Business Commons^™

Horse Racing And Historical Horse Racing’S Impact On The Kentucky Economy: Possible Hhr Saturation?, Thomas E. Lambert

Faculty Scholarship

The Commonwealth of Kentucky currently has 5 thoroughbred racing tracks and 3 harness racing tracks (Kentucky Horse Racing Commission 2023 and Mint Julep Louisville 2021). As Table 1 below shows, the industry employees roughly 7,000 people (direct jobs), and these jobs annually support another 2,000 jobs or so throughout the state. These 2,000 jobs are jobs that are provided by the suppliers to the horse race tracks (indirect jobs) and jobs that are created by the spending of the race track employees and the employees of suppliers on food, housing, transportation, and clothing by vendors and retailers throughout the state …

Is The Declining Birthrate Really An Issue For The Economy?, Harsh Ramesh Pednekar, Theodore Lee, Darrion Chin

Introduction to Research Methods RSCH 202

This study aims to explore the complex implications of declining birth rates on the economy, focusing on GDP per capita as a crucial metric, and aims to uncover both potential opportunities and challenges stemming from this demographic transformation using regression analysis. Using a quantitative methodology and secondary data from OECD.stat, World Population Review, and World Bank, the study explores the relationship between declining birth rates and economic impacts. GDP per capita serves as an essential dependent variable, and it accounts for control variables such as labour force participation, literacy, and education levels, child dependence ratio, and physical capital. Past studies …

The Role Of U.S. Government Regulatioms, Bert Chapman

Libraries Faculty and Staff Presentations

Provides detailed coverage of information resources on U.S. Government information resources for federal regulations. Features historical background on these regulations, details on the Federal Register and Code of Federal Regulations, includes information on individuals can participate in the federal regulatory process by commenting on proposed agency regulations via https://regulations.gov/, describes the role of presidential executive orders, refers to recent and upcoming U.S. Supreme Court cases involving federal regulations, and describes current congressional legislation seeking to give Congress greater involvement in the federal regulatory process.

Horse Sense Or Horse Hype? Estimating The True Economic Impact Of Churchill Downs And The Kentucky Derby On The Louisville Metro Area, Thomas E. Lambert

Faculty Scholarship

In trying to assess the true economic impact of the Kentucky Derby on the Louisville region (north central Kentucky and south central Indiana counties), one can find two different estimates appear in doing a quick search on the internet. Some sources, such as the Kentucky Derby Museum, indicate that the economic impact of the Derby is around $217 million (Kentucky Derby Museum 2023) but never mention a source or study for this conjecture. In doing some research, this amount is determined to come from a 2001 study by the marketing research firm Wilkerson and Associates (LaMarra 2001), and therefore this …

A Comparison Of The Economic Impact Of Horse Racing Tracks In Kentucky Versus Neighboring Indiana, Thomas E. Lambert

Faculty Scholarship

The Louisville metro area is one that spans two states—Kentucky and Indiana. Since the University of Louisville has many students and employees who come from the Hoosier State, it would be interesting to see how the two states compare when it comes to what has been labeled a “signature” industry for the Commonwealth of Kentucky—horse racing.

The Economic Impact Of Keeneland Race Course On The Lexington Metro Area With Projections For This Year’S Breeders Cup, Thomas E. Lambert

Faculty Scholarship

Keeneland Race Course in Lexington, Kentucky has had a long tradition for quality horse racing going back to its inception in 1936 (Keeneland 2022). With the 2022 Breeders’ Cup World Championships coming to the race track this November, this paper examines what economic impact the race track has on the Lexington metro area (Bourbon, Clark, Fayette, Jessamine, Scott, and Woodford counties in Kentucky) on an annual basis and how the 2022 Breeders’ Cup will boost the impact of the race track when compared to a typical year.

