Boles: IMS ready to look to future growth
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe president of the Indianapolis Motor Speedway says officials are looking toward the future after a recent study found that IMS generated more than $1 billion in economic impact for the state over a one-year period.
The study, conducted by the Indiana Public Policy Institute, showed the overall number was approximately double that from a similar study conducted a decade ago.
And while IMS officials were pleased with the results of the study, Doug Boles said they are close to getting back to plans for growth that had been stalled by the COVID-19 pandemic.
Ideas that had been discussed included a possible hotel, convention center and others, which Boles said that Roger Penske was interested in when he bought the Speedway in 2019.
But when the pandemic hit, Boles said, Penske decided to take a step back and ensure that the core of the Speedway’s business was healthy, namely the Indianapolis 500, the Brickyard weekend, and other annual events.
“He could have completely shuttered the place for a while, but he’s got this ability to see around corners,” Boles said. “And Roger Penske said, ‘Let’s invest in the facility so that when we can open back up the fans, that experience is so much better. We have more flexibility to have other events that will drive revenue that’ll drive folks to the community.'”
Penske’s idea, according to Boles, was that once it was clear that the core of the venue’s business is secure, then the conversations about growth could resume.
“We’re just on the verge of getting back to that point where we can really start having those conversations with the city and with the town,” he said. “What can we do to really help generate more jobs generate more tourism here in the state of Indiana?”
One idea is already underway: the $89 million renovation of the Indianapolis Motor Speedway Museum, which was announced in July. The project will feature a complete overhaul of the 40,000-square-foot museum, including a fully remodeled interior with a new mezzanine level and separate exhibit spaces, and an educational area.
Boles said when complete in about 18 months, the updated museum will be a big economic driver for the community. But there’s more the Speedway could do, he said, to attract more visitors.
“We’ve got 700 acres of property outside of our 300 that is the Speedway, so [we’re] starting to think about how do we work with the city? How do we work with the town of Speedway to think about what’s the next step and development there that not only drives people to our events, but drives people to Indianapolis and to central Indiana?”
Boles noted that one of the standout figures from the study was that IMS supported more than 8,400 jobs in the community, even during slower parts of the year.
“We do close to 150 days of on-track activity, and many of those events are events that the community doesn’t even know takes place in terms of a fan side,” he said. “But people like Main Street, hotels downtown when people are coming in for those, they stay there.”
You can view the full study by clicking here.