A new study produced by Visit Baltimore suggests the Baltimore Grand Prix had a smaller economic impact than predicted, reports the Baltimore Sun. The tourism group estimated that event attendees spent $28 million in and near the city during the Labor Day weekend event, significantly below the $70 million projected by Baltimore Racing Development last year.
“Is this really what we mean by success?” asked Dennis Coates, UMBC economics professor. Coates co-authored another study, released in October, estimating race weekend spending at $25 million, about $10 million of which “would likely have occurred in Baltimore or Maryland even without the event.”
