The state has signed a lease agreement with Bluegrass Equine & Tourism Foundation Inc. of Lexington to build a resort hotel at the Kentucky Horse Park.
A recent economic impact study conducted by Economics Research Associates on behalf of the Kentucky Commerce Cabinet found the proposed resort hotel at the Kentucky Horse Park could create approximately $87 million in new tax revenue over the course of the first 20 years as well as $819 million in incremental trade and goods, and $526 million in net new spending over the life of the hotel.
The hotel will create 827 full-time positions, in addition to the construction jobs involved to build the facility. The 267-room lodging and conference center is slated to be complete in time for the 2010 Alltech FEI World Equestrian Games, which is expected to draw more than 500,000 visitors. With an estimated economic impact to Kentucky in excess of $100 million, the Alltech FEI Games will be the largest sporting event ever held in Kentucky.