Moto GP generates financial impact of up to 87 million and “exceeds expectations”

Direct revenue from the event exceeded 24,7 million euros in the hotel industry

photo: file

The Moto GP, which took place at the Autódromo do Algarve, in Portimão, between the 22nd and 24th of March, had an estimated financial impact of between 75 million and 87 million euros in the region, «thus exceeding expectations, as well as the ceiling of 79 million euros seen in last year's edition». 

The information was released today by the Algarve Tourism Region, which also discloses that the direct revenue from the event exceeded 24,7 million euros in the hotel sector (along with the 21,3 million spent by spectators and the 3,5 million from the organization and participants) and 9,4 million euros in food and drinks.

According to the same estimates, rent-a-cars reached 3 million euros in rentals to spectators and members of the organization's structures and Moto GP teams, while air tickets to Gago Coutinho Airport amounted to more than 2 million euros.

«Holding the Moto GP at the Autódromo do Algarve, the only structure in Portugal accredited for the biggest world speed races, translates into an extraordinary gain for the visibility of the region and for the prosperity of its economy outside of the high season», he states André Gomes.

The president of the Algarve Tourism Region also highlights that «the benefits extend to the entire country, not only due to the revenue collected by the central State coffers, namely through taxation, but also due to the increased notoriety that it brings to the Portugal brand. In the same way that the Web Summit and World Youth Day conveyed the image of a safe, welcoming and prepared country for major events, so too does the Portuguese edition of the Moto GP, deserving of the greatest praise from the international press and the entity that owns the event. , DORNA, raises the country's prestige among tourists and organizers of major events».

Contrary to seasonality, the Algarve also hosted the Volta ao Algarve by Bicycle outside of the summer period, which also brought together thousands of people in the region.

“The timing of the Moto GP is also a factor in the potential production of wealth for the region by placing the Algarve on the world radar two months before the start of summer in the northern hemisphere, a traditional time for family holidays”, concludes André Gomes, anticipating the attracting new tourists to the Algarve also for the period between June and September.