A motorcycle race is more than just a spectacular display of speed. It's also a business. Thousands of fans descend on a city, eat at local restaurants, drink copious amounts of alcohol from local bars, and stay at the cities hotels. For some cities its a welcome financial boost, for others its an event that sustains the economy.
According to a Bass Coast Shire Council report, entitled "The Social and Economic Value of Events," Phillip Island is one of those cities that depends on motorcycle races. The new report outlined the 87 events that were most beneficial to the Bass Coast community. The top 10 events were motorsports events.
Motorcycle News reports that $130 million was generated from the 87 events during the 2010-2011 fiscal year. 80% of that money, or $1.07 million, came from car and motorcycle events.
And at the very top of that list, was the MotoGP at Phillip Island. The MotoGP series will arrive in Phillip Island in October and, thanks to the three day crowd of over 100,000 people, is expected to generate more than $34 million.
Circuit Managing Director, Fergus Cameron, said that motorcycle and car events like the MotoGP or the V8 Supercar race may not bring in the largest crowds, but they do produce the largest return.
"These events may not pull the biggest crowds, but they have substantial entry lists," Cameron said. "We can have more than 200 competitors, and each team of course comes with six or seven people who all need to sleep and eat and use local services."
The events also provide a great opportunity to promote general tourism.
"Last weekend at the V8 Supercars we had the most perfect spring weather," Cameron said. "The TV producers used a helicopter to capture incredible aerial shots of the racing, but these photos also featured the island, the beaches and the cliffs and Phillip Island looked nothing short of magnificent.
"I don't think we can put a value on the promotional benefit."
MCNews has more about the importance of GP Racing.
