Toronto tourism takes $50M hit
For just over 20 years, the Toronto Grand Prix has been a staple event for racing fans to watch their favorite drivers attracting thousands of visitors from across the continent.. Not any more, Toronto’s hospitality industry will take a $50 million hit this summer with the cancellation of the Toronto Grand Prix.
There are many loses that can come from this, such as a huge blow to the city’s economy, and could even result in temporary job losses. In this article, it is mention by Duncan Ross, the city’s tourism director, that studies have shown the race has an annual impact of $50 million on the city’s economy, attracting tens of thousands of paying fans to nearby hotels, bars and malls.
“From a tourism perspective, one thing this event offers is an international and North American broadcast audience,” Ross said. “Any chance tourism marketers have for a live TV feed … is an incredibly positive opportunity. The dynamic images … have a way of making visitors want to come to the city.
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