Home » Study Projects That WEG Will Create Economic Impact of $167 Million for Kentucky

Study Projects That WEG Will Create Economic Impact of $167 Million for Kentucky

By wmadministrator

Lexington will host the World Equestrian Games this fall from Sept. 25 through Oct. 10.

Kentucky could realize a $167 million economic benefit from the 2010 Alltech FEI World Equestrian Games, a significant increase from early projections of $150 million, organizers said.

The 2010 Alltech FEI World Equestrian Games will be held for the first time in the United States at Lexington’s Kentucky Horse Park. The world championships in eight equestrian sports will be held from Sept. 25 to Oct. 10, with as many as 60 countries represented.

The study, conducted by Dr. Paul Coomes, professor of economics at the University of Louisville, shows a direct impact to state and local governments through payroll taxes and taxed purchases by spectators in regional hotels, restaurants, retailers and car rentals.

Current ticket sale projections estimate that more than 85 percent of the event’s spectators will come from outside Kentucky, bringing new dollars into the region’s economy. Current ticket purchasers are averaging five days of attendance, and the lodging that comes with those visits could account for more than $20 million in spending on accommodations alone.

In addition, the study estimates significant employment opportunities, bringing employees and payroll taxes into the state and local economies.

The study also noted impacts that worldwide television exposure, branding, advertising and media coverage would bring to Kentucky for years to come.