A study by Dr. Thomas E. Lambert from the University of Louisville’s Departments of Equine Administration and Economics found that Keeneland had a $1.6+ billion (yes, that’s billion with a b) economic impact on Fayette and surrounding counties in 2023. Which is no surprise to us — have you tried getting a dinner reservation during the racing or sales months?
This number incorporate all facets of Keeneland including both race meets, Thoroughbred auctions, year-round special events, tours, retail sales, the Keeneland Library, and the current construction of new facilities.
Before we break down the numbers, let’s look at some fast facts from the economic impact report:
- 64% of race meet attendees come from out of state
- 67% of attendees for annual Thoroughbred auctions are from outside of Kentucky, with ~24% traveling from outside the US
- On the average year, sans construction, Keeneland generates ~$1.46 billion
Dr. Lambert notes that spending from visitors makes Keeneland an “exporter.” The money coming in from outside the region can be considered a net gain for Lexington metro area. For the year 2023, here’s what each facet of the historic racetrack brought in:
- $1.16 billion | From the Thoroughbred auctions taking place in September, November, January, and April
- $300 million | From the Spring and Fall racing seasons
- $166.6 million | From the current construction at Keeneland
- $97.7 million | From the special events program, tours, the Keeneland Library, and retail sales
Local businesses benefit greatly from the mass influx of visitors to Lexington during Keeneland’s events. The following numbers are dollars spent at area businesses including restaurants, hotels, attractions, retail shops, and transportation providers.
- $336 million spent during the Keeneland Thoroughbred Sales months
- $190 million spent during the Keeneland Fall + Spring Racing meets
You can find a further break down by reading the full report in its entirety.
