Governor Ralph Northam announced today that Martinsville Speedway received $25,000 from the Virginia Tourism Corporation Marketing Leverage Program grant fund. In total VTC awarded more than $890,000 for 57 tourism marketing projects across the state to help increase visitation and revenue for Virginia’s localities through tourism.
The grants are designed to help local and regional tourism entities attract more visitors by leveraging local marketing dollars, and will ultimately impact at least 232 other statewide tourism entities. The local organizations match the state grant funds by a minimum of 2:1 in order to support marketing projects. This funding cycle, the local partners will match the VTC grant dollars with more than $4 million, providing more than $4.9 million in new marketing to increase visitation to Virginia.
Martinsville Speedway received a $25,000 grant to help market its Monster Energy NASCAR Cup Series races. Martinsville Speedway partnered with Martinsville – Henry County Economic Development’s Tourism Division and the Martinsville-Henry County Chamber of Commerce to supply $25,000 in matching funds for the project, to help promote the race weekend, while driving tourism in the area.
“Martinsville Speedway is such an asset of Martinsville-Henry County and the Tourism Office is proud to support all of their marketing efforts,” said Martinsville and Henry County Director of Tourism Sarah Hodges. “We are so proud of all the new amenities the track offers and the fan experience that Martinsville Speedway can deliver! We hope everyone will join us in showing that Virginia is For Racing Lovers!”
“The Martinsville Speedway is such a great tourism asset to our community and our region,” Martinsville-Henry County Chamber President Lisa Fultz said. “The Martinsville-Henry County Chamber is proud to be a partner with the Speedway to further increase awareness of such a gem, and the VTC grant is well deserved.”
“We have great partnerships with both Visit Martinsville and our Chamber, as well as the Virginia Tourism Commission and to know we have their support is a great feeling,” Martinsville Speedway President Clay Campbell said. “When you can add $25,000 to your advertising budget you are able to significantly increase your reach, while also advertising in key markets.”
The VTC Marketing Leverage Program is designed to stimulate new tourism marketing through partnerships by leveraging limited marketing dollars, resulting in increased visitor spending. A minimum of three entities must partner financially to apply and may consist of Virginia towns, cities, counties, convention and visitors bureaus, chambers of commerce, other local or regional destination marketing organizations, private businesses, museums, attractions, cultural events, and other tourism-related entities.
Research shows that every VTC dollar invested in grants resulted in $16 of direct visitor spending. Marketing campaigns that received Marketing Leverage Grants increased visitation by 15%.
“The tourism industry continues to be one of the fastest-growing and most innovative industries in Virginia, proving to be an instant revenue generator year after year,” said Governor Northam. “Our tourism businesses from across the Commonwealth recognize the importance of new product. They have created inventive, strategic marketing initiatives to showcase the many lures that Virginia has to offer. These grants will support those initiatives, and will help draw thousands of visitors to the Commonwealth to experience all of the things that make Virginia so special: our scenic beauty, exciting restaurants, historic sites, music venues and festivals, charming small towns, oysters, wine, craft beer and more.”
“The Marketing Leverage Program grants continue to inject critical funds into communities across the Commonwealth, helping to make Virginia the best place to live, work, and raise a family,” said Brian Ball, Secretary of Commerce and Trade. “The tourism industry is an economic engine for Virginia. Last year, visitors spent $25 billion, which supported 232,000 jobs and contributed $1.73 billion in state and local taxes. By leveraging these marketing funds and public-private partnerships, the Marketing Leverage Program grants will help to spur even more economic activity, funneling dollars back into our cities and towns across Virginia.”
Tourism is an instant revenue generator for Virginia. In 2017, tourism generated $25 billion in revenue, supported nearly 232,000 jobs and provided $1.73 billion in state and local taxes. Dollars invested in tourism are proven to provide a 7:1 return in tax revenue for Virginia, and the grant awards and matching funds provide a stimulus to localities seeking to increase tourism visitation and revenue.
Martinsville Speedway PR
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