'It's a two-day commercial for Chicago to show the best that we have to offer on a global stage.'
NASCAR's first-ever Chicago street race is expected to ignite the city's tourism and hotel industries.The two-day event is set to take place next weekend on July 1 and July 2.
With thousands of people expected to pour into the city for the racing extravaganza, NASCAR has said it will help pump $113 million into the economy, as well as more than $3 million in tax revenue for the city.Multiple outlets have reported NASCAR agreed to pay the city $2 per ticket sold and to pay the park district $500,000 this year, $500,000 next year and $605,000 in 2025.According to Lavin, NASCAR will bring visitors from all 50 state and 13 different countries.
"It's a two day commercial for Chicago to show the best that we have to offer on a global stage," said Lavin."For every $100 they spend at a hotel, they spend $222 in the rest of the economy - at our restaurants our small business - so this is the multiplier effect throughout the economy," said Lavin.
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