Photo courtesy of Turf Paradise
Turf Paradise has an economic impact of $91M, study finds
A study, recently released by economist Dr. Margaret Ray of the University of Mary Washington in Fredericksburg, Virginia found that Turf Paradise Race Course generates an annual economic impact of $91 million to the state of Arizona.
Since its establishment in 1956 as Arizona’s first sports franchise, Turf Paradise has continually been ranked among the Top five sports attendance attractions. The racetrack attracts horse racing enthusiasts from all across the United States, Canada and Mexico and has served as the center of the Arizona equine industry for more than 60 years.
It’s significant to note that the economic impact Ms. Ray’s report details, takes place within a seven month window, mid-October thru early May, which coincides with Turf Paradise’s race meet. The report does not factor in the economic impact of Turf Paradise as a stand-alone tourist attraction. The 2016-2017, 130-day live meet runs from October 15th through May 7th.
The study closely analyzes the direct, indirect, and induced economic impact of Turf Paradise’s activities in order to determine the total baseline economic impact in 2015. Direct economic impact includes expenditures made by Turf Paradise. Indirect economic impact consists of Turf Paradise’s direct impact expenditures in other business sectors of the local economy. Finally, induced economic impact is comprised of the amount of money spent by racetrack employees on goods and services in the region.
In addition to the $91 million annual impact of Turf Paradise to Arizona, the report also listed other major points of economic contribution in 2015:
- When in season, Turf Paradise provides employment for 1,040 workers in both racetrack and stable operations.
- More than 1,600 horses were housed at the racetrack during the October to May 2015 racing season, leading to operating expenses of nearly $18 million.
- Recent construction and renovation at the track contributed $1.5 million to the Arizona economy.
- Turf Paradise paid $2.5 million in taxes in 2015.
- As a major sports attraction, in 2015 over 290,000 attendees walked through Turf Paradise’s gates to take part in on-site live horse racing and an additional 525,000 fans attended one of 65 Off Track Betting sites located throughout the state.
- Every $1 injected into the racing industry has a final economic impact of $2 on the Arizona economy.
- Turf Paradise now hosts one of the longest seasons of thoroughbred racing in the United States and the racetrack’s races are simulcast to more than 2,000 locations in 40 different countries around the world.
“Turf Paradise is delighted to be a continuing and positive contributor to Arizona’s economic engine as well as its horse racing being ranked among the state’s top-tiered sports’ attendance attractions,” said Vincent Francia Turf Paradise General Manager.”