Nearly $1 million has been injected in to the Bahamian economy as a result of the activities surrounding Bahamas Speed Week Revival, Deputy Prime Minister Philip Brave Davis revealed yesterday.
In October, organizers predicted $400,000 to $500,000 would be pumped into the economy as a result of Speed Week. Jimmie Lowe, president of Bahamas Speed Week Revival, previously confirmed that more than $800,000 was pumped into the economy last year.
"During the six months of activity preceding the event itself, a great benefit to our community is the boost provided to our economic life represented by the expenditure by Speed Week organizers with business and contract services totaling almost $1 million and rising," Davis said during the opening ceremony at Arawak Cay.
"Also, based on the growing popularity of the event and recognizing that last year the event produced some 800 room nights during the ten days of the event, it is expected that this year's Speed Week will attract an increase in room nights by some 20 percent, with the attendant increase in the income to hotels, restaurants, bars and shops represented by spending by these many extra visitors."
Davis said due to the growing benefits from the sporting event, work is ongoing to build a new race track to facilitate the 60th anniversary of Speed Week in 2014.
"Yes, Speed Week will return to a racing circuit which the government plans to build at Queen Elizabeth Sports Centre," he said.
This year's Speed Week features almost 50 cars and 40 go-karts. Twelve Bahamians are participating.
To facilitate the event, the Ministry of Works and Urban Development constructed temporary pedestrian footbridges over West Bay Street and Fort Charlotte, and the Cricket Club and Arawak Cay.
Davis said the temporary foot bridges will be dismantled after the event but will be retained for future use.
Bahamas Speed Week Revival will end on December 8.

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