Formula One races back into Austin this weekend with the U.S. Grand Prix at the Circuit of the Americas. It will bring a big boost to Austin's economy.
and Formula One have a huge economic impact, with more than $400 million from ACL. As for Formula One's event, it's an even bigger number.
"This is an event that has impact over $1 billion. That's kind of crazy to think about," said Patton."We see over a $110 million estimate in hotel impacts," said Patton. Patton said that generates $27 million in sales and use tax and $4 million in hotel occupancy tax. A lot of that money stays in the city. According to a city spokesperson, sales tax goes into the city's general fund, and the hotel tax goes towards the convention center, live music fund, tourism and promotion fund.New COTA amusement park to feature more than 30 rides
The official race events at COTA don't start until Friday, but race fans were already in Austin on Wednesday. Ali Kinzie from Cincinnati is one of more than 100,000 fans expected to be at COTA this weekend. In addition to hitting the race, Kinzie said she is staying in Austin for the week and checking out the sights.in Downtown Austin are loving the additional crowds that came from ACL and now the U.S. Grand Prix – fans who are coming from across the nation and around the world.He said visitors help generate extra money for the business, and tips come in for himself.
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