F1 Grand Prix du Canada: A Major Economic Boon for Québec

03/06/2016 13:00

MONTRÉAL, June 3, 2016 /CNW Telbec/ - Tourisme Montréal, the Ministère du Tourisme du Québec, the City of Montréal and Octane Racing Group published the results of a study on the economic impact of the Grand Prix du Canada (GPF1) today. Carried out in 2015 with research company Ad hoc, the study revealed that, as the largest tourist event in Québec and even in Canada, the GPF1 generates a total of $90 million in spending from visitors from outside the Greater Montreal Area and the promoter, Octane Racing Group.

To calculate the economic impact, the only revenues taken into account were spending from the promoter and visitors who came to Montréal specifically for the GPF1. After eliminating any double-counting, expenditures were calculated to be $61 million, which accounts for $42.4 million in economic spinoffs. Some 640 jobs are created or maintained by the GPF1, generating $8.1 million in tax revenue for various levels of government. It's worth noting that more than 85% of the economic and tax benefits stem from visitors from outside the province.

"With 68% of spectators coming from outside Montréal, there's no denying the Grand Prix du Canada's tourism value. Not only is the event a major boon for Montréal's economy, it also provides the city with significant international visibility through media coverage and the sheer number of tourists who come to experience the Grand Prix ambiance. It is a major revenue generator for retailers, restaurants and entertainment venues," said Yves Lalumière, President and CEO of Tourisme Montréal.

"Our government is proud to contribute to the success of the Grand Prix du Canada, a strategic event that helps define the city. With all the excitement surrounding this competition, Montréal and the entire province have their chance to shine, enjoying media coverage in more than 150 countries. This international-calibre race has a substantial impact on our economy and helps create and preserve a large number of jobs," said Minister Julie Boulet.

"The Grand Prix du Canada is part of Montréal's personality and provides us with exceptional visibility across Canada and around the world. With so many festivities surrounding the Grand Prix du Canada, Montréal and especially the downtown area become choice destinations for thousands of car racing enthusiasts, year after year," said Denis Coderre, Mayor of Montréal.

"We are obviously delighted that the economic study made public today confirms that the Grand Prix du Canada is the biggest sporting event in the country in terms of tourism benefits. It's even more encouraging since we know that the new method for calculating revenues doesn't take into account the value of the extensive media coverage that Montréal and Québec enjoy around the world. Octane Racing Group is especially proud to have enthusiastically invested in the definition and validation of the new revenue calculation scorecard, as it will be used by all institutional and private partners in the Québec tourism industry from now on," stated François Dumontier, President and CEO of Octane Racing Group.

The study was carried out during the 2015 edition of the Grand Prix du Canada, which took place from June 5 to 7. The event attracted 93,273 spectators for a total of 244,374 admissions to the GPF1 site. The study was a joint initiative of the Ministère du Tourisme du Québec, Tourisme Montréal, the City of Montréal and Octane Racing Group.

The study follows the guidelines established in the Methodology Guide for Studying the Economic Impact of Major Festivals and Events. Financed by the Ministère du Tourisme du Québec, this guide is the result of an initiative involving key actors from the event tourism and economic impact assessment industries. The approach put forward in the guide is rigorous, consistent and developed in accordance with economic principles.

About Tourisme Montréal
Tourisme Montréal is responsible for providing leadership in the concerted efforts of hospitality and promotion in order to position Montréal as a destination on leisure and business travel markets. It is also responsible for developing Montréal's tourism product in accordance with the ever-changing conditions of the market.

For more information, visit www.mtl.org.

The complete study is available online at:
http://www.octgm.com/toolkit/fr/statistiques/impact-economique-grand-prix-du-canada.pdf