From the first announcement in July 2022, former Mayor Lori Lightfoot and city officials assured residents a first-of-its-kind NASCAR Street Race would boost the city’s budget, and local economy, NBC Chicago’s Lexi Sutter reports.
From the first announcement in July 2022, former Mayor Lori Lightfoot and city officials assured residents a first-of-its-kind NASCAR Street Race would boost the city’s budget, and local economy.
“This is going to be an event that draws people from all across the country,” said Mayor Lightfoot on July 19, 2022. “For our hotels, our restaurants and our bars.”
That dream is becoming a reality this weekend, and the city’s Sports Commission stands by the benefits NASCAR has predicted.
“[The NASCAR Street Race is] bringing over $113 million dollars in anticipated economic impact to the city of Chicago,” said Kara Bachman, the Executive Director of the Chicago Sports Commission.
The economic boost isn’t just from tourism, but from NASCAR’s direct investment in Chicago, which totals roughly $50 million, according to the Sports Commission and a study produced by NASCAR, outlining the estimated economic and fiscal impacts of the race.
“They have a really strong brand, and with that brand comes a lot of fans, a lot of enthusiasts, longtime fans, new fans and all of those people are going to have eyes on Chicago,” Bachman explained.
In its own study submitted to the city of Chicago, NASCAR anticipated 100,000 attendees to the race, and in addition to its investment, nearly $9 million in tax revenue to Chicago, Cook County and the state.
To view that study, read below or click here.
NASCAR predicted the event would fill 24,000 hotel room nights.
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Choose Chicago told NBC 5 the total hotel capacity this weekend in the city is 46,000 rooms, per night, and that “This number is higher than ever before because of new hotels that have opened in the last few years.”
No numbers are out yet, but two weeks ago, the Illinois Hotel and Lodging Association told Crain’s Chicago that many hotels were approaching selling out for the weekend.
Not just for NASCAR, but also for the USA Volleyball Junior National Championship hosted in Chicago. That tournament alone is expected to have approximately 60,000 attendees and an estimated economic impact of $124 million, according to Choose Chicago.
NBC 5 Responds went to the streets to speak with Chicago residents about the event, which in addition to estimated revenues brings traffic congestion and major road closures. Many said they are eager to see how this new event plays out.
“It’s big deal not only for NASCAR, but big for the city itself,” said Dshaun Callum, a South Loop resident. “Everyone I know is excited to see it.”
Bruno Barbarioli, also a South Loop resident, said, “I am here for so many events, and it’s just another one. I enjoy being around people and having fun.”
Bachman acknowledges NASCAR isn’t for everyone and the headaches that can come with big events, but the city believes the positives far outweigh the negatives.
“There have been some frustrations, but NASCAR as an overall brand and team, have been wonderful to work with and wonderfully organized in getting out information to constituents and stakeholders,” Bachman added.