The Economic Impact Of Buying And Redeveloping Ellis Park By Churchill Downs, Thomas E. Lambert

Faculty Scholarship

Churchill Downs’ acquisition of Ellis Park Racing and Gaming in Henderson, Kentucky reflects the growing number of mergers across the US among racetracks, racetracks and casinos, and casinos with other casinos. Some years back, Ellis racetrack closed for one year due to declining profitability, yet after new ownership took over and a gaming center was added, it began a rebound in earnings (Courier and Press 2008). The $75 million that Churchill Downs plans to spend to transform Ellis Park (Schulz 2022) will have a much bigger impact than the construction, revamping, and expansion of park facilities. This is in addition …

Socio-Cultural And Economic Impacts Of Religious Festivals On Sustainable Local Community Livelihoods In Kerala: The Case Of Palakkad, Dr. Bindu V T Nair, Aiswarya Babu N

International Journal of Religious Tourism and Pilgrimage

Festivals depict the heritage, culture, and traditions of a particular region. They create a state of exhilaration and enthusiasm. Kerala is a state in southwest India with its own distinct culture and traditions. The state is also known for its religious pluralism. This study attempts to understand the perceived impact of religious festivals on the local community livelihoods in Palakkad, a district in central Kerala. Twelve temples in which religious festivals are held annually, with attendance in the range of thousands, were selected. The selected temples are famous for hosting specific religious festivals which attract a large number of visitors, …

The Economic Impact Of Paradise Cove Aquatic Center In Richmond, Kentucky, Lauren Kilburn, Michael Bradley, James Maples

Kentucky Journal of Undergraduate Scholarship

One of the most effective ways for rural communities to improve the local economy is by exploring opportunities related to tourism. When communities focus their resources on expanding and improving the tourism industry, it leads to additional opportunities for these communities to increase their revenue, provide jobs and revitalize the local economy. Like many other agencies, the Richmond Parks and Recreation Department has gradually expanded the tourism industry within the City of Richmond in Madison County, Kentucky. To help continue the expansion of this industry, Paradise Cove Aquatic Center opened in 2008. This decision was made because waterparks were becoming …

The Economic Impact Of Paradise Cove Aquatic Center In Richmond, Kentucky, Laruen Kilburn, Michael J. Bradley, James N. Maples

Faculty Publications - Tourism

One of the most effective ways for rural communities to improve the local economy is by exploring opportunities related to tourism. When communities focus their resources on expanding and improving the tourism industry, it leads to additional opportunities for these communities to increase their revenue, provide jobs and revitalize the local economy. Like many other agencies, the Richmond Parks and Recreation Department has gradually expanded the tourism industry within the City of Richmond in Madison County, Kentucky. To help continue the expansion of this industry, Paradise Cove Aquatic Center opened in 2008. This decision was made because waterparks were becoming …

Hosting The Fifa World Cup: An Economic Analysis Of How The World Cup Has Impacted The Economy Of A Developed And A Developing Nation, Juan Borga

Undergraduate Theses and Capstone Projects

This thesis is a microeconomic study of the economic impact hosting the FIFA World Cup can have on both a developed and developing nation. I will examine the economies of Germany and Brazil, three years prior and three years after hosting the tournament in 2006 and 2014 respectively. The pressures imposed by the Fédération Internationale de Football Association (FIFA) require significant monetary investments for the World Cup to be considered successful, but have countries been allocating their resources effectively? The purpose of this thesis is to determine the extent to which it is economically advantageous for a nation to host …

A Longitudinal Analysis Of Music Tourism Impacts, Kate Price-Howard, John C. Crossley, Andrew Holdnak Dr.

Journal of Tourism Insights

Music tourism has boomed in recent decades and has been part of the rise in cultural tourism. In recent years, several communities have implemented a concert series to help promote tourism during the shoulder season, or slower months during the off-season. In this study, a longitudinal examination of several concerts of various sizes and genres spanning about three years looks at the economic impacts for the tourist destination of Panama City Beach, FL. This paper will conduct an analysis comparing the tourism development tax, hotel/motel data provided by the industry leading data resource, Smith Travel Research (STR), in order to …

Projected Economic And Financial Benefits Of The 2017 Summer Universiade Games, Steve Chen, Teame Ghirmay, Yi-Hua Lee, Chie-Der Dongfang, Tsung-Chih Chiu

Journal of International & Interdisciplinary Business Research

In Western society, sport economic impact studies are often utilized to showcase the financial benefits for hosting mega sport event or to justify the spending for entering bids or covering infrastructure construction costs. This study projected economic impact of the 2017 Summer Universiade by examining the Taiwanese (the hosting country) residents’ willingness to attendance and estimated individual spending (consumption) while attending the games. Through a series of convenience sampling surveys from February to April, 2017, 1,021 respondents (53.5% males and 45.3% females) reported their potential personal spending, willingness to attend the events, and preferred ticket price range. The results indicated …

