Study: NASCAR races bring $2.3B to Fla.
The economic impact study was conducted over a several month period utilizing the IMPLAN model, which analyzes both the direct and indirect benefits of an economic producer. Key components of the overall economic impact are:
— $ 1.9 billion: Year-round operations and major events held at Daytona
International Speedway
— $ 248 million: Year-round operations and major events held at
Homestead-Miami Speedway
— $ 157 million: Employment and operations of ISC, NASCAR and Grand
American Road Racing headquarters in Daytona Beach, FL
"The significant total annual economic impact of $2.3 billion places ISC as a top generator of economic benefits to the State of Florida, with important regional impacts in Central and South Florida," said WEG CEO J. Antonio "Tony" Villamil. "Furthermore, by enhancing the brand name of Florida as the global leader in motorsports, ISC provides significant ancillary benefits to the state. Among them is the increased attraction of visitors and sports oriented individuals to Florida."
The study also examined the future economic impact of the proposed Daytona Live! project, a mixed-use entertainment destination development to be located on 71 acres across from the Daytona International Speedway. Estimated economic impact during the construction phase of the project is $855 million. Once open, the facility will generate an estimated $172 million annually, increasing ISC's overall statewide economic impact to more than $2.4 billion each year.
Other noteworthy impacts related to ISC's Florida operations are:
— Jobs: Over 38,000 jobs (direct and indirect) can be attributed to the
company's operations.
* Daytona International Speedway: 32,000 jobs (direct and indirect)
* Homestead-Miami Speedway: 3,862 jobs (direct and indirect)
* ISC/NASCAR/Grand Am Headquarters: 2,540 jobs (direct and indirect)
— Income: More than $1 billion in labor income is paid to these workers.
* Daytona International Speedway: $856 million
* Homestead-Miami Speedway: $107 million
* ISC/NASCAR/Grand Am Headquarters: $85.7 million
— Taxes: Over $331 million in total tax revenue is generated, including
$185 million in local and state taxes.
* Daytona International Speedway: $155.4 million
* Homestead-Miami Speedway: $18.1 million
* ISC/NASCAR/Grand Am Headquarters: $11.4 million
"We are privileged to have the headquarters of ISC and NASCAR as well as two world-class motorsports venues, Daytona International Speedway and Homestead-Miami Speedway, in our great state," said Florida Governor Charlie Crist. "International Speedway Corporation brings visitors from all over the world to Florida to watch some of the most prestigious events in motorsports. I'm a fan, and it is no surprise to me the economic impact this sport has. Visitors to these events not only leave the Sunshine State with great memories of world-class racing, they spend millions of dollars while they are here."
"The results of this study are very compelling and speak to the significant contribution our operations make to the annual economy of the state and our local communities," said ISC President Lesa France Kennedy. "Our events attract hundreds of thousands of visitors to Florida each year. These visitors stay locally and spend money at area attractions and other businesses. We could not continue to succeed without the support of our local residents and officials, and are proud that our operations are able to give back to these communities in such a strong way."
International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. The Company owns and/or operates 13 of the nation's major motorsports entertainment facilities, including Daytona International Speedway® in Florida (home of the Daytona 500®); Talladega Superspeedway® in Alabama; Michigan International Speedway® located outside Detroit; Richmond International Raceway® in Virginia; California Speedway(SM) near Los Angeles; Kansas Speedway® in Kansas City, Kansas; Phoenix International Raceway® in Arizona; Chicagoland Speedway® and Route 66 Raceway(SM) near Chicago, Illinois; Homestead-Miami Speedway(SM) in Florida; Martinsville Speedway® in Virginia; Darlington Raceway® in South Carolina; and Watkins Glen International® in New York. In addition, ISC is a limited partner with Group Motorise International in the organization and promotion of certain events at Circuit Gilles Villeneuve in Montreal, Canada.
The Company also owns and operates MRN® Radio, the nation's largest independent sports radio network; the Daytona 500 Experience(SM), the "Ultimate Motorsports Attraction" in Daytona Beach, Florida, the official attraction of NASCAR®; and Americrown Service Corporation, a subsidiary that provides catering services, food and beverage concessions, and produces and markets motorsports-related merchandise. In addition, ISC has an indirect 50 percent interest in a business called Motorsports Authentics®, which markets and distributes motorsports-related merchandise licensed by certain competitors in NASCAR racing. For more information, visit the Company's Web site at www.iscmotorsports.com .
The Washington Economics Group, Inc. (WEG) has been successfully meeting client objectives since 1993 through economic consulting services for corporations, institutions and governments of the Americas. We have the expertise, high-level contacts, and business alliances to strengthen your competitive positioning in the growing marketplaces of Florida and Latin America.
Our roster of satisfied clients, over the past fourteen years, includes multinational corporations, financial institutions, public entities, and non- profit associations expanding their operations in the Americas.