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Racing Carnival brings economic boostThe economic impact of the 2002 Latrobe Spring Racing Carnival, ‘The Power of Racing’ has been estimated at $3.38 million according to an independent report prepared consultants IER Strategic. By Latrobe City - 7th May 2003 - Back to News Latrobe City Chief Executive Officer, Mr Richard Hancock said that he welcomed the findings of the report, commissioned jointly by Latrobe City and Gippsland Racing, which indicated that more than 10,000 people attended the four days, an increase on the previous year.
"The report reveals that the Carnival, held on four racedays at both Moe and Traralgon between 4 October and 15 November 2002, also attracted more than 900 visitors from Melbourne and interstate.
"IER Strategic calculated the daily spending on a range of areas including food and beverage, entertainment, accommodation, transport, fashion and shopping, and concluded that more than $3.3 million was generated for the region," Mr Hancock said.
"As well as the economic benefits of attracting visitors to Latrobe City, the report also indicated that additional employment created over the period of the Carnival, in part-time and casual jobs amounted to the equivalent of 35 full-time jobs," Mr Hancock explained.
The IER Report also stated that the 42% of the wagering turnover from the Carnival, which is returned to the racing industry, is put back into the local community either directly or indirectly through prizemoney and salaries.
Commenting on the report, Gippsland Racing Chairman, Lance McMillan said that the study underlines the importance of Country Racing to the economy of local communities.
"The wonderful support of Latrobe City Council has ensured that ‘The Power of Racing’ has become a very significant event for the local region," Mr McMillan said.
Mr Hancock added that the figure of $3.3 million arrived at by the consultants did not take into consideration spending associated with the five other community events conducted during the same period. These included the World Masters Games Open Swim, Pit Stop Latrobe, Herald Sun Tour and Power Industry Association State Golf Championship, all of which attracted visitors to the region.
"The economic impact of these events will be included in this year’s post event evaluation," Mr Hancock said.
There was an interesting analysis of the number of overseas visitors to Latrobe City during the period of ‘The Power of Racing’, which showed an unusually high proportion of European visitors.
"This figure is thought, in part, to be linked to the high number of migrants in the region who receive visits from friends and relatives. The World Masters Games events are also thought to be a contributing factor," Mr Hancock continued.
"However, this area has been identified by the consultants as one of great potential for development in future carnivals," Mr Hancock said.
"Overall, the report indicates that the Spring Racing Carnival has major monetary and social benefits for the region, and if visitor numbers, especially overseas visitors, continue to rise, the positive economic impact on Latrobe can only be greater.
"The success of ‘The Power of Racing’ helps contribute to the increasingly high profile Latrobe City is earning as a sporting and leisure destination," Mr Hancock concluded.
Source: www.gippsland.com Published by: news@gippsland.com
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