Grand Prix brings big dollars to Sarasota

Sarasota Powerboat Grand Prix organizers added another day of racing this year, and the overall event generated a $6 million greater economic impact for the region than in 2014.

According to a report commissioned by Visit Sarasota County, the festival poured more than $20 million direct spending from 65,679 out-of-state and non-local spectators, participants, coaches and members of the media. That equates to a $32 million economic impact when considering indirect local spending triggered by the event.

"The Grand Prix Festival is a prime example of the impact sports tourism brings to this community,” said Festival Director Lucy Nicandri in a news release. She also serves as executive director of Suncoast Charities for Children, which oversees and benefits from the event.

The report estimates Sarasota County recouped $120,750 in tourist development taxes from the festival, and $322,000 from state and local sales tax. The county budgeted $94,200 in tourist taxes to support the event.

"It's clear from the numbers in our report that thousands of visitors have now made it a tradition to spend their July Fourth weekend holiday in Sarasota County to enjoy the races and this annual festival” said Visit Sarasota County President Virginia Haley in a news release.