A newly released economic impact study conducted by the University of Louisville's Departments of Equine Administration and Economics reveals that Keeneland's racing operations, annual Thoroughbred auctions, supporting business lines and investment in new construction generates an estimated $1.6 billion for Fayette and its surrounding counties, the track said in a press release issued on Wednesday.
The study also noted that around 64% of racing patrons come from outside Kentucky, while around 67% of those attending and participating in the annual horse auctions come from outside the state. Of those attending the auctions from out of state, approximately 24% come from outside the U.S.
The comprehensive study conducted by University of Louisville Economics Professor Dr. Thomas E. Lambert evaluated the various operations of Keeneland, including Keeneland's auctions, the spring and fall race meets, the track's year-round special events program, retail operations and guided tour program as well as the impact of Keeneland Library. The study also enumerates the impact of Keeneland's ongoing investment in new facilities including the construction of the new Paddock Building, which is scheduled to open in the Fall of 2025.
Key findings from the study are outlined below:
- Keeneland generates an estimated $1.6 billion+ to the Lexington metro area (Fayette and surrounding counties);
- On a normal year (without construction) Keeneland generates on average $1.46 billion annually to the Lexington metro area;
- Keeneland, the world's largest Thoroughbred auction company, generates $1.16 billion to the Lexington metro area through annual sales in September, November, January and April;
- Keeneland's spring and fall race meets attract visitors from all 50 states as well as outside the U.S., generating nearly $300 million annually for the Lexington metro area;
- Keeneland's year-round special events program, retail operations, tour program and Keeneland Library generate an additional $97.7 million to Lexington and surrounding counties;
- In addition, Keeneland generates nearly $40 million in local, state and federal income taxes and their ongoing construction generates $166.6 million to the Lexington metro area. This data does not factor in the additional jobs, revenue and capacity that the further expansion will generate in 2025 and beyond.
The study also highlighted the impact of Keeneland's visitors on the region's tourism economy with participants attending its Thoroughbred auctions spending $336 million at area restaurants, hotels, retail shops, attractions and local business and patrons attending the Keeneland spring and fall meets spending $190 million annually.
“Keeneland's location in the heart of horse country allows us to serve as a global hub for the Thoroughbred industry,” said Keeneland President and CEO Shannon Arvin. “This study reinforces Keeneland's mission to strengthen our global equine industry and our Central Kentucky community for generations to come.”
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