MIAMI, Fla. (Oct. 28, 1999)â€“ When the Pennzoil 400, NASCAR Winston Cupâ€™s inaugural South Florida event, is run at the Homestead-Miami Speedway on November 14, it will result in one of the largest economic impacts of any annual sports event in...
MIAMI, Fla. (Oct. 28, 1999)– When the Pennzoil 400, NASCAR Winston Cup’s inaugural South Florida event, is run at the Homestead-Miami Speedway on November 14, it will result in one of the largest economic impacts of any annual sports event in South Florida history. The event, which will be held November 11-14, will result in an estimated $116 million direct and indirect impact on the local economy, according to a report compiled by Sports Management Research Institute of Weston, Fla.
The announcement was made in conjunction with the Greater Miami Convention and Visitors Bureau’s annual meeting on Thursday at the Loews Miami Beach Hotel, which had a NASCAR theme to commemorate the NASCAR Winston Cup’s arrival in South Florida. Joining Homestead-Miami Speedway President Curtis Gray in making the announcement were NASCAR Senior Vice President Brian France, Homestead Mayor Steve Shiver, William D. Talbert, III, president and CEO of the Greater Miami Convention and Visitors Bureau and Dr. Kathleen Davis, executive director of SMRI, who authored the report.
The report identified the NASCAR Winston Cup event as having one of the largest impacts on the tourism industry of any annual sporting event in South Florida. The Winston Cup sales indicate that 37% of all tickets have been sold to people outside the South Florida region, with tickets being sold in all 48 continental states.
"We took a conservative approach to the study," said Davis, the author of many of the area’s economic impact reports for sporting events including Super Bowl’s XXIX and XXXIII and Major League Baseball’s World Series. "This is an inaugural NASCAR Winston Cup Series event in South Florida, therefore, spending habits of race fans and corporations were calculated conservatively, wherein the actual impact of the event could be much greater.
"What is important to note is that this event will return year after year and the impact from it has potential to increase annually. Therefore, it is plausible that over time, this event could have the greatest combined impact on South Florida of any sporting event, including the Super Bowl, which visits South Florida an average of once every five years."
SMRI’s report found that an estimated $116,874,716 will be directly and indirectly injected into the local economy. An additional estimated $10,000,000 in local and national media exposure will also come from the event.
"The ultimate goal of most motorsports facilities is to host a NASCAR Winston Cup Series event," said Curtis Gray, president of Homestead-Miami Speedway. "We are grateful to NASCAR and the South Florida community for allowing us to showcase an event of this magnitude to a live national television audience. South Florida is famous for many great things, and now it has NASCAR Winston Cup racing to add to the list. This will be a tremendous opportunity for the entire South Florida region, including Miami-Dade, Broward, Monroe and Palm Beach Counties."
"The Pennzoil 400 is a winner for all of South Florida, injecting more than $100 million into our local economy, but at the same time showcasing the very best of South Miami-Dade County and our world-class Homestead-Miami Speedway," said Miami-Dade Mayor Alex Penelas. "I look forward to many successful and exciting years of NASCAR Winston Cup racing in our community."
"Truly the Pennzoil 400 is making a significant contribution to the entire Miami-Dade community," said Homestead Mayor Steve Shiver. "This study proves that NASCAR Winston Cup racing will also have a significant economic impact on Homestead and all of South Florida."
"We are thrilled to see the positive reaction to the addition of NASCAR’s Winston Cup event, the Pennzoil 400, to our line-up of major events hosted in this community," said William D. Talbert, III, president and CEO of the Greater Miami Convention and Visitors Bureau. "The significance of thousands of new visitors and the major impact of publicity around this race will play a major role in showcasing our community- and unlike many of the one-time sporting events we host- this event will be here each and every year."
"The diversity of the race fans who religiously follow NASCAR will only add to the diversity of people who will be visiting Greater Miami," Talbert said.
Both the inaugural Pennzoil 400 and the HotWheels.com 300 NASCAR Busch Series event on Nov. 13 will be broadcast live by NBC Sports. It will mark the network’s first live broadcast of a NASCAR event. In addition, more than 600 radio stations nationwide will tune into the South Florida event via Motor Racing Network.
The NASCAR Winston Cup Series has been called America’s fastest growing sport. In 1998, over 6.3 million fans attended NASCAR Winston Cup events, a 91% increase since 1990. Additionally, over 180 million viewers watched NASCAR Winston Cup action on television last year.
Homestead-Miami Speedway opened in 1995 and has annually hosted several of the country’s top racing events. NASCAR’s Busch Series was the first to compete in South Florida, with current NASCAR Winston Cup points leader Dale Jarrett taking honors as the Speedway’s first winner in the Jiffy Lube Miami 300. Since then, CART’s Grand Prix of Miami and NASCAR’s Busch and Craftsman Truck Series have raced each year on the 1.5-mile state-of-the-art oval.
In the SMRI study, the Greater Homestead/Florida City Chamber of Commerce reported that local business activity increases anywhere from 20-100 percent during race weekends. Additionally, the Tropical Everglades Visitors Association reports that local hotels typically see occupancy levels at 95-100 percent during race weekends, with these same facilities experiencing 60-65 percent occupancy levels during same-time periods in non-race years.
The speedway is in the final stages of an expansion project that will boost grandstand seating to 72,000 seats. This significant increase in seating at the speedway will create additional demand on hotels, restaurants, shopping malls, grocery and convenience stores, campgrounds, car rental agencies, limousine services and other businesses.
Homestead-Miami Speedway is a state-of-the-art 434-acre facility located in the Homestead area of the vibrant South Florida market. The International Speedway Corporation holds a 90 percent interest in the facility, with Huizenga Holdings Inc. maintaining a 10 percent share in the speedway.