Cheltenham Racecourse is pleased to publish an Economic Impact Analysis taken from information gathered at the four-day event in 2015, revealing that it brings in excess of £100 million to the local economy.
The project was undertaken by staff of the Centre for Contemporary Accounting Research (CenCAR) at the University of Gloucestershire.
The categorisation of the expenditure was gained from an online survey managed by Cheltenham Racecourse, using a questionnaire developed to achieve the project aim. A survey was distributed to each party that attended the event asking about their expenditure during the event with a total of 4,356 responses. This included days attended and what and where they spent their money during their visit to the area.
Ian Renton, Regional Director for The Jockey Club, South West, said: 'The University of Gloucestershire have produced a comprehensive report which has revealed a staggering figure of what the four-day Festival brings to the Gloucestershire economy.
'We have known for many years that many of the local business have a significant turnover during the four days of The Festival, but we are delighted that we have been able to put a figure on this impact and thank the team at the University for their hard work in bringing this report to life.'
Professor Neil Towers, who oversaw the project on behalf of the University of Gloucestershire, added: 'The Cheltenham Festival is a major contributor to the Gloucestershire economy and we were pleased to be invited to undertake the Economic Impact Analysis.
'From our analysis, we were able to show where the money was spent over the four days which in turn helps Cheltenham Racecourse better target its activities to meet customers' requirements at future events.'
The Festival is the highlight of the Jump season in the UK and Ireland, and takes place each year in March. The Festival epitomises and encompasses everything that is great about Jump racing, whilst delivering an unbelievable occasion as the finest horses, jockeys, owners and trainers battle it out for the highest racing honours, their reputations and over £4.1 million of the prize money.
Just under 250,000 people pass through the gates over the four days, making it the biggest festival in Jump racing in the UK.
This year the event starts on Tuesday, March 15 and continues until Friday, March 18. Tickets are available for the first three days via www.cheltenham.co.uk or 0344 579 3003.
The Festival key metrics:
£4,150,000 - amount of prize money in pounds sterling on offer at The Festival 2016- the most of any Jump festival in the world.
£575,000 - prize money available for the feature race, the Timico Cheltenham Gold Cup
248,521 - total number of visitors over the four-day Festival
62,000 - average attendance over the four-day period of The Festival
6,000 - number of staff employed over The Festival
150 - amount of money, in millions of pounds sterling, bet on The Festival every year
80 - millions of pounds sterling The Jockey Club has spent on facilities at Cheltenham in the last 30 years.
40,000 - hospitality meals (total)
Cheltenham Racecourse is situated in Prestbury on the outskirts of the historic spa town of Cheltenham. The Home of Jump Racing, Cheltenham Racecourse is the venue for the world's pre-eminent Jump meeting,
The Festival, which takes place in March over four days every year. The Festival 2016, from Tuesday, March 15, to Friday, March 18 inclusive, has record prize money of over £4.1 million.
Set against the beautiful backdrop of the Cotswolds, Cheltenham Racecourse is a stunning natural arena and offers the highest-quality action throughout the Jump season.
More information is available at www.cheltenham.co.uk and through Twitter (@CheltenhamRaces), Facebook www.facebook.com/thehomeofjumpracing and Instagram (@CheltenhamRaces).
About The Jockey Club
Cheltenham is part of The Jockey Club which has been at the heart of British racing for more than 260 years.
Today the largest commercial group in the sport, The Jockey Club runs the largest racecourse group in the UK by turnover (2014: £162.9m), courses (15) including those at Aintree, Cheltenham, Epsom Downs and Newmarket, attendances (2015: 1.95m), total prize money (2015: £43.9m), contribution to prize money (2015: £19.9m) and quality racing (Group and Graded races); more than 3,000 acres of world-class training grounds in Newmarket, Lambourn and Epsom Downs; the National Stud breeding enterprise and education provider; and the charity for racing's people in need, Racing Welfare.
Governed by Royal Charter, every penny The Jockey Club makes it puts back into British racing. More information is available at www.thejockeyclub.co.uk
If you need any information about racing at Cheltenham, please contact Sophia Dale, Communications Manager - Jockey Club Racecourses South West, on 01242 537 683/07557 054 577 or firstname.lastname@example.org