e60m race meet boost
THE Punchestown racing festival generates a whopping €60m in revenue for the Irish economy, new research has discovered.
The majority of the funding is invested in the surrounding area.
A total of €24.8m is spent on accommodation, food and entertainment last year, the survey from NUI Maynooth found. Female visitors to the five-day April meeting spent nearly a combined €7m on clothes and hats during the event.
Despite the wider economic downturn, the meeting attracted a near-record attendance of almost 96,000 people in 2011; 19,200 of whom travelled from Britain.
Agriculture Minister Simon Coveney said the survey showed the importance of racing to the Irish economy.