The Preakness Stakes – the second jewel in horse racing's Triple Crown – brings to Maryland not only thousands of visitors each May, but also millions in economic impact. From the dollars spent on wagering, to visitor expenditures on hotels and restaurants, to the state and local taxes generated, Preakness packs a powerful punch.
The Maryland Department of Business and Economic Development's (DBED) Office of Research analyzed the economic impact of the 139th running of the Preakness in 2014 and found that it drew 123,469 spectators the largest crowd in the race's history. While money brought in by betting drives the industry, race operations, attendance at the racetrack and related events are most important in boosting the State's economy. Attendees and related expenditures from Preakness generated $31.4 million in economic impact and helped create the equivalent of 369 full-time jobs, last year.
"Maryland is proud to be home to the Preakness Stakes, a race steeped in history and tradition," said Governor Larry Hogan. "The race is representative of all the great things our state has to offer and is a tremendous economic generator – bringing in over $30 million in additional spending every year."
Visitor expenditures hotels, restaurants, transportation and retail sales generated an estimated $10.2 million and helped create 157 full-time equivalent jobs. Wagering increased by three percent over the year to $84.6 million on the entire racing card. And, total expenditures and employment from the Preakness race day operations and visitor spending generated approximately $2.1 million in State and local taxes.
The DBED study estimated the direct, indirect and induced impact of that spending in terms of jobs, salaries and tax revenues generated. This analysis addresses direct expenditures that can be attributed to the Preakness. This includes expenditures and visitor spending for Preakness Celebration events before and after the race itself.
