The majority of race fans at Keeneland aren’t from Kentucky. Why is that?

It’s the Keeneland Fall Meet at the Lexington racetrack and one thing is a sure bet: lots of Thoroughbred race fans.

But according to a newly released economic impact study, the majority of those fans aren’t from Kentucky.

The study, conducted by the University of Louisville’s Departments of Equine Administration and Economics, says 64% of those in attendance at the spring and fall meets come from outside Kentucky. Past survey results and Keeneland ticketing data helped determine that number.

Those out-of-state residents spend an estimated $190 million on local restaurants, hotels, attractions, retail shops, transportation providers, area businesses and more, according to the study.

Keeneland says its two race meets attract visitors from all 50 states, as well as international visitors. And with them comes lots of tourism money — nearly $300 million annually spent in the Lexington area. The current fall meet offers race fans a track record $9.6 million for 22 stakes races during its 17 days of racing.

“Keeneland’s location in the heart of horse country allows us to serve as a global hub for the Thoroughbred industry,” said Keeneland President and CEO Shannon Arvin. “Our Thoroughbred auctions and spring and fall race meets attract participants from 50 countries and fans from every state. The impact is felt far beyond the gates of Keeneland as Fayette and surrounding counties play host to these visitors, benefiting local businesses, hotels, restaurants and the entire region. This study reinforces Keeneland’s mission to strengthen our global equine industry and our Central Kentucky community for generations to come.”

The report looked at its annual horse auctions, spring and fall race meets, special events, retail operations, guided tour program, the Keeneland Library and the current construction of the new Paddock Building. The new $93 million three-level Paddock Building, the largest construction project since Keeneland opened 88 years ago, is receiving up to $24.3 million in economic incentives for the project.

“The impact that Keeneland makes on our economy — and our tourism industry — cannot be overstated,” said Mary Quinn Ramer, President of VisitLEX. “Keeneland welcomes guests from all 50 states and many foreign countries annually and is a cornerstone destination. No other city can boast such a beautiful, historic and unique racing and sales experience.”

Economic impact of Keeneland

The track estimated its total economic impact on Lexington and surrounding counties for 2023 at $1.6 billion. That included:

Thoroughbred auctions: $1.16 billion

Spring and fall meets: $300 million

Supporting businesses (special events, tours, etc): $97.7 million

New construction: $166.6 million

How much money do Keeneland auctions bring in?

Keeneland has four annual sales in September, November, January and April. The world’s largest Thoroughbred auction company said in its latest economic report it generated $1.16 billion for the Lexington area in 2023.

The report said 67% of Keeneland Sales participants come from outside Kentucky, 24% internationally. Those horse buyers spent $336 million at area restaurants, hotels, attractions, businesses and more, according to the report.

The track just finished a record-breaking September Yearling Sale with more than $427 million in sales. Despite continued record-breaking sales, Keeneland generates only about $40 million in taxes because the horse sales, which grossed nearly $660 million for 2023, are often exempt from sales tax.