Davis Motor Sales banner ad

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 2015 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 on social media.

Posted on 2/2/14
springhour
3/13 - 16
3/13 - 16

Most Read This Week

March 02, 2015 9170

Madisonville Teen Faces Numerous Drug Charges

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center
February 25, 2015 8441

Multi-Agency Investigation Nets Large-Scale Meth…

in Top News For All Sites by Trooper Stu Recke
February 24, 2015 8241

Two Charged in Central City Meth Bust

in Local (Muhlenberg) Top News by Trooper Stu Recke
February 25, 2015 6341

New Asian Restaurant Coming to Madisonville

in Local (Hopkins) Top News by Gary Gates, SurfKY News
February 24, 2015 5520

School Board Holding Special Called Meeting

in Muhlenberg News by Sherri Miller
March 03, 2015 5179

Three Arrested during Traffic Stop

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center

Most Read This Month

February 12, 2015

UPDATE: Name of Pennyrile Fatality Officially…

in Top News For All Sites Touching Hopkins by Doreen Dennis, SurfKY News
February 09, 2015

Police Pursue Man after Fight at Taco Bell

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center

Stories Trending Today

March 03, 2015 5179

Three Arrested during Traffic Stop

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center
March 03, 2015 3248

Sacramento Man Charged with Rape, Sodomy

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
March 03, 2015 2266

Madisonville Man Charged for Robbery in Greenville

in Top News For All Sites Touching Hopkins by Greenville Police Department
March 03, 2015 2260

Superintendent: Spring Break Won't be Touched…

in Hopkins News by Tammy Holloway, SurfKY News
March 03, 2015 1421

Madisonville Police Arrest Reports - March 3, 2015

in Hopkins News by Madisonville Police Department
March 03, 2015 1288

Baptist Health Madisonville Now Offering…

in Hopkins News by Kristy Quinn
March 03, 2015 1274

SHMS Dance Team Places in State Championship

in Hopkins News by South Hopkins Middle School
March 03, 2015 1245

Militant Crazy Religion, Avoid the Damage

in General News For All Sites by Dr. Glenn Mollette
March 03, 2015 1216

Local Students Place in Stanley Lewis Cultural…

in Hopkins News by Joyce Riggs
March 03, 2015 1170

SurfKY News Exclusive: John Conlee Talks of 40…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News