Punchestown's racing festival contributes over €40 million to the local economy, according to details of a report released yesterday.
A study by NUI Maynooth economics professor, Gerry Boyle, shows that last year the four-day national hunt racing festival generated €43 million for the Kildare region.
The report shows that the 78,000 racegoers who turned up in 2005 spent €7.5 million travelling to the course and a further €7.6 million on admission, betting, food and drink within the course itself.
Outside the course, racegoers spent €17.8 million on accommodation, food, drink, entertainment and other goods and services over the four days.
This brings the total calculation for direct spending to €32.9 million. The report estimates that in addition there would be an indirect multiplier effect worth a further €10 million.
The report estimates that a majority of the racegoers spent €200 each within the racecourse and €230 outside.
Around one in five visitors last year were from overseas. The majority were from Britain. A large number of people travelled from around Kildare, Dublin and Meath and 16 per cent came from elsewhere in Ireland. Just over half of all racegoers were aged under 44.
The survey was published to coincide with the launch yesterday of the festival itself, which takes place in the last week of April. Punchestown general manager, Dick Sullivan, said that tickets for the suites, boxes and restaurant were sold out for the first two days. "The signs are that it will be another record breaker," he said.
Horse Racing Ireland (RI) chairman, Denis Brosnan, indicated in his speech that a long-running dispute over the ownership of the course and the State's interest in the property was heading for a solution.
The Kildare Hunt Club (KC) owns the 450 acre land bank that holds the 250 acre racecourse. The State's security for €23 million in funding covers the entire holding. Some club members wanted to change the terms of this. However, the trustees charged with safeguarding the KOCH's interests did not support this.
Mr Brosnan said yesterday that the State would have to provider further cash in the future to guarantee Punchestown's development. He said that this could only be done once the ownership issue was resolved. "We want to create a structure that ensures ownership can stay with the Kildare Hunt," he said.
