Victoria Minister for Racing Denis Napthine
150th Melbourne Cup Carnival Delivers $350 Million Benefit To Victorian Economy
Victor P Taffa
Minister for Racing Denis Napthine today launched the 2010 Emirates Melbourne Cup Carnival Economic Impact Study at Flemington Racecourse, announcing a $350 Million windfall to the Victorian economy.
The result represents an increase of $10 Million, despite severe weather conditions driving some racing enthusiasts to stay close to home for the 150th running of Australia’s richest and most iconic horse race.
“The Melbourne Cup Carnival continues to capture the imagination of race-goers and racing is a vital industry in Victoria.” Dr. Napthine said.
“These latest figures confirm that thoroughbred racing is an exciting and strongly supported sport and a key part of the Victorian economy.”
“The Melbourne Cup Carnival once again brought thousands of thoroughbred racing enthusiasts, from both here and around the world, to Victoria.”
“The five Premier races across the carnival calendar attracted strong attendances of more than 368,000, including nearly 60,000 visitors travelling from interstate and overseas, boosting Victoria’s economy by an overall $350 Million.” Dr. Napthine said.
The Victorian Racing Club economic impact study also reveals that the 150th anniversary of the Melbourne Cup was a major drawcard, influencing 55 % of interstate visitors and 41 % of overseas visitors in their decision to travel to Melbourne for the Cup Carnival.
Punters showed a renewed love of thoroughbred racing with net wagering revenue increasing to almost $40 Million in 2010, while fashion followers boosted Victoria’s retail sector by $26 Million.
The study also reveals an increase in the popularity of house parties and Melbourne Cup functions as opportunities for watching the race that stops the nation. Figures also show more Australians downed tools than in previous years to tune in, with nearly 50 % of adults watching or listening to the race call.
“The report reveals that the Melbourne Cup provides benefits across Australia, with economies experiencing a gross national economic benefit of $728 Million as a result of celebrations for the 150th anniversary of this iconic Australian Horse Race.” Dr. Napthine said.
“The Melbourne Cup Carnival continues to reinforce Victoria’s reputation as Australia’s sporting capital, adding to the prestigious line-up of events across the year including the Australian Open and the Formula One Grand Prix.”
“The Victorian Government is committed to making sure Victoria remains the number one state for thoroughbred racing, ensuring continued growth of funding and patronage, and enhancing our worldwide reputation.” Dr. Napthine said.