FRANKFORT, Ky. — Following a banner year for Kentucky tourism in 2022. The state broke an all-time record in 2023, with nine new tourism development projects set to generate an estimated $301.2 million in economic investment. These projects are also expected to create 628 jobs once operational.
This year marks the most projects granted final approval in a single year by the Kentucky Tourism Development Finance Authority since the tourism incentive was created in 1996. Today’s news furthers recent tourism growth as last year. The state saw the best year on record for tourism, with nearly $13 million in economic impact and 91,668 jobs. In 2022, the Kentucky Bourbon Trail also surpassed 2 million visitors for the first time ever, setting a new record.
This year, the commonwealth has given final approval to nine tourism development projects, including:
- The Appalachian Wildlife Foundation’s Boone’s Ridge in Bell County, with an estimated $60.5 million investment expected to create 110 jobs.
- Augusta Distillery in Bracken County, with an estimated $36.5 million investment, is expected to create 14 jobs.
- Elizabethtown Courthouse Hotel in Hardin County, with an estimated $8.2 million investment expected to create 18 jobs.
- Louisville Pickleball in Jefferson County, with an estimated $13.9 million investment, is expected to create 89 jobs.
- The Dine and Play Social House in Simpson County, with an estimated $33.8 million investment, is expected to create 163 jobs.
- Lexington Sporting Club multipurpose youth sports fields in Fayette County, with an estimated $25.4 million investment expected to create 7 jobs.
- Schneider Fairgrounds LLC’s Crowne Plaza Louisville Airport renovation in Jefferson County, with an estimated $25 million investment expected to create 70 jobs.
- Sandy’s Racing and Gaming entertainment facility and racetrack in Boyd County, with an estimated $82.3 million investment expected to create 149 jobs.
- The Garden Outdoor Resort in Grant County, with an estimated $15.6 million investment, is expected to create 8 jobs.
The projects are approved through the Tourism Development Act, which supports the development, rehabilitation and expansion of tourism projects. This program allows developers to recover up to 25% of the project’s development costs over a 10-year term through onsite sales tax. Projects including but not limited to lodging facilities constructed on state parks, federal parks or national forest lands are eligible to recover up to 50% of the development costs over a 20-year term.
The projects that received final approval in 2023 can receive a maximum potential incentive of $86.4 million. The state has also preliminarily approved six tourism development projects in 2023, including a proposed $133.6 million Margaritaville hotel coming to Newport on the Levee. The property is expected to generate 282 new jobs – 187 full-time and 95 part-time – for Campbell County.
The previous record was set in 2021, with eight projects approved and an estimated future investment of more than $278.3 million.
For more information and the full economic impact report, please visit Tourism Development Incentive Program.