The Economic Impact Of The Huron River, Grand Valley State University, Paul Isely, Christian Glupker, Erik E. Nordman, Julie M. Cowie, Hailey Lamay

Other Faculty Publications

The Huron River and Huron River Water Trail are estimated to have the following economic impact on the five-county region in which they are located:

• $53.5M in annual economic output, which is the sum of $29.9M in direct spending and $23.6M in indirect and induced spending
• 641 local jobs added to the region
• $628M in added property value
• $150M in annual environmental value
• 2.6M visitor days

The Economic Impact Of The Frederik Meijer Gardens And Sculpture Park, Grand Valley State University, Christian Glupker, Paul Isely

Other Faculty Publications

The Frederik Meijer Gardens and Sculpture Park supports or contributes: • 804 jobs in Kent County annually

• A $75.2 million economic output annually
• Visitors from outside the county who directly spend $19.6 million at businesses around Kent County annually.
• Construction that created 39 jobs during the last year.
• 86% of the visitor spending is the result spending by individuals that do not live in Kent County.
• Nonresidents spent an average $129 per group outside the venue during their visit to Meijer Gardens while in Kent County.

Has The Usage Of Precision Agriculture Technologies Actually Led To Increased Profits For Nebraska Producers?, Michael H. Castle

Department of Agricultural Economics: Dissertations, Theses, and Student Research

An ever-increasing global demand for food, coupled with increasingly volatile commodity prices have charged producers with the task of becoming more efficient. As such, technologies aimed at producing more with less are continually being developed and marketed to producers. However, whether or not these expensive new technologies have resulted in improved profitability is still unknown, as the vast majority of studies showing their impact on profitability have been performed using hypothetical farms and simulations. These studies have shown the potential for increases in profitability from use, but their impact in the real world is still uncertain.

This project uses various …

The Economic Impact Of The 2015 Conference Usa Baseball Tournament In Hattiesburg, Mississippi, Kyle A. Stoner

Honors Theses

This study aims to measure the economic impact of the 2015 Conference USA Baseball Tournament hosted by The University of Southern Mississippi in Hattiesburg, Mississippi. Attendees of the event were selected at random to participate in an intercept survey to gauge financial data spent within the Forrest and Lamar County, Mississippi area. An Economic Modeling Systems International Input-Output analysis was used to process the data. This processed data was analyzed and results were determined based on the estimated multiplier and tax effect at the local and state level. These multiplier figures yielded a change in earnings in the local area …

Going For The Gold: The Economics Of The Olympics, Victor Matheson, Robert Baade

Economics Department Working Papers

In this paper, we explore the costs and benefits of hosting the Olympic Games. On the cost side, there are three major categories: general infrastructure such as transportation and housing to accommodate athletes and fans; specific sports infrastructure required for competition venues; and operational costs, including general administration as well as the opening and closing ceremony and security. Three major categories of benefits also exist: the short-run benefits of tourist spending during the Games; the long-run benefits or the "Olympic legacy" which might include improvements in infrastructure and increased trade, foreign investment, or tourism after the Games; and intangible benefits …

Comment On 'Impacts, Costs, And Techniques For Mitigation Of Contaminated Groundwater: A Review' By M. Sharefkin, M. Shechter, And A.V. Kneese, Robert Main

Robert S. Main

Published response to 'Impacts, Costs, and Techniques for Mitigation of Contaminated Groundwater: A Review' by M. Sharefkin, M. Shechter, and A.V. Kneese, Water Resources Research, Volume 20, Issue 12.

Economic Contribution Of Nonresident Travel Spending In Montana Travel Regions And Counties: 2012-2013, Kara Grau

Institute for Tourism and Recreation Research Publications

Money spent by those traveling to and through Montana has an effect not only on the businesses where spending occurs, but it ripples throughout the state’s economy, as well. Statewide, spending by nonresidents (averaged over two years) totaled $3.47 billion. This report details the methods and results of the economic impact analyses for each of Montana’s travel regions, as well as analyses for counties in which nonresident travelers spent approximately $50 million or more.

