ Cup is one of the largest economic drivers for any sports and entertainment event in Los Angeles County.
The economic benefits of the Breeders’ Cup quantified in this study include:
$39.5 million in increased direct spending, with $31.3 million in incremental visitor spending
$25.4 million in indirect and induced spending
$25.9 million in income generated for employees in Los Angeles County
$4.8 million secured in state and local tax revenues, with local tax revenue amounting to $2.9 million
This positive economic impact is equivalent to the creation of an additional 532 full-time jobs in Los Angeles County.
“We have a very enthusiastic and powerful fan base, and we are pleased to see the results of this new study, as it further justifies what we already knew about the significant impact and influence of the Breeders’ Cup World Championships on the Los Angeles area.,” said Craig Fravel, president & CEO of the Breeders’ Cup. “The Los Angeles Community and Santa Anita Park are fantastic partners and have played an integral role in bringing the world-class entertainment of the Breeders’ Cup to both residents and visitors.”
“Events are not only an important motivator of tourism, they are also of increasing importance for destination competitiveness,” said Ernest Wooden Jr., president & CEO of L.A. Tourism. “The Breeders’ Cup and Los Angeles are the perfect match because they both represent opportunity and dreams coming true, and together they capture the attention of a global audience.”
Considered one of the world’s most prestigious thoroughbred racing events, the Breeders’ Cup attracts a highly affluent and international audience. Over 10 percent of visitors attending the 2013 Breeders’ Cup World Championships chose to stay in a leading luxury hotel in nearby Pasadena, which represented the largest share of total visitors staying at a single hotel. In addition, the 2013 Breeders’ Cup World Championships saw an 11.4 percent increase in worldwide wagering from 2012, with total wagers amounting to $160.7 million, of which $21 million was wagered at Santa Anita Park.
Beyond being a strong attraction for Los Angeles residents and fans throughout the United States, 17percent of the 95,000 attendees at the two-day event were drawn to Los Angeles from international markets and there was a 5.4 percent increase in overall attendance from 2012.