Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster
Davis Motor Sales banner ad

Financial Impact of WEG on Kentucky

However, both local citizens and Kentuckians in general may be wondering how the WEG will affect our local community and state financially.

 

According to a recent report by Lexington’s Herald-Leader, “Organizers estimate it will take as much as $70 million in private funds — mostly from business sponsorships and ticket sales — for a private foundation to run the Alltech FEI World Equestrian Games. But public tax dollars are still footing much of the bill for the state and region to put on the most prestigious equestrian event ever held on U.S. soil.” The report also goes on to state that $107 million in local, federal, and state finances have been spent in renovations at the Kentucky Horse Park, while an additional total of $151 million has gone toward various infrastructure improvements that have been expedited in order to be completed before the WEG.

Proud owner of Genesis Tennessee Walking Horse Farm and iSurf News’ own Vice President of Marketing and Graphics, Marion Miller, explained that, “This is an amazing event that’s going to put Kentucky in the spotlight of all the world’s nations. It’s a good thing for all Kentucky breeders and Kentucky people. For both the population who are not in the horse market and who are in the horse market, it’s going to increase revenue for Kentucky. Not just for Lexington and Central Kentucky, but everywhere. You know, everybody is going to be watching Kentucky because we have the World Games. So as a state, we’re going to shine, and that’s for everybody no matter where they live. I’m proud. I mean, I think it’s amazing that we have the Games here.”

Among her reasoning, Marion explained that there are several factors that she believes will increase revenue in the state due to the WEG. For example, Marion stated that there will be around 1,000 horses attending the event, each with about 4 caretakers/breeders on-hand who will be putting money into the state by purchasing taxable services and goods (food for the horses and staff, hotel rooms, gas, transportation, etc.). In addition, she noted that by having the WEG within our state rather than overseas, we are bringing in money rather than putting it into the costs of travel and other expenses abroad. Local breeders and equine enthusiasts in our local region will also have the opportunity to use the WEG as a platform to further market their products as well, she said. As far as the costs of the infrastructure improvements, Marion explained that the costs are justifiable since they are being put into a play on level that will exist as a benefit to the state even after the WEG are gone.

The majority of the public costs are for large construction projects such as new arenas, new roads and a $7.8 million biking and walking trail from the Lexington, KY Horse Park to downtown. $15 million of the funds will also go to widen Newton Park Rd. in Lexington as well. Of the complete governmental expenditures, costs such as the employment of KSP security at the event and promotional state programs/cabinet expenses related to the WEG are not included.

Overall, though, many economists have stated that there are too many pieces in the puzzle to easily make judgments beforehand. In all reality, the potential impact of the WEG on Kentucky’s already indebted economy will be almost impossible to fully predict until after the WEG have been long gone.

Luke Short
iSurf News
Information provided by Lexington’s Herald-Leader

 

© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

Posted on 2/2/14
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013

Most Read This Week (Site-Wide)

September 26, 2014 5663

Super Walmart Headed to Hanson, Fate of…

in Top Stories by Amber Averitt, SurfKY News
September 27, 2014 3564

Hopkins County Grand Jury Misdemeanor Indictments

in News by Karen McKnight
September 26, 2014 3221

Drug Sting Results in Meth Trafficking Charge

in Top Stories by Madisonville Police Department
September 29, 2014 3155

Endless Road Strings Bring Orchestra Mix to…

in Top Stories by Paul McRee, SurfKY News
September 27, 2014 2457

Sinister on Center Takes Haunted Manor to Whole…

in Top Stories by Charles W. Riley II, SurfKY News
September 26, 2014 2424

Muhlenberg Job Corps Recognizes Employee of the…

in Top Stories by Karen Robinson
September 26, 2014 2339

UPDATE: Semi Trucks Crash, Block Northbound Lane…

in Top Stories by Keith Todd
September 26, 2014 2304

Muhlenberg 911 Service Recipient of $32,500 Grant

in Top Stories by Rebecca Hanchett
September 26, 2014 2263

Madisonville Police Department Arrest Reports -…

in News by Madisonville Police Department
September 25, 2014 2192

Shoplifting Complaint Leads to Resisting Arrest,…

in Top Stories by Information provided by MPD
September 29, 2014 2040

Man, Woman Charged with Violating EPO Against…

in Top Stories by Madisonville Police Department

Most Read Stories from Hopkins County

September 26, 2014 3221

Drug Sting Results in Meth Trafficking…

in Top Stories by Madisonville Police Department
September 25, 2014 2192

Shoplifting Complaint Leads to Resisting…

in Top Stories by Information provided by MPD
September 29, 2014 2040

Man, Woman Charged with Violating EPO…

in Top Stories by Madisonville Police Department
September 29, 2014 1922

One Injured in Single-Vehicle Collision…

in Top Stories by Rita Dukes Smith, SurfKY News Director
September 29, 2014 1869

Man Charged with PI, Drugs, After…

in Top Stories by Madisonville Police Department

Most Read Stories from Muhlenberg County

September 29, 2014 3155

Endless Road Strings Bring Orchestra Mix…

in Top Stories by Paul McRee, SurfKY News
September 26, 2014 2424

Muhlenberg Job Corps Recognizes Employee…

in Top Stories by Karen Robinson
September 26, 2014 2304

Muhlenberg 911 Service Recipient of…

in Top Stories by Rebecca Hanchett
September 28, 2014 1835

Community Shows Support to Muhlenberg…

in Top Stories by Charles W. Riley II, SurfKY News
September 28, 2014 1612

Marching Mustangs Take Third in Ohio…

in Top Stories by Information provided by Shawna Hendrix

SurfKY News Group, Inc. Central Office & Printing Division
1125 Nebo Rd.  •  Madisonville, KY 42431  •  270.452.2249 (fax)
Main Number: 270.452.2727 (phone)  •  Printing Division Direct Line: 270.821.8600 (phone)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social 03social 04social 22social 21social 06