A report commissioned by Cheshire West and Chester Council and conducted by Amion Consulting to assess the economic impact of Chester Racecourse and its events held throughout the year, has concluded that the racecourse delivers significant positive economic impact to the City of Chester.
The racecourse attracts over 300,000 visitors annually at raceday fixtures and non-raceday events and the report’s findings demonstrate significant, positive impact on the local area, reporting that Chester Race Company generates £54.1 million of expenditure per annum in the local economy and supports some 974 gross Full Time Equivalent jobs. Amion’s report concludes that the Race Company delivers a net additional GVA impact of £22.2 million per annum and is responsible for 24% of employment in the recreation sector alone (within the local authority area).
Using data from a variety of sources over a 12-month period (2016) to investigate the impact felt on a variety of areas, including tourism, retail, residential and the night time economy, Amion looked at on-site racecourse expenditure, spectator/visitor expenditure ‘off-site’ in the wider economy, local supply chain expenditure associated with the operation of the Racecourse and further indirect and induced multiple effects. The report clearly demonstrates the positive impact on spend in these areas, particularly around race meetings.
The racecourse recorded a consolidated raceday income in 2016 of £22 million and the average raceday expenditure on-site, per visit, was £76 or £35 excluding admission. Off-site expenditure was also looked at, with consideration given to overnight stays and spend in bars and restaurants. It was reported that there was a limitation to use the figures published by Deloitte (£168 per attendee based on overnight racegoer status) in the Study of British Racing (2013), as many racecourses were of a lower profile than Chester. It is estimated that the racecourse generates £19.6 million of visitor expenditure in the wider economy, supporting local businesses in the City.
The employment impact felt by the racecourse is substantial. In 2016, there were 157 full-time employees working at Chester Racecourse. In addition, 1,537 casual staff were employed throughout the year, along with 7,561 agency employees during racedays. The number of agency employees equated to approximately 504 people per race day equating to a total on-site employment figure of 9,255.
Overall, in 2016, the racecourse supported a total of 375 FTE jobs on-site. After taking account of raceday and non-race day activities, off-site visitor spend is calculated to support some 391 FTE jobs, while secondary spend results in a further 230 FTE jobs. This brings the total employment impact of the racecourse to 996 FTE jobs in total, whilst it is estimated that the racecourse generates £27.1 million of GVA per annum.
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