Economic Boost For Edmonton
January 22, 2009 | 12:37 P.M. EST
"We remain confident this event, along with Capital EX, will continue as the must see events on Edmonton's summer festival calendar," said Northlands President Ken Knowles. "As a community-based organization we see great value in building an unrivaled international event for Edmonton, and we have a plan to ensure the long-term financial sustainability of this race."
The Northlands report also indicates the race generates more than $80 million in total economic impact in Edmonton, and Alberta, from the associated spending on hotels, food, transportation, entertainment, attractions and business-related purchases.
"This event puts us on the map in the sporting world in a way nothing else does," added Knowles. By comparison, the now cancelled Canadian Grand Prix in Montreal was only expected to generate $75 million in economic impact, and the 2009 Honda Indy of Toronto is expected to generate $50 million.
The event also garnered significant North American media coverage, appearing in over 40 newspapers, including the New York Times, and 109 online sites. The earned media value of the coverage is more than $17 million.
The City of Edmonton had already committed to backstop any losses. In return for the economic impact of $80 million, the City's investment is $5.3 million.
"We remain extremely confident in the world-class event operation expertise of Northlands, and in their ability to ensure the financial sustainability of this event in the future," said Mayor Stephen Mandel. "The benefits to Edmonton are pretty clear, so this is one event we want to remain here for the long-term."
Tickets for the 2009 Rexall Edmonton Indy are on sale now and are available at all Ticketmaster locations.
Northlands overview report of the 2008 Rexall Edmonton Indy is available online at www.northlands.com/releases/2008_Indy_Event_Summary.pdf