NASCAR News: Chicago street race generated $128M for city, but..

Between media coverage, ticket sales and local taxes, Chicago saw more money from the 2024 NASCAR race than last year’s — but attendance overall was down this year. Was voodoo economics in play?

When voodoo economics is used, anything bad can be turned into a positive. For example, a study says the 2024 NASCAR Chicago Street Race proved to be more profitable than 2023 despite a drop in attendance

This year’s race, which took place July 6 and 7, generated $128 million in total economic impact for the city, a 17 percent increase from 2023, according to a Temple University study commissioned by the city’s tourism bureau, Choose Chicago.

The race also generated $9.6 million in state and local tax revenue, the report showed.

Overall, 74,922 attendees were counted for the event’s two days, down from 79,299 in 2023.

Voodoo economics can also put a price tag on the value of media coverage. The report said an 85 percent increase in media exposure was worth an estimated $43.6 million. International media coverage played a large role in that boost.

“These reports show positive year-over-year growth across key impact metrics that we expect will be the beginning of a trend we will continue to observe next year,” Rich Gamble, interim president and CEO of Choose Chicago, said in a statement. “They also show that, in addition to significant direct economic impact, NASCAR is bringing incredibly valuable national and international media exposure to our city through the televised broadcasts of race days.”

The Chicago Park District also saw a bigger payout from the 2024 race. According to NASCAR’s contract, the park district collects $2 per ticket sold in addition to 25 percent of the net sales from food, beverage and merchandise. This year, the district’s cut was $220,552 compared to $119,899 last year. The district also collected a $550,000 permit fee from the racing organization.

“NASCAR’s presence in Chicago demonstrates that we are the best city in America for innovative sporting events,” said Mayor Brandon Johnson in a statement. “This is a race without parallel in the world and I am pleased that the event has generated positive economic impact and supported hundreds of jobs over the last two years. I look forward to working collaboratively with my leadership team and the community to leverage this event to drive even greater impact next year.”