Symposium Report: Findings From The Research Roundtable On The Economic And Community Impact Of Broadband, Edward Feser, John Horrigan, William Lehr

Edward J Feser

In December 2012, a group of experts spanning disciplines and practice in the field of broadband policy met to discuss how the research community can better serve state and local policymakers and other stakeholders. This group of subject matter experts was convened to examine how best to measure the economic impact of state and national broadband deployment and capacity/adoption building efforts. The impetus for the symposium stemmed from the widespread view that there is a deficit of research, standards, and measurements to adequately inform the widely acknowledged view that broadband Internet is a driver of sustainable economic and community development. …

The Economic Impact Of Stadia And Teams: The Case Of Minor League Baseball, Nola Agha

Sport Management

This paper uses an extensive unique dataset to investigate the justification of government subsidies for minor league baseball teams and stadiums by measuring pecuniary gains in a local economy. Specifically, a dynamic panel data model incorporating 238 Metropolitan Statistical Areas that hosted affiliated or independent minor league teams between 1985 and 2006 shows that AAA teams, A+ teams, AA stadiums, and rookie stadiums are all associated with significant positive effects on the change in local per capita income. The presence of positive effects is strikingly different from decades of non-positive results at the major league level.

An Economic Impact Study Of The "Boom" Period Of Baseball Stadium Redevelopment, Emily Mcnab

CMC Senior Theses

The intention of this study is to analyze the economic impact of redeveloped Major League Baseball stadiums opened between 1991 and 2004. Using two empirical models, including an event study, this impact analysis captures the economic conditions of the cities during the opening year of the stadium, as well as the prior conditions leading up to the opening of the stadium, along with any lingering effects or gradual changes in conditions. The impact was measured in relation to the Metropolitan Statistical Areas corresponding to the 18 ballparks included, specifically looking at the impact on employment rates and per capita personal …

2008 Virginia Beach Tourism Economic Impact Study, Gilbert R. Yochum, Vinod Agarwal

Economics Faculty Publications

The purpose of this study is to estimate the total economic impact and the direct taxes and fees generated by the 2008 in-flow of visitors to the City of Virginia Beach's tourist industry. Total tourism economic impact is defined as the sum of direct, indirect and induced output, employment and earnings that result from visitor spending in Virginia Beach.

2008 Utep/Ut-Austin Football Game: Economic Impact On El Paso, Texas, David A. Schauer, Carlos Olmedo, Mario Caire, Guadalupe Corral, Dennis L. Soden

IPED Technical Reports

No abstract provided.

Estimating The Economic Impact Of The New Arena At The Kentucky Horse Park, Alexis R. Bwenge

MPA/MPP/MPFM Capstone Projects

For the first time in its history, the World Equestrian Games (WEG) will be held outside of Europe in 2010. Kentucky has won the bid to host the event at the Kentucky Horse Park (KHP) in Lexington. The games will last two weeks in the fall of2010 and organizers estimate ticket sales of 300,000, and over 1,000 athletes from 50 countries are expected to compete (Commonwealth of Kentucky).

However, for the Horse Park to be a suitable location to host WEG, it must have a climate controlled indoor arena. The current proposal for the arena plans for a 6,000 seats, …

Research In Review: Regional Economic Impacts Of Military Installations In The Paso Del Norte Region, Dennis L. Soden, David A. Schauer, Brent Mccune, David Coronado, Janet S. Conary

IPED Technical Reports

No abstract provided.

2002 Economic Impact Of White Sands Missile Range (Wsmr) On The Regional Economy, David A. Schauer, Dennis L. Soden, Brent Mccune, David Coronado

IPED Technical Reports

No abstract provided.

2002 Economic Impact Of Holloman Air Force Base (Hafb) On The Regional Economy, David A. Schauer, Dennis L. Soden, Brent Mccune, David Coronado

IPED Technical Reports

No abstract provided.

The Expansion Of Texas Tech University School Of Medicine: Economic Impact On El Paso, Texas Over 2004-2013, David A. Schauer, Dennis L. Soden, David Coronado

IPED Technical Reports

No abstract provided.