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Cup Injects $374M Into Vic Coffers
The 2014 Melbourne Cup Carnival has been hailed a stunning financial success, with more than $374 million pumped into the Victorian economy, reports racing.com. The Victoria Racing Club released its economic impact study on Thursday, with an almost $10 million increase in total economic contribution and a record value-added contribution to Victoria's gross state product. "The Melbourne Cup Carnival belongs to us all, and Victorians can be proud of the way this home-grown event creates jobs and injects millions into the economy and local businesses each and every year," Victoria Racing Club (VRC) Chairman Michael Burn said. "This significant boost to the economy simply wouldn't exist without the Melbourne Cup Carnival and is in addition to the incredible branding and promotional benefits to Melbourne, Victoria and Australia derived around the world." He added, "These are very considerable numbers and the benefits flow through the whole economy to all Victorians, and especially the tourism, fashion, retail, accommodation and food and beverage sectors." The key figures in the report were a contribution of $374.2 million of gross economic benefit to the state and a contribution to Victoria's gross state product of $194.9 million. The latter figure quantifies the money spent by interstate and international visitors who were in the state specifically for the Melbourne Cup Carnival.