Adelaide 500 Generates $251 million for South Australia

The 2009 Clipsal 500 Adelaide V8 Supercar event has provided the South Australian economy with an economic bonanza estimated to be worth more than $33 million.

Announcing the result, South Australian Treasurer Kevin Foley described it as a magnificent achievement, particularly given the impact of the current global financial situation.

As Minister Foley explained, "in its 11th year the event has continued to provide huge returns to the State and while attendance numbers were predictably slightly lower this year the economic benefit grew to a conservative figure of $33.5 million from $31.32 million in 2008.

"One clear demonstration of what this means is highlighted by the figures for the number of visitor bed nights which this year reached 64,900."

Over its 11 year history the total economic benefit provided by the event has now reached $251.72 million, while the total number of visitor bed nights generated is 647,252.

Minister Foley says interstate and overseas visitor numbers coming to Adelaide specifically for the 2009 event totalled 13,600 compared to 14,559 last year, adding "the fact that visitor numbers were still at an extremely high level in spite of the tough economic times shows just how popular and how important the event is to the tourism industry in South Australia."

The 2009 event, which ran from 19th to 22nd March, was attended by 272,800 motor racing fans over its four days. It recorded an operating deficit of $693,000.

Minister Foley concluded, "this is a tremendous result in the context of some of the other major events, including Melbourne's Formula 1 Grand Prix, being held during this time.
âIt continues to be South Australiaâs largest annual ticketed sporting event providing enjoyment and excitement for both locals and visitors alike in addition to gaining positive media exposure already valued at more than $120 million with the media audit not due for completion until the end of July."

Image courtesy of V8 Supercars/Tourism SA